Skip to main content

  TLWM ClientsFinancial Professionals

  • Home
  • About
    • Our Mission & Values
    • Our Focus
    • Our Commitment
    • Our Process
    • Our Team
  • Our Services
    • Investment Management
    • Financial Planning
    • Personal Advice
  • Resources
    • Blog
    • Video Library
    • Reading Resources
  • Contact Us
    • Careers
    • Contact
    • Request a Meeting
    • Events
  • Client Login
  • TLWM Clients
  • Financial Professionals

Social Security Claim Changes

    You are here

  1. Home
  2. Blogs
  3. Social Security Claim Changes

Social Security Claim Changes

Submitted by TLWM Financial on March 10th, 2016
  • Share on Facebook
  • Google Plus One
  • Tweet Widget
  • Linkedin Share Button
  • Pinterest

 

There’s been lots of coverage in the news the past couple weeks about changes to Social Security claiming strategies, so we’d like to share a few key highlights about what’s changed and how it may affect you.

The Bipartisan Budget Act of 2015, signed into law by President Obama on Monday, November 2, 2015, closes several “unintended loopholes” in Social Security’s rules. It effectively eliminates a married couple’s ability to use well-known social security claiming strategies – file and suspend and restricted application for spousal benefits – which have made it possible for both members of a couple who are 66 or older to delay claiming benefits based on their own earnings record, while the other receives a spousal benefit based on their spouse’s earnings.

What do the Social Security changes mean for you?

  • The file and suspend strategy has been eliminated. When you suspend your own benefit, you suspend all associated benefits (spouse, children).
  • Individuals who will be age 62 or older by December 31, 2015 will be grandfathered in and still be able to use the file and suspend and restricted application strategies. However, after May 2, 2016, the restricted application strategy will no longer be available.
  • Deemed filing now applies to age 70, rather than at full retirement age. This means that when you file for social security benefits, you file for the maximum personal and spousal benefits, not one or the other.
  • Those already implementing the file and suspend and restricted application strategies are also grandfathered in under the previous laws.
  • Persons turning 62 in 2015 will have options, but will need to start planning by the end of the year as there is a six-month window to file a restricted application.
  • Unfortunately, if you turn 62 after December 31, 2015, you will not be able to use the file and suspend or restricted application strategies.

Even though the file and suspend and restricted application strategy may no longer be an option for you, Texas Legacy Wealth Management can help you optimize your social security benefits. If you have any questions about these social security changes or intend to follow the file and suspend or restricted application strategy, please contact us for a complimentary social security analysis that takes into account the updated laws.

 

Best regards,

 

Enzo T. Pellegrino CFP®

President & Wealth Advisor

P.S. Please feel free to forward this commentary to family, friends, or colleagues. If you would like us to add them to the list, please reply to this e-mail with their e-mail address and we will ask for their permission to be added. Securities offered through LPL Financial, Member FINRA / SIPC. Investment advice offered through Texas Legacy Wealth Management, a registered investment advisor and separate entity from LPL Financial.​

This material was prepared by Peak Advisor Alliance. Peak Advisor Alliance is not affiliated with the named broker/dealer.

Tags:
  • Plan
Sidebar_image.jpg

Market
Commentary

Read Blog

Get the Latest News

Sign up for TLWM Blog

 

Categories

  • 401k (2)
  • 529 Plan (1)
  • Active Investing (1)
  • Asset Allocation (1)
  • Assets (1)
  • budgeting (3)
  • Business Owners (1)
  • Caring for Elder Parents (3)
  • Changing Jobs (1)
  • Charitable Giving (3)
  • Children (1)
  • College Planning (5)
  • Death of a Spouse (1)
  • Divorce (1)
  • estate planning (5)
  • Financial Advisor (1)
  • Financial Planning (2)
  • Financial Professional (2)
  • financial review (7)
  • FSA (1)
  • Growth Investing (1)
  • Healthcare (1)
  • Home Buying (1)
  • HSA (1)
  • inflation (1)
  • insurance (1)
  • Investing (2)
  • Investor (1)
  • IRA (1)
  • Large-Cap Investing (1)
  • Market (76)
  • Marriage (1)
  • Medicare (1)
  • Passive Investing (1)
  • Philanthropy (2)
  • Plan (5)
  • Press Release (3)
  • Retirement (2)
  • Retirement Education (1)
  • Retirement Planning (8)
  • roth ira (1)
  • second home (1)
  • Secure Act 2.0 (1)
  • small business (2)
  • Small-Cap Investing (1)
  • Social Security (2)
  • Tax (1)
  • Tax Planning (3)
  • Taxes (1)
  • Tech (2)
  • Tech use in Finances (2)
  • Tech Workforce (2)
  • Terminal Illness (1)
  • Tips on Retirement Planning (1)
  • Value Investing (1)
  • wealth transfer (1)

TLWM Facebook Feed

 
TLWM Financial

 

 

 

TLWM CONTACT

  
Phone: 1-877-348-8822
Fax: 1-877-520-0059

Email: info@tlwmfinancial.com
40 N.E. Loop 410, Suite 644
San Antonio, TX 78216

Get Directions

Securities offered through LPL Financial, Member FINRA / SIPC. Investment advice offered through TLWM, a registered investment advisor. TLWM and TLWM Financial are separate entities from LPL Financial.

The LPL Financial registered representative associated with this site may only discuss and/or transact securities business with residents of the following states: AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IL, KS, LA, MD, MA, ME, MN, MS, MO, MT, NH, NJ, NM, NY, NC, OK, OR, PA, SC, TN, TX, UT, VA, VT, WA​, WV, WI.

©2024 TLWM Financial

Follow the link for Form CRS

LPL Financial Form CRS

 

 

© 2025 TLWM Financial. All rights reserved.