Two Social Security Claiming Benefits Going Away

For those considering claiming Social Security, remember that, starting April 30, two claiming strategies will no longer be viable.

The first is File and Suspend. With this strategy, you could claim spousal benefits based on Social Security. You would then immediately suspend your individual benefits, which would continue to grow until you turn 70. Your spouse would continue to receive benefits, but you would not receive yours until the age of 70, during which time your benefit would increase by 8 percent each year.

The second strategy is restricted application based on spousal benefits. Using this strategy, you can draw your spousal benefits if your spouse has already claimed Social Security benefits or has filed and suspended. Your spousal benefits would be half of what your spouse is drawing.

If you were considering claiming using one of these strategies, please reach out, and we would be happy to work with you to develop a new plan!