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Ask Lane Your Own Question
Category: Social Security
Satisfied Customers: 9730
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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How do I find out if I qualify extra Social Security

Customer Question

How do I find out if I qualify for the extra Social Security that is to be cut out after 4/30/16?
Submitted: 5 months ago.
Category: Social Security
Expert:  Lane replied 5 months ago.
Hi,...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....Anyone who has 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....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
Expert:  Lane replied 5 months ago.
Please let me know if you have questions....
Expert:  Lane replied 5 months ago.
So,as you can see, this has to do with being able to claim a spousal benefit while putting your own work-record benefit off to let it grow for later...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

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