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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 keep reading about May 1, 2016. Supposedly if I do not do

Customer Question

I keep reading about May 1, 2016. Supposedly if I do not do something, my benefits will either be increased or decreased. When I follow the prompt, they want to sell me gold. What is the deal?
Submitted: 7 months ago.
Category: Social Security
Expert:  lev-tax replied 7 months ago.
Your benefits - assuming you already receiving benefits will NOT be affected..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..Let me know if you need any clarification this matter.
Customer: replied 7 months ago.
I do not have a spouse and I am currently taking my SS benefits. Therefore, I guess this law does not apply to me.
Customer: replied 7 months ago.
I do not want to join this program. I just wanted an answer to this one problem.
Customer: replied 7 months ago.
Am I correct?
Expert:  lev-tax replied 7 months ago.
If you do not have a spouse NOW - you might been married in the past?If yes - you might be eligible for spousal benefits based on past marriages..If so - you might want to evaluate your possible benefits if any.
Expert:  lev-tax replied 7 months ago.
That is not a program to join - that is a option to file a restricted application if (1) you are before 70 and (2) you are eligible for spousal benefits.If either not applies for your situation - the change in the statute would not affect you and your benefits..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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