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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Social Security
Satisfied Customers: 17179
Experience:  B.A.; M.B.A.; J.D.
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I will be 62 in October. What are the 2 loopholes that will

Customer Question

I will be 62 in October. What are the 2 loopholes that will expire at the end of this month?
Submitted: 6 months ago.
Category: Social Security
Expert:  Phillips Esq. replied 6 months ago.
The two loopholes deal with two strategies some retirees were using to maximize their benefits namely: file and suspend and restricted spousal application. File and suspend deals with when both husband and wife have reached their full retirement age. One would file and suspend his benefits so that the other would apply for spousal benefits only. Then the other spouse would apply for benefits when he reaches age 70. This would maximize their benefits. Under the new law, this loophole has been closed. So, when a spouse files and suspends, all benefits would be suspended preventing his spouse from applying under his earnings. The other one is restricted spousal application where one spouse who has reached full retirement age can elect just to apply for spousal benefits only and then apply for her own benefits later. This would no longer be allowed for any one that has not turned age 62 by the end of December 2015. For more information, click on the links below: Kindly give a positive rating to my response so that I can receive credit for responding to your post. There is no additional cost to you for doing this. Thank you for your cooperation.

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