Last week, President Obama signed a budget bill that included significant changes to Social Security. There were essentially two loopholes in the system that allowed people to claim more Social Security income than they would have otherwise. These were known as the File and Suspend Strategy and the Restricted Application Strategy.
The File and Suspend Strategy is essentially going away on 5/1/2016. Therefore, if your are age 66 (or older) by this date, then you have until this date to execute this strategy. You won’t be able to do it afterwards.
The Restricted Application Strategy can only be implemented if you are age 62 (or older) by 12/31/2015. If you will be this age by this date, then you will be able to execute this strategy when you are age 66.
One last point, if you are currently utilizing one of these strategies now, you will be grandfathered in and allowed to continue.
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