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lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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My wife is 71 years old, she's been collecting social security

Customer Question

My wife is 71 years old, she's been collecting social security benefits since age 62. Her benefit amount is $1260/mo. I'm 66 1/2 years old, I started collecting benefits at my full retirement age of 66. My benefit amount is $2444/mo. Can I still suspend my benefits after this new law change, and wait til I'm 70 to somewhat increase my monthly amount at that time and in the meantime collect a spousal benefit of50% of what my wife is getting. Does this new law change affect me, or do I still have a few months to decide?
Submitted: 7 months ago.
Category: Social Security
Expert:  lev-tax replied 7 months ago.
Yes - you may suspend your social security benefits and - yes - the new law will affect you - so you do need to act before Apr 15.As you have reached full retirement age - you may choose to receive 50% of your spouse social security benefits - and suspend yours - that will allow your benefits to grow up to age 70 - and you may switch to your benefits when you reach 70.
Customer: replied 7 months ago.
You say I need to act before April 15? Today is April 20!
Customer: replied 7 months ago.
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Expert:  lev-tax replied 7 months ago.
Sorry - that is my typo.The deadline is April 30 as the new law will be in effect starting May 1, 2016.Sorry for confusing...
Customer: replied 7 months ago.
I just contacted the Social Security to Inquire on how to apply, they tell me that the new law does not apply to individuals like us who both, have already been collecting benefits, and that I can apply later than (April 30 ), if I desire. Who's right, I'm confused!
Expert:  lev-tax replied 7 months ago.
I am not sure what exactly you asked and what those responses were - so I may not tell you anything regarding your communication with the SSA..The change in the law mainly affects married couples who want to use the file-and-suspend strategy and maximize there social security benefits .Here is the article which explains possible benefits and recent changes in the Social Security regulationshttp://money.usnews.com/money/retirement/articles/2015/12/04/say-goodbye-to-the-social-security-file-and-suspend-strategyUnder the current law when you reach the FRA (full retirement age) - you may file a restricted application. The restricted application allows you to delay your social security benefits and keep them grow till age 70 and you become eligible to claim a spousal benefit based on YOUR spouse s earnings record.The law which we are discussing is The Bipartisan Budget Act of 2015 on 11/02/2015 it Became Public Law No: 114-74Here is the documenthttps://www.congress.gov/114/plaws/publ74/PLAW-114publ74.pdfHowever that specific provision will be in effect starting May 1st of 2016.See SEC. 831. CLOSURE OF UNINTENDED LOOPHOLES. on page 26 in this document..So you may verify on your own.

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