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Social Security Loopholes who can help me find nout what I…

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Social Security Loopholes who can...
Social Security Loopholes who can help me find nout what I can receive
Submitted: 2 years ago.Category: Social Security
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Answered in 5 minutes by:
2/19/2016
Social Security Expert: Christopher B, Esq., Attorney replied 2 years ago
Christopher B, Esq.
Category: Social Security
Satisfied Customers: 4,144
Experience: associate attorney
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My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship.

The changes made in the bipartisan act are being hyped in the media but it is only a small loophole that is being closed. It is not a magical lump sum that has to be elected and deals with "file and suspend" spousal benefits and the "restricted benefit". Let me explain, a spouse can only take the spousal benefit if the other spouse has elected to take their benefit. Another requirement is that the spouse must be at least age 62 or have a qualifying child in her/his care. By a qualifying child, social security means a child who is under age 16 or who receives Social Security disability benefits. Currently the law is changing and a "suspend and file" cannot be elected starting on may 1, 2016. In this circumstance at full retirement age (66) one could file and suspend their benefits and continue earning credits until age 70 and their spouse could elect to take the spousal benefit. The spousal benefit can be as much as half of the worker's "primary insurance amount," depending on the spouse's age at retirement. If the spouse begins receiving benefits before "normal (or full) retirement age," the spouse will receive a reduced benefit. However, if a spouse is caring for a qualifying child, the spousal benefit is not reduced. Also the "restricted benefit" is being eliminated. If you turned age 62 be the end of December 31, 2015, you would be grandfathered in and at full retirement age you will still be able to restrict your benefit. This means that if you or your spouse would like to elect to take only the spousal benefit as opposed to your normal retirement benefit, you can restrict your election to ONLY the spousal benefit. This would allow you to collect the 50% spousal benefit while still gaining credits to your normal retirement benefit from ages 66-70 (the credit increases your benefit approximately 8% per year). After the law changes, at full retirement age, you would have to take the higher of the spousal benefit and your retirement benefit. You can no longer choose just the spousal and let your normal retirement benefit grow while still take the spousal benefit.

Please let me know if you have any further questions and please positively rate my answer if satisfied.

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Customer reply replied 2 years ago
That means if you are retired, or are about to retire, you still have the opportunity to lock-in thousands of dollars’ worth of lifetime benefits before they disappear forever.
I am 61 should I do anything?
Can I put more money in SSI jnstead of using a,401K to increase monthly income?Hire help
When you apply for disability insurance, Social Security doesn't tell you that your first step ought to be to hire a lawyer or other expert adviser. Allsup, a private firm that advises people about how to get SSDI, says Social Security doesn't even make it clear that an applicant can have representation from the very beginning of the application process. As a result, lots of people don't get help until they've been initially denied, and that slows down the process unnecessarily.What 7 steps do I need to take to complete everything?
Social Security Expert: Christopher B, Esq., Attorney replied 2 years ago

If you are 61, you would not be grandfathered into any of the loopholes and you do not need to do anything (these loopholes only deal with the spousal benefit and many of the websites use scare tactics and disinformation to scare you into paying for their service). You cannot put extra money into Social Security to increase your benefit (besides working more any doing it in that way). 401(k) is a much better avenue as it is earmarked as your money.

Please let me know if you have any further questions and please positively rate my answer (there should be number from 1-5 and smiley faces to choose from). This extra step will cost you nothing extra and will insure that I will be compensated for my time by the site.

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Social Security Expert: Christopher B, Esq., Attorney replied 2 years ago

Just checking back in,do you have any further questions?

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