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lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
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I am want to sign up to get my benefits from the "Bipartisan

Customer Question

I am want to sign up to get my benefits from the "Bipartisan Budget Act of 2015-2016 goes into effect. I was born before 1969
Submitted: 6 months ago.
Category: Social Security
Expert:  lev-tax replied 6 months ago.
The law which you mentioned doesn't provide any additional benefits as you expected.But the act eliminated some loopholes in social security statutes.Under 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 document 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.Questions?
Expert:  lev-tax replied 6 months ago.
Many people wonder how the SSA figures their Social Security retirement benefit.The Social Security Administration bases Social Security benefits on your lifetime earnings.They adjust or index your actual earnings to account for changes in average wages since the year the earnings were received.Then Social Security calculates your average indexed monthly earnings during the 35 years in which you earned the most.And after that - they apply a formula to these earnings and arrive at your basic benefit, or primary insurance amount.This is how much you would receive at your full retirement age.So depending on your earning record - it is possible that there are some missing years or earning.Also additional years of earning might increase your benefits.If so - that could affect your social security benefit calculations and you may contact the Social Security Administration and verify if all information is correct.Following publication might be helpful for better understanding the calculations. me know if you need any clarification this matter..I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.

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