2023 Social Security Cheat Sheet - Flipbook - Page 13
2019 REVISED EDITION:
Social Security Cheat Sheet
2015 Bipartisan Budget Act Changes
2015 Bipartisan Budget Act Changes
Elimination of the “Voluntary Suspension”
This strategy, commonly referred to as “File & Suspend”, was seen as a
loophole allowing higher income earning couples to receive additional
benefits by collecting spousal benefits without collecting individual benefits.
As of April 30, 2016, voluntary suspension was eliminated for all new filers.
Changes to the “Restricted Application”
This strategy involves “electing” a spousal benefit and still allowing your
individual to continue to accrue delayed retirement credits. Qualifying
married and divorced filers that are eligible for an individual benefit and a
spousal benefit “restrict” filing to only the spousal benefit at Full Retirement
Age (FRA) until a maximum of age 70, while still accumulating 8% per year
delayed retirement credits for their individual benefit. As a result of the
budget act, this strategy is phased out based on current age. For filers who
are age 62 or older as of the end of 2015, the strategy will be available and
remain unchanged. For those turning 62 after January 1, 2016, the strategy
will no longer be available.
Important Notes & Additional Information
As of the writing of this publication, these changes impact individual and
spousal benefits only, and do not include widow(er) benefits. The statements
above represent a summary of the changes and do not include all filers.
Always confirm the availability of filing strategies based on your age and
specific situation prior to making a filing decision.
*The article is not intended to be tax or legal advice. Clients should seek guidance from the
Social Security Administration regarding their particular situation. Social Security payout rates
can and will change at the sole discretion of the Social Security Administration. For more
information, please contact your local Social Security Administrative office, or visit www.ssa.gov.
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