2016 Social Security Changes


Now is a good time to review your Social Security options due to some significant changes that were made as part of The Bipartisan Budget Act of 2015, signed into law on Nov 2, 2015.  There is a link to a more thorough article from Vanguard at the bottom.  In short, a couple special filing options that could be used to enhance social security benefits are being phased out, both File & Suspend and Restricted Application. 
If you will have reached age 66 by April 30, 2016, you can still File & Suspend, but it must be done by April 29, 2016.  Anyone who is 66 and not yet filed for Social Security should consider this option before it ends.  I would be glad to talk this over with you, but again it must be done by April 29.
If you were age 62 by January 1, 2016, you can still use the Restricted Application at your Full Retirement Age.  Anyone in this age band should consider this when they reach Full Retirement Age.
If you were under age 62 on January 1, 2016, both of these options are not available any longer.   But, you still have a choice to make on when to begin receiving benefits. 
Whatever your age, I love helping people get the most out of their Social Security benefits.  You paid into the program, so make sure you maximize that investment.  If you have any questions or want to consider your options, contact me.  We have a great software program to help in making the best decision for you.
Here’s that Vanguard article: Vanguard
 God Bless!  

Brent Williams
Taylor & Williams, Inc.