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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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I am 65 (will be 66 May 7th). I want to suspend my benefits

Customer Question

I am 65 (will be 66 May 7th). I want to suspend my benefits and claim spousal benefits now. can I do that with the new law. I heard it goes into effect tomorrow!!
Submitted: 7 months ago.
Category: Social Security
Expert:  lev-tax replied 7 months ago.
You may do that - but the time is running out - the deadline is today.Let me know your zip code - and I will find the location of closest SSA office.The issue is that you will be receiving your benefits today - and will be able to suspend and start spousal benefits ONLY after you reach your FRA.
Customer: replied 7 months ago.
76180 I don't understand. I haven't filed for my benefits - do I need to file for mine and then suspend (will mine increase if I suspend?)
Customer: replied 7 months ago.
so I don't fall under the new law? do I have to file for my benefits - then suspend and file for spousal benefits? I am not FRA until May 7 (8 days from now)
Expert:  lev-tax replied 7 months ago.
Your SSA officeAddress:RM 1-A-07 FEDERAL BLDG*****FORT WORTH, TX 76102Phone:1-***-***-**** TTY:1-***-***-****Hours: Monday9:00 AM - 4:00 PMTuesday9:00 AM - 4:00 PMWednesday9:00 AM - 12:00 PMThursday9:00 AM - 4:00 PMFriday9:00 AM - 4:00 PMSaturdayClosedSundayClosed.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 #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.
Expert:  lev-tax replied 7 months ago.
So you may fine for benefits NOW - but will not be able to use a restricted application because you are below your full retirement age.If you file now and if you are eligible for BOTH - your own and spousal benefits - you will be receiving your benefits and some additional if spousal benefits are larger.You may file a restricted application NOW - but it will be in effect starting May 7 when you reach your FRA. That will allow you to receive ONLY spousal benefits and your own benefits will continue to grow.Starting May 1 - that option will not be available..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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