Friday, November 6, 2015

Are you affected by the Bipartisan Act of 2015?

President Obama recently signed the Bipartisan Budget Act of 2015 into law. This two-year budget deal is designed to close perceived loopholes in social security claiming strategies. It eliminates the ability to file for dependent spousal benefits on a retiree’s record when that retiree is not currently receiving benefits. The dependent spouse will now be limited to receiving the higher of his or her own or spousal benefit.

The good news is that those who have already filed for and immediately suspended benefits, while their spouse is receiving spousal benefits through a restricted application—can continue doing so!

But new social security claimants will definitely see a change in their options.

 1. If you and your spouse are less than six months away from reaching your full retirement age (FRA) for social security, there is still a window of opportunity for you to file for dependent spousal benefits.
 2. If you turn age 62 by year-end 2015, you may still be able to file a restricted application for spousal dependent benefits when you reach your FRA.

We continue to monitor these rule changes closely and are ready to discuss your social security planning strategy with you in light of this new legislation. If you have any questions or concerns about your family’s social security claiming plan, please feel free to call our office at 281.990.7100.