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 Bankrate.com 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. 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:
- Philip Moeller: 5 Things to Know About the New Social Security Claiming Rules
- Paul Solman: Social Security Changes Bring an End to ‘File and Suspend’
A few other web postings offering explanations, advice, and commentaries, in addition to those mentioned above:
What You Need to Know About the New Laws for Claiming Retirement Benefits
- Retirement Planner: Recent Social Security Claiming Changes
- Retirement Planner: Deemed Filing FAQs
- Retirement Planner: Voluntary Suspension FAQs
Liz Weston, personal finance author, columnist, blogger:
- Ask Liz Weston Q&A: The End of “Claim Now, Claim More Later”
- Ask Liz Weston Q&A: More on Social Security Rule Changes
U.S. News Personal Finance "Smarter Investor" blog:
Robert Powell, MarketWatch Retirement columnist:
Jamie Hopkins, contributor to Forbes Personal Finance blog: