How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lane Your Own Question
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 10131
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
1929974
Type Your Social Security Question Here...
Lane is online now
A new question is answered every 9 seconds

We just found out about the elimination of file suspend for

Customer Question

We just found out about the elimination of file suspend for getting spousal benefits. She is 69, not receiving benefits yet. I am a high income person 61 years old. We just found out about the end of file and suspend program. Is there something we can do to still get her the maximum benefit that equals what mine will be at 70?
Submitted: 3 months ago.
Category: Social Security
Expert:  Lane replied 3 months ago.

Hi. My name's Lane. I can help with this.

...

That's right, 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.

...

Given YOUR situation, however, this doesn't have the same negative implications it does for those who planned for the older spouse to file at full retirement age (FRA), which has already past for your spouse, and then suspend her benefit so that you could file for full spousal benefits at YOUR FRA.

...

She's NOW almost at that point where she has fully maximized her benefit (age 70).

...

The disparity in age AND the fact that she's almost fully maximized anyway makes your nsituation a little different from those who HAD been able to utilize the strategy.

..

(her suspending at age 66 would be far to early for you to TAKE a benefit)

...

What's been lost in YOUR case is the ability to file a restricted application for spousal benefit to let your own grow. But if you continue to work (between the erliest dat you could have filed, age 62 and your own FRA, age 66), your benefit would have been severely limited by the reduction in benefits fr thos taking early and still working anyway.

(a reduction of $1 in benefit for every $2 in earnings, over $15,720)

...

So if your intent is to keep working until FRLast 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.

...

So if you intent to continue working, it could have been worse, and delaying until age 70 for YOU will still add that additional 32% (make your benefit 132% ofr FRA benefit.

...

But, yes, so sorry, the change in law "is what it is," I'm afraid.

...

I'm attaching a chart that has helped to clarify, for many of my clients. Please let me know if you have any questions at all

...

Lane

...

...

I hold a law degree, (Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

Expert:  Lane replied 3 months ago.

Here's the graphic

Expert:  Lane replied 3 months ago.

(so sorry for the typos - for some reason I am not able to edit).

...

But, again, to recap, if you continue to work between 62 and 66 (and WERE able to take the reduced spousal benefit) you would be limited in benefits. (That limitation stops at age 66, by the way) ... and, of course, you can still delay your own untill age 66 to get full benefit, or to age 70 to get the delayed retirement credits taking your benefit fo 132% of full retirement.

...

I hope this has helped. … Please let me know if you have any questions at all.

...

If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

Otherwise I’m working for no crediting at all here

...

Thank you!

Lane

I hold a law degree, (Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

Expert:  Lane replied 3 months ago.

Hi,

...

I’m just checking back in to see how things are going.

...

Did my answer help?

If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

...

But again, let me know if you need more here.

...

Lane

Related Social Security Questions