Friday, April 29, 2016
Congress has recently made many changes to Social Security. This article wonders if there are any good Social Security strategies left that people can still use. The file and suspend technique was done away with at the end of this month of April. Another loophole being done away with is the “deemed filing” loophole which “allowed married couples to claim just a spousal benefit at their full retirement age, while allowing their own benefit to grow and accumulate delayed retirement credits until age 70.” This article discusses some alternative Social Security strategies that married couples might be able to use. “One strategy that could work well for married couples is to have the lower earner apply for benefits on time, while the higher-earning spouse waits and lets their own retirement benefit grow.” There are also more policy changes that will likely be made in the future as congress attempts to fix Social Security funding issues.
See Matthew Frankel, Did Congress Kill All the Good Social Security Strategies?, My San Antonio, April 29, 2016.