Time is Running Out for These Social Security Loopholes
If you are, or soon will be, a Social Security benefits recipient and haven’t taken advantage of these loopholes (if eligible), it’s time to get on it. April 29th is the last day to use the “file and suspend” loophole, and the restricted application loophole is being phased out. Keep reading to determine if you may be eligible, and what benefits you may reap from these time-sensitive social security loopholes.
File and suspend
Married couples, or those who were previously married for at least 10 years and are divorced, may be eligible for “file and suspend” social security loopholes. Current rules by the Social Security Administration state an older spouse may file for benefits at 66 (the current retirement age), and immediately suspend them. The younger spouse can then defer their own claim by claiming spousal benefits. The older spouse can start claiming maximum benefits at 70, while the younger spouse can choose between their own benefits or their spouse’s.
Claims filed after April 29th, 2016 will no longer be able to use the “file and suspend” loophole, so eligible individuals are encouraged to take advantage of it now.
Restricted application
Currently, higher-earning spouses are able to claim spousal benefits equal to half of a claiming spouse’s payment at the age of 66, if the lower-earning spouse in question filed for benefits between ages 62 and 66. Then, when the higher-earning spouse reaches the age of 70, he or she can file for their own benefits, which have now reached the maximum.
If you were at least 62 years of age by January 2nd, 2016, you may still use this loophole. Take advantage by filing accordingly.
Navigating Social Security benefits, especially SSD or SSI benefits, can be tricky. If this is your first time applying for SSD or SSI benefits, or you have been denied, don’t give up—Jenkins Block & Associates can help!
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Before trying to work out intricate Social Security qualifications on your own, contact our office to make sure you understand the program and process. Protect yourself, know your rights: call us and Get JBA First!
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