2023 Social Security Cheat Sheet - Flipbook - Page 12
2015 Bipartisan Budget Act Summary
Signed into law in November of 2015, the Bipartisan Budget Act of 2015
made the most significant changes to Social Security in over 10 years. In an
effort to fund the government and close so-called “Social Security
Loopholes”, the controversial measure passed the House by a vote of 266 to
167 and the Senate by a vote of 64 to 35.
Summary of Important Changes:
• Suspended Debt Ceiling and Spending Caps Until 2017
• Transferred $150 Billion from the Social Security Retirement Trust
(OASI) to the Social Security Disability Trust (DI)
• Phased Out Popular Social Security Filing Strategies
• ”Voluntary Suspension” – Eliminated After 180 Days
• “Restricted Application” – Eliminated After 4 Years
• Additional Details on the Next Page
Retirement Income Starts With Social Security:
Social Security can be a confusing topic for retirees, but provides a significant
source of retirement income and you only get one chance to get it right.
Understanding all the available filing options and how the latest changes
impact your options is the first step towards choosing the right filing age.
After all, Social Security is funded with your tax dollars, so doesn’t it make
sense to get the most benefits possible?
Source: Congress Passes H.R. 1314, the Bipartisan Budget Act of 2015.
Social Security Administration. https://www.ssa.gov/OACT/COLA/QC.html .
Last Accessed October 11, 2018.
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