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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Social Security
Satisfied Customers: 17535
Experience:  B.A.; M.B.A.; J.D.
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Why are people rushing to suspend their social security.

Customer Question

Why are people rushing to suspend their social security. They say the advantage is they(the government) are going to be making somE CUTS and you can avoid that happening to you if you suspend. Is this true and if it is would I over 70 be helped or just those younger say 60's maybe . Dead line before the gov changes the law was 29th I think but doesn't go into effect until Mon so maybe there is still tme if it would help me. What do you think?
Submitted: 7 months ago.
Category: Social Security
Expert:  Phillips Esq. replied 7 months ago.

The new law does not entitle you to additional benefits or take away your benefits.

If you are already collecting benefits, the new law that goes into effect on April 30, 2016, does not affect you. The new law will not take away your benefits or any benefits that you are entitled to. The new law on the other hand will not give you additional benefits. The new law essentially deals 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.

So, the new law does not affect you and there is nothing for you to do.

For more information, click on the links below:

https://www.ssa.gov/planners/retire/suspend.html

https://www.ssa.gov/planners/retire/applying6.html

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