The stated mission of the Social Security Administration (SSA) is to “Deliver Social Security services that meet the changing needs of the public.” While that is a nice thought, it often seems as though SSA’s primary objective is to get people to begin benefits as early as possible without regard to the long term impact that early claiming might have. Here’s what I mean. (more…)
Although RMDs are outside my area of expertise, thoughts about beginning Social Security benefits at age 70 are often accompanied by musings about the need to do something about IRAs and other qualified retirement accumulations around age 70½. Recently I had occasion to help a Social Security client consider some of the issues related to the timing of his first RMD. (more…)
With all the media attention centered on the demise of file and suspend, you might have gotten the idea that it no longer matters what you do regarding Social Security claiming decisions. Not true! File and suspend was utilized by a surprisingly narrow range of Social Security claimants, sometimes inappropriately and to a couple’s detriment. However, it was a very “cool” technique that often made me look like a genius, so I regret that it no longer has a place in the claiming toolkit. That being said, the particular claiming strategy that you and your spouse choose can still make a substantial difference in the benefit dollars you will collect. (more…)
Since the enactment of the Bipartisan Budget Bill of 2015, much has been made in the public media of the imminent demise (on April 30, 2016) of the popular file and suspend technique. Meanwhile, the SSA was busy trying to wrap its bureaucratic head around the new regime and had little to say on the matter until well into February. For the most part, what all of this publicity has produced is CONFUSION!
The following email I received is a perfect example:
“I will turn 66 in June; my husband has already started taking his benefits. I was planning to take spousal benefits and wait till 70 to take mine, but the law has changed and my birthday is about a month after the cutoff date. This sudden change in the law is distressing and confusing. What should I do?” (more…)
Shortly after 12:00 noon on Monday, November 2, 2015, the President signed the two-year budget bill into law. The bill contained some amendments to the Social Security Act that will curtail some claiming strategies that have been both useful to and popular among individuals and couples across the socioeconomic landscape. (more…)