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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 11816
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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I read in the Wall Street Monday, Nov 2 an article on Social

Customer Question

I read in the Wall Street Monday, Nov 2 an article on Social Security and I quote a paragraph: " Also, if you turn 62 this year or are older, you will still be able to file a restricted application for only a spousal benefit starting at age 65. This will allow you to receive a spousal benefit while you defer claiming your own benefit so that it can grow larger. After fill and suspend is phased out in six months, to take advantage of this, your spouse must already be claiming a benefit". What does all of this mean? I am 62 and my husband is 63.
Submitted: 1 year ago.
Category: Social Security
Expert:  Lane replied 1 year ago.

Hi,

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First lets start with the fact that there are more than one way to file. (And the very best method for examining all of those is to go to the local social security office... as they can run the numbers for ALLp f you possible scenarios)

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(By the way, call to make an appointment ... if you simply walk-in they will want to set an appoint at that point anyway)

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What this is all about is the fact that there are changes coming, and you may be able to use some of the strategies if you get it done before the the new laws go into effect.

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When Congress passed the Senior Citizens Freedom to Work Act in 2000, it introduced a new concept called “voluntary suspension” of benefits, allowing those who had already started Social Security benefits to stop their payments and earn delayed retirement credits.

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In the process, however, the new voluntary suspension rules unleashed several additional Social Security claiming strategies, that have allowed people to, in in one congressman's words, "game the system," including various “claim now, claim more later” tactics such as (1) File-and-Suspend and (2) Restricted Applications for spousal benefits.

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Expert:  Lane replied 1 year ago.

Michael Kitces, a colleague of mine, does a good job of explaining this:

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"Notably, though, the new rules for restricted application applies only to those who attain age 62 in any calendar year after 2015. Thus, today’s retirees who are full retirement age (or simply who are already at least age 62 in 2015, born in 1953 or earlier) will still be able to utilize a restricted application. Only future retirees – those who turn 62 in 2016 or later, which means those who would have been planning to engage in a restricted application in 2020 or later – will lose access to the Restricted Application claiming strategy. Or viewed another way, anyone born in 1953 or earlier is "grandfathered" and will still be able to engage in Restricted Application in the future (since they remain eligible based on birth year, even if they don't turn age 66 until 2019), while anyone born in 1954 or later will never be eligible to do a Restricted Application."

Expert:  Lane replied 1 year ago.

Now, since the legislation was signed into law on November 2nd, 2015, this means the 180 day period will close on April 30th of 2016, after which the grace/grandfathering period is over, and any filing of voluntary suspension will trigger the new rules.

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SO, for people not AT full retirement age by next April 30th, file-and-suspend is essentially "off the table" (and won't remain open based on birth year the way Restricted Application will be).

Expert:  Lane replied 1 year ago.

I hope this has helped to clarify

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Please let me know if you have questions

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If this HAS helped, and you If you don't have additional questions on this, I would appreciate a positive rating (by clicking the stars on your screen) ... that's the only way I'll be credited with a portion of what you've paid JustAnswer.
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Lane

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