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.