New Law

Are We Grandfathered Under the New Law?

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Dear Larry,
A summary of our situation is as follows:
1) At FRA I started drawing the maximum allowable PIA at that age (66) - July 2014
2) My wife turned 63 in Feb 2016 but has not filed for any SS benefit
3) We still have a fair amount of credit card and other debt that we need to pay off
4) Our rationale for taking the funds at 66 & not at 70 was to try and pay off our debt by age 70

5 secrets and 5 gotchas to help you navigate Social Security’s new rules

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Author’s Note: The new Social Security law passed last November has forced many (if not most) households to revise their optimal collection strategies. This is particularly the case now that we’ve passed Social Security’s April 29 deadline for providing spousal and child benefits while one’s own retirement benefit remains in suspension. The new law forced me and my co-authors, Paul Solman and Phil Moeller, to rewrite our “Get What’s Yours” book. The revised edition, published by Simon & Schuster, is out today. It explains the new law and how best to adjust to it.

Column: Congress is pulling the rug out from people’s retirement decisions

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On Tuesday, I described the pending vast changes to Social Security rules included in the House 2015 Budget, which is being rushed through Congress without any hearings or time for public comment.

The bill will reduce the lifetime benefits of millions of Americans by tens of thousands if not hundreds of thousands of dollars. It will do so, in large part, by inducing people to take their retirement benefits far too early in order make up for the loss of spousal, divorce(e) spousal, child, disabled child, excess widow(er) and excess divorce(e) widow(er) benefits.