In 2015 the federal government changed the rules on filing for spousal benefits from Social Security. I intend to file a restricted application so I may collect 50 of her current monthly benefit and delay my own benefit 1 to 2 years later.
But Social Security should have plenty of time to process your claim timely as long as you apply by the end of February 2019.
Social security restricted application changes. To do so you should state in the remarks section of the application form that you wish to exclude your retirement benefit from the scope of your Social Security claim. Which benefit does he or she claim. 1 2016 can file a restricted application for spousal benefits to utilizing this option.
With last weeks surprise legislation that revealed Congress is killing the File-and-Suspend and Restricted Application claiming strategies for maximizing Social Security benefits even those who werent previously aware of the strategies are now wondering whether its something to take advantage of before the new rules go into effect. The new rules that phase out the restricted application RA strategy only affect people born on Jan. Under a law Congress passed in 2015 people born after Jan.
If you turn age 70 in April 2019 and want to start your retirement benefits then you could file your application up to 4 months in advance ie. The restricted application is a planning tool used at full retirement age. 1 1954 cannot file a restricted application regardless of how old they are when they file for benefits.
Put another way anyone turning 66 years old before January 2 2020 can employ this Social Security benefits strategy. Anyone who met the age requirement on that date can file a restricted application at any time in the future without anything similar to the. Choosing the wrong time to pull Social Security benefits can cost you hundreds of thousands of dollars over your lifetime.
Your plan still works says Andy Landis author of Social Security. Millions of Americans who were poised to use file and suspend and restricted application to create a more satisfying retirement. I am doing this to increase my FRA benefit a few percentage points.
The Beginning of the End for the Restricted Application When a married person claims his or her Social Security benefit the door opens for the other spouse to claim their spousal benefit. 17 2021 Social Security Retirement Age Increases in 2021. Social Security rules signed into law in 2015 changed the right to file a restricted application for those born on or after January 2 1954.
But what if the spouse also has his or her own retirement benefit. At that point my benefit level will be 2X what she is now receiving. A Social Security restricted application is a way for a married couple to choose which Social Security benefit they want to collect their own or 12 of their spouses.
While the congressional language has continued to refer to these heretofore perfectly legal rules that were part of Social Security the reality is that the changes will create hardship for many. With the latest Social Security changes though. The strategy lets a beneficiary restrict an application to spousal benefits only giving the beneficiary some Social Security income now while allowing his or her own retirement benefit to grow 8.
Consider when you want to receive benefits and research your options before filling out a Social Security application. No if you turn age 62 on or after January 2 2016 you are required or deemed to file for both your own retirement and for any benefits you are due as a spouse no matter what age you are. On November 2 nd 2015 new Social Security rules were signed into law that ended what was known as the restricted application However if you were born before January 2 nd 1954 you are grandfathered into.
I am 65 and will be 66 in Nov 2019. Unfortunately due to changes in the Social Security rules that were signed into law in November 2015 only those who reached age 62 on or before Jan. In some cases to get the most out of your Social Security benefits you will need to use a process called a restricted application.
The new rules ended several popular strategies that couples once used to boost their total. Written by Matt Boelter Financial Advisor Shareholder. It allows a married couple to simultaneously delay one of their benefits to 70 to get the annual 8 bonuses and at the same time still receive Social Security income TODAY.
Can I apply only for spouses benefits and delay filing for my own retirement benefit in order to earn delayed retirement credits. For more information about these changes contact Social Security at 1-800-772-1213 TTY 1-800-325-0778. The purpose of using the restricted application is to allow the qualifying spouse to collect spousal benefits only while deferring their own worker benefit to age 70 if they wish and earn delayed.
I was born in 1953. 1 2 The Collect Now and Later Social Security Strategy.