Last Opportunity For Using File And Suspend Fast Approaching

The end of using file and suspend as a Social Security strategy is fast approaching. Elderly couples will no longer be able to use file and suspend after April 29, 2016. “The federal budget agreement that was signed in fall 2015 ended two Social Security strategies that some spouses have used to maximize benefits.” Under the old rules this strategy allowed a person to file for Social Security and then suspend the benefits while his or her spouse or children could receive spousal or children’s benefits. The new rule will not allow the spouse or children to receive benefits unless the person filing is also receiving benefits. Couples who are 66 or older before the April 29 deadline should hurry up and consider whether or not they want to use file and suspend as a strategy before it is too late.

See Last Chance to Use File and Suspend Strategy for Claiming Social Security Benefits, Elder Law Answers, February 24, 2016.