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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16580
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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What is the about May 16th of this year. I can't seem to

Customer Question

What is the about May 16th of this year. I can't seem to find an answer. I was born in 1939.
Submitted: 1 year ago.
Category: Social Security
Expert:  Megan C replied 1 year ago.

Thank you for your question.

In May 2016, there will be changes to social security which will NOT impact people who are already drawing benefits. They only impact people who are getting ready to draw -- not those already drawing.

Filing strategy loopholes such as "file and suspend", "restricted applications" and "deemed filings" will be discontinued. Again, this does not impact you as you are already drawing -- however, younger retirees need to be aware in the event they want to take advantage while they are eligible to be grandfathered in.

Please let me know if you need anything additional. If not, please rate positive.