By Kathleen Longo on November 16th, 2015
Social Security Changes Could Affect Your Filing Strategy
Establishing a well-crafted plan that incorporates Social Security retirement benefits in your financial future has never been more important, especially in light of recent changes to how Social Security benefits are administered.
On November 2, 2015, President Barack Obama signed into law the Bipartisan Budget Act of 2015. The bill, which had obtained overwhelming support in Congress from both political parties, was originally intended to raise the federal spending and debt limits through 2017. Several seemingly unrelated measures were also incorporated into it. Specifically, the bill (not law) ends two popular and well-used Social Security claiming strategies, "File-and-Suspend" and "Restricted Application". Below are answers to a few commonly asked questions regarding these recent changes to Social Security, in addition to an explanation of the new rules and how they could impact your long-term, comprehensive financial plan.