The popular file and suspend filing strategy for Social Security has been done away with by the Bipartisan Budget Act of 2015. “The file and suspend option expired after Friday, April 29, 2016, and those who elect to delay receiving their retirement benefits will also no longer be able to request a lump-sum payment of delayed benefits if they elect to stop deferring their benefits.” This article discusses some of the alternative claiming strategies that are still available for senior citizen couples wishing to begin or delay collecting Social Security benefits. One strategy that still exists which this article discusses is the restricted application, but this will be phased out eight years from now and is only available to those who were at least 62 years old by the end of 2015.
See Mark P. Cussen, Alternative Strategies to File and Suspend, Investopedia, May 18, 2016.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
