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Christopher B, Esq.
Christopher B, Esq., Attorney
Category: Social Security
Satisfied Customers: 2677
Experience:  associate attorney
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Tell me about "file and suspend payments" type application.

Customer Question

tell me about "file and suspend payments" type application. My wife is 63 and I am 76, both working full time. I am getting social security monthly payments, my wife has not applied. The deadline for the above seems to be April 28 or 29.
Submitted: 7 months ago.
Category: Social Security
Expert:  Christopher B, Esq. replied 7 months ago.
My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship. At your age, the file and suspend is not applicable and your wife is not grandfathered into this loophole (she really doesn't need it). what she could take advantage of is the restricted benefit (this does not effect you in the least bit because of your age). There has been a lot of misinformation out there regarding HR 1314. The changes made in the bipartisan act are being hyped in the media but it is only a small loophole that is being closed. It is not a magical lump sum that has to be elected or banned benefits that you will lose. It deals with "file and suspend" spousal benefits and the "restricted benefit". Let me explain, a spouse can only take the spousal benefit if the other spouse has elected to take their benefit. Currently the law is changing and a "suspend and file" cannot be elected starting on may 1, 2016. In this circumstance at full retirement age (66) one could file and suspend their benefits and continue earning credits until age 70 and their spouse could elect to take the spousal benefit. The spousal benefit can be as much as half of the worker's "primary insurance amount," depending on the spouse's age at retirement. If the spouse begins receiving benefits before "normal (or full) retirement age," the spouse will receive a reduced benefit. However, if a spouse is caring for a qualifying child, the spousal benefit is not reduced. Also the "restricted benefit" is being eliminated. If you turned age 62 be the end of December 31, 2015, you would be grandfathered in and at full retirement age you will still be able to restrict your benefit. This means that if you or your spouse would like to elect to take only the spousal benefit as opposed to your normal retirement benefit, you can restrict your election to ONLY the spousal benefit. This would allow you to collect the 50% spousal benefit while still gaining credits to your normal retirement benefit from ages 66-70 (the credit increases your benefit approximately 8% per year). After the law changes, at full retirement age, you would have to take the higher of the spousal benefit and your retirement benefit. You can no longer choose just the spousal and let your normal retirement benefit grow while still take the spousal benefit. Your wife can elect to file a restricted application at full retirement age (age 66) and take the spousal benefit based off of your benefit and let her normal benefit grow as I have explained, this does not have to be filed by May 1. Please let me know if you have any further questions and please positively rate my answer if satisfied. There should be smiley faces or numbers from 1-5 to choose from. This extra step will cost you nothing extra and will ensure that I will be compensated for my time by the site.
Expert:  Christopher B, Esq. replied 7 months ago.
Just checking back in, do you you have any further questions?

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