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ARTICLE · 16 MARCH 2016

Social Security Loophole Closing - Changes May Impact Your Benefits

Duane Morris LLP
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We all are aware of the importance of the April 15 tax deadline; however, for those turning age 66 this year, April 30 may be a more significant date. Why? Glad you asked.

United StatesTax
Duane Morris
Duane Morris
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We all are aware of the importance of the April 15 tax deadline; however, for those turning age 66 this year, April 30 may be a more significant date. Why? Glad you asked.

The Bipartisan Budget Act of 2015 (the Act) signed into law by President Obama late last year makes substantial changes to Social Security. The Act closes loopholes for claiming Social Security benefits, as it will no longer be possible to claim spousal benefits only without claiming the primary worker's benefits at the same time. The Act also effectively eliminates most of the "file-and-suspend" strategies many retirees have used. These changes will impact married couples anticipating retirement over the next few years and may require reevaluation of their overall retirement planning strategy.

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