Mar
25
Understand April 29th 2016 Social Security Deadline
As the April 29th Social Security deadline approaches for the file and suspend strategy, phones have been busy. Not all clients need to act prior to that deadline, however.
The file and suspend and the Restricted Application strategies work in conjunction with one another for a married couple. Someone would need to file and suspend to give the option to his or her spouse to take advantage of the spousal benefit. Someone would need to be at Full Retirement Age (FRA) to take advantage of these options, age 66 if born between 1943 and 1954.
Auxiliaries, such as spouses or children, may claim benefits based on a worker who claimed benefits and requested a voluntary suspension prior to April 30, 2016. Let’s take a look at a quick example.
Bob turns 66 on March 4, 2016.
The file and suspend and the Restricted Application strategies work in conjunction with one another for a married couple. Someone would need to file and suspend to give the option to his or her spouse to take advantage of the spousal benefit. Someone would need to be at Full Retirement Age (FRA) to take advantage of these options, age 66 if born between 1943 and 1954.
Auxiliaries, such as spouses or children, may claim benefits based on a worker who claimed benefits and requested a voluntary suspension prior to April 30, 2016. Let’s take a look at a quick example.
Bob turns 66 on March 4, 2016.
