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Ask Lane Your Own Question
Category: Social Security
Satisfied Customers: 9692
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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Are the ads you see about extra SS money that you must apply

Customer Question

Are the ads you see about extra SS money that you must apply for by April 30th if you were born before 1953 legit?
Submitted: 5 months ago.
Category: Social Security
Expert:  Lane replied 5 months ago.
Hi,...They are quite over-hyped. But the dates you give are right IF one of the spouses has hit FRA (Full Retirement Age) (66 for those filing now) and the OTHER spouse that could claim spousal benefits is born Jan 1st 1954 or earlier....And it's not April 30th, The new law takes affect April 30th, so if you meet the criteria for getting in under the line, the application must be done by midnight (April 29th - today)...But honestly this has caused a huge amount of "noise" and only a few who happen to be turning 66 with a small enough difference in ages for the other spouse to get spousal benefits, can benefit....Last fall, the Bipartisan Budget Act of 2015 changed the rules to eliminate two popular Social Security claiming strategies for married couples: File-and-Suspend, and Restricted Application...And again, it's only those that have at least met the full retirement age of 66, and is not yet age 70, should be considering whether to submit a file-and-suspend request by April 29....Nonetheless, for married couples (and some parents with children) who are in the age 66-70 window and have not yet claimed their benefits, (but where one person could activate a spousal or dependent child benefit for someone else while delaying their own benefit), only a small time window remains to submit a File-and-Suspend request before the rules are changed forever!...And arguably, anyone who is single and doesn’t care about spousal benefits, but simply wants to preserve the right to “undo” and reinstate their delay decision in the next few years, that has turned 66 may want to consider submitting a request to File-and-Suspend by April 29 as well!...But again it's only in the scenario where one spouse has hit FRA and the other was 62 in 2015, that anyone under 66 can benefit in any way...This chart should help
Expert:  Lane replied 5 months ago.
Note how in the Married Couples column that only the restricted application (as opposed to the full file & suspend WITH restricted application) is available unless both have turned 66....And only then, if the younger spouse has spousal benefits available, and is born in 1953 or earlier (actually Jan. 1st 1954 or earlier)
Expert:  Lane replied 5 months ago.
I hope this has helped....Please let me know if you have any questions at all....If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit")...JustAnswer will not credit me for the time and work until you have rated in this way....Thank you!Lane……I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice, to clients on three continents, since 1986.
Expert:  Lane replied 5 months ago.
April 30th is the first day of the new rules for Voluntary Suspensions, aka “File and Suspend”; the 29th is the final day to request a suspension under the old rules.…There is one primary difference between the old and the new rules:…If you DO qualify by turning 66 by Apr 29th 2016 and suspend under the old rules, while your benefit is in suspense, spouses and other auxiliaries can still collect benefits based on your work record.…if you suspend under the new rules, your spouse will be ineligible to claim spousal benefits while your benefit is in suspense

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