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Regardinghr 1314 recently signed bill, they mention a

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grandfathered in situation. coild you...
regardinghr 1314 recently signed bill, they mention a grandfathered in situation. coild you please explain what I have to do to avail myself of the clause. Also will this bill effect my monthly amount of my SS check. I like most seniors depend on this check as the larger amt of their income monthly.
Submitted: 2 years ago.Category: Finance
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1/19/2016
Financial Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 14,227
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi - I hold a JD (Juris Doctorate, a doctoral degree in the law), with concentration in Tax Law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I can help here

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This only applies to those who have not yet signed up.

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Anyone who is 62 or older by the end of 2015 will retain the right to collect just spousal benefits starting at their full retirement age of 66, assuming their spouse has already claimed retirement benefits or had requested to file and suspend their benefits within six months after enactment of the law.

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Future retirees, however, who are younger than 62 — (born in 1954 and after) — are out of luck. The rules regarding “file and suspend” will change beginning six months after legislation is enacted.

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After that, those who file and suspend will no longer be able to trigger benefits for a spouse or dependent child. No one will be able to collect benefits on his or her Social Security record until the primary beneficiary actually begins receiving benefits.

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Financial Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

Also, those younger than 62 at the end of 2015 will not have the option of collecting spousal benefits early.

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(If they are entitled to two Social Security benefits (as many are, on both their own record and as a spouse), they'll be required to file for all benefits at once and will be able to collect on the higher amount.

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They can no longer claim a spousal benefit first, as it was before the change, and then switch to their own retirement benefit at age 70.

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It only those that turn 62 or older by the end of 2015 (that's the grandfathering) that retained the right to collect just spousal benefits starting at their full retirement age of 66, (assuming their spouse has already claimed retirement benefits or had requested to file and suspend their benefits within six months after enactment of the law).

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Financial Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

Hi,

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

Did my answer help?

Let me know…

Thanks

Lane

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Financial Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

Let me know if I can help further

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
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