Congress Issues New Social Security Claiming Rules

The Bipartisan Budget Act of 2015 has recently made changes to the “file and suspend” and “restricted application” social security benefits. These changes are some of the most significant changes to the benefits of social security in recent years. Working couples who use these benefits as a savings strategy in retirement will soon need to adjust their strategy to boost their retirement income, as this loophole will soon close. Congress took emergency measures to eliminate these benefits due to the findings that if all eligible couples used these strategies it could cost Social Security about $10 billion a year.

Click here to read more about the changes to social security