Social Security Claiming Changes Starting May 1st | Los Angeles Public Library
Print this page

Social Security Claiming Changes Starting May 1st

Richard Kraus, Librarian III, Business Department,
Social Security Cards
Social Security Cards By US Government (Social Security Administration) [Public domain], via Wikimedia Commons
Changes are coming soon to two claiming strategies to maximize Social Security payments, courtesy of the Bipartisan Budget Act of 2015, especially section 831
Jean Chatzky,financial television journalist, author, and blogger, summarized the two changes in a Retirement Blog on Jean Chatzky: Social Security and boomers:
--"The 1st is called 'restricted application.' This is when someone at full retirement age (66 for those born between 1943 and 1954) applies for spousal benefits only and delays his or her own benefits, allowing them to grow 8% a year until age 70."
--"The 2nd strategy is called 'voluntary suspension' or 'file and suspend.' With this strategy you claim Social Security benefits at full retirement age but suspend payments until a later age, allowing the payment amount to increase. While you're waiting, a spouse or eligible children can receive benefits based on yours."
The authors of the best selling book in 2015, Get what's yours : the secrets to maxing out your social security, are issuing a 2nd edition coming out in early May (NOT yet available in the library) to include these and other changes.
Their website Get What's Yours offers commentary and updates.  In addition, here are commentaries from two of the Get What's Yours co-authors posted on other websites:
A few other web postings offering explanations, advice, and commentaries, in addition to those mentioned above:
Social Security website:
Liz Weston, personal finance author, columnist, blogger
U.S. News Personal Finance "Smarter Investor" Blog:
Robert Powell, MarketWatch Retirement columnist
Jamie Hopkins, contributor to Forbes Personal Finance blog:
Last, but not least:
The Central Library Business & Economics Dept. is offering a program on Saturday, April 9th, 1:00-3:00 PM in Meeting Room A