When did file and suspend end for Social Security?
When did file and suspend end for Social Security?
April 30, 2016
Due to Social Security rules that became law in November 2015, the file and suspend strategy is no longer available for couples. It worked for those who suspended benefits on or before April 30, 2016.
What was file and suspend?
File and suspend was a Social Security claiming strategy that allowed married couples of full retirement age to receive spousal benefits and delay retirement credits at the same time. It was ended as of May 1, 2016, by the Bipartisan Budget Act of 2015, signed on Nov.
Who is eligible for file and suspend?
The first of two creative claiming strategies to bite the dust was known as “file and suspend.” It allowed individuals at full retirement age or later to file for their Social Security benefits and then immediately suspend them, allowing their retirement benefits to grow by 8% per year for every year they postponed …
What does it mean to suspend benefits?
(i)For purposes of this subsection, the term “suspension of benefits” means the temporary or permanent reduction of any current or future payment obligation of the plan to any participant or beneficiary under the plan, whether or not in pay status at the time of the suspension of benefits.
Is file and suspend really gone?
Social Security ended file and suspend by ruling that if workers at full retirement age suspend their benefits to earn higher benefits in the future, other related benefits such as spousal benefits will also be suspended. In other words, there’s no point in filing and suspending, because both benefits will stop.
Can we still file and suspend Social Security?
If you are already entitled to benefits, you may voluntarily suspend retirement benefit payments up to age 70. Your benefits will be suspended beginning the month after you make the request. We pay Social Security benefits the month after they are due.
Can you still file and suspend Social Security benefits?
Can you still file and suspend?
Can couples still use the ‘file and suspend’ strategy? No. “File and suspend,” also known as “claim and suspend,” was a maneuver for married couples to maximize benefits. As part of the Bipartisan Budget Act of 2015, Congress eliminated the loophole that made file and suspend possible.
What happens when you file and suspend your Social Security?
If you voluntarily suspend your retirement benefit and you have others who receive benefits on your record, they will not be able to receive benefits for the same period that your benefits are suspended. However, a divorced spouse will be able to continue receiving benefits.
Can you still do file and suspend for Social Security?
Can I file for my Social Security at 62 and switch to spousal benefits later?
Only if your spouse is not yet receiving retirement benefits. In this case, you can claim your own Social Security beginning at 62 and make the switch to spousal benefits when your husband or wife files.
Can I file for my Social Security at 62 and switch to ex spousal benefits later?