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How does HR 1314 affect me and what do I need to do to

Customer Question
How does HR 1314...

How does HR 1314 affect me and what do I need to do to maximize my benefit?

Accountant's Assistant: Thanks. Can you give me any more details about your issue?

I am 64 years old and will turn 65 at the end of July 2016. I am still employed 40 hrs per week. I am not yet enrolled in social security. I have heard that many seniors will lose a social security benefit this year unless acting before May of this year. What is it that I need to do so as not to lose any benefits.

Submitted: 2 years ago.Category: Social Security
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Answered in 35 minutes by:
2/10/2016
Social Security Expert: TaxRobin, Tax Preparer replied 2 years ago
TaxRobin
TaxRobin, Tax Preparer
Category: Social Security
Satisfied Customers: 18,387
Experience: 15+ years in tax preparation and instruction
Verified

Hello

The change to Social Security that you have heard about for 2016 is the loss of the file and suspend strategy.

How that worked was as follows:

The primary worker would file for Social Security at full retirement age but would immediately suspend them. The spouse would then file for spousal benefits, which were allowed since the primary worker had filed. Then later, the primary worker would have the suspension removed and start collecting benefits, with a higher monthly amount based on how long the worker had kept the benefits suspended.

If you are eligible to file and suspend and do so before May 1., family members will still be able to claim spousal or children's benefits based on your work history. However, you have to have reached full retirement age to use the file and suspend strategy, and so those who won't hit the 66-year-old mark by May won't qualify for the grandfathering provisions of the new law. You can still suspend your benefits if you want, but if you do so, your spouse and children will also be forced to suspend any family benefits tied to your work record. Therefore, those who are old enough to consider file and suspend still have time to implement the strategy.

You can file for then suspend your benefits now.

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