New changes to Social Security taking effective May 1, 2016, will mean 21.3 million Americans will no longer be eligible to collect an estimated $11.4 billion in crucial benefits. If you are currently enrolled in Social Security, or are about to become eligible, this may affect you.
Appointments at Social Security offices will need to be made no later than April 29, 2016, if you are implementing any of the two below programs which will end May 1.
Please refer to last week’s issue for details and caveats on these two programs which will cease:
File and Suspend
Restricted application or file as a spouse first strategy
Navarre Press has performed due diligence in researching Social Security documents and myriad publications to ensure we provide the most accurate information on a very complex subject. We suggest speaking with your financial advisor to make sure any of these options are appropriate for your particular situation.
“Congress is pulling the rug out from people’s retirement decisions and no retiree will ever again be able to feel their social security benefits are safe from some backroom midnight rush change in rules that are designed to meet some budget target or accommodate some politician’s whims,” according to Forbes Magazine.
This is why Lee Cole of Milton is especially concerned about widows and divorced women who aren’t aware they can collect survivors or spousal benefits based on a deceased or ex-spouse’ s work record. “If they are not in the loop or haven’t applied, I want people to know,” Cole said. “Some people need it and should be getting it. You can collect on your husband’s work record, essentially borrowing money from the government interest-free.”
Read the full article in the April 7 of Navarre Press. Click HERE to subscribe online.