Please be aware ​the budget bill signed into law on Monday, Nov. 2, made significant changes that could impact ​your Social Security options and ​your optimal collection strategy.

Our software has been updated to reflect new provisions. The updated program now handles all households regardless of their circumstances and incorporate all grandfathering provisions.

This is our understanding of the new provisions included in the law:

  1. For those becoming 62 after this year, deeming is extended through age 70. Deeming is the requirement that if you take a spousal benefit or a divorcee spousal benefit you need to also take your retirement benefit and vice versa. This leaves you with roughly the larger of the two benefits.
  2. No one can collect a spousal or child benefit based on the covered earnings record of a worker who suspends retirement benefits after April 29, 2016, during the period that the worker's retirement benefit remains suspended. The treatment of divorcee spousal benefits in this context is unclear.
  3. No one who suspends his/her retirement benefit after April 29, 2016, can collect an excess spousal or excess widow(er) benefit. The treatment of divorcee excess spousal benefits in this context is unclear.
  4. Those who suspend their retirement benefits can no longer receive their suspended retirement benefits in a lump sum payment.

Updated 11/5/2015

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