Lillig & Thorsness, Ltd. Social Security Alert – “File and Suspend” Deadline

The Social Security Act was amended in November 2015 by the Bipartisan Budget Act of 2015 (BBA) and as a result, certain benefit-claiming strategies will not be available after the BBA’s looming deadline of April 29, 2016 which may result in less retirement income. April 29, 2016 is the last day for persons who are age 66 to file a claim for benefits, suspend payment of the benefit while delayed retirement benefits accrue, and allow the person’s spouse (at least 62 years old) to receive spousal benefits on that account during the period the payment of benefits to the account holder is suspended. Persons who will reach age 66 before September 1, 2016 may also consider filing and suspending because Social Security regulations permit applications to be filed 4 months in advance of the month for which payment is to begin.

Couples to whom this benefit may apply should contact their local Social Security office immediately to meet the April 29, 2016 deadline.

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