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Christopher B, Esq.
Christopher B, Esq., Attorney
Category: Social Security
Satisfied Customers: 2650
Experience:  associate attorney
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I am a 70 year old woman I keep getting these notices that

Customer Question

I am a 70 year old woman I keep getting these notices that after april 30 loopholes are closing. Could I benefits from some benefit that I am unaware of. I was divorced in 2010
Submitted: 6 months ago.
Category: Social Security
Expert:  Christopher B, Esq. replied 6 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. No, at your age these changes do not apply to you. The spousal benefit is also not going away just certain planning strategies related to it. If she applies for the restricted benefit this would be the most ideal planning mechanism for you to take advantage of. If she takes a spousal benefit at age 62, she will only get 32.5% of your benefit and also have to elect to take her own retirement benefit which will be permanently reduced by 30% by the early retirement penalty. She cannot elect to take only her spousal benefit, this is what happens with the spousal benefit which again can only be elected at age 66 (it is also being eliminated by HR 1314 on May 1 but if she was age 62 by December 31, 2015 she is grandfathered into taking this). This would allow her to collect the 50% spousal benefit while still gaining credits to her normal retirement benefit from ages 66-70 (the credit increases her benefit approximately 8% per year). After the law changes, at full retirement age, she would have to take the higher of the spousal benefit and her retirement benefit. She can no longer choose just the spousal and let your normal retirement benefit grow while still take the spousal benefit. She can also not elect to take her retirement benefit early before age 66 or she will be precluded from taking the restricted benefit. 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 6 months ago.
Just checking back in, do you have any further questions?

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