Coming Changes to Social Security

Jim Steffen |

A budget bill has passed both houses of Congress and is on its way to the president’s desk to be signed into law.  The bill contains changes that will impact future Social Security recipients.  

The changes to Social Security do not directly impact monthly benefits.  What the bill does is eliminate several popular claiming strategies that recipients have utilized over the years to maximize their retirement benefits.  If implemented correctly, some of these strategies can significantly increase a couple’s lifetime Social Security benefits.  The strategies being eliminated are commonly known as, “file and suspend” and “restricted application for spousal benefits.”  

At this time, it appears that people 62 and older (today) will still be able to implement these strategies going forward (those under 62 are out of luck).  If you are over 62 and not yet drawing Social Security benefits, we’re happy to talk with you about these strategies to see if they make sense for your situation.

Of course we’re also happy to talk to anyone with questions about this issue generally.  However, please note that, as of this writing, the bill had not yet been signed into law and information could change.  

To read more about the Bipartisan Budget Act of 2015, please visit: and read Subtitle C-Protecting Social Security Benefits, Section 831