Sportlight on two important claiming tactics being changed regarding your social security benefits

ICMS, Inc Commentary and News Sportlight On Social Security Law
By Dr. Tom Okure
Date: November 4, 2015

U.S Congress

Two important claiming tactics are being changed regarding your social security and will result in millions possibly losing out on their benefits. The first major change is occurring in the “deemed filing” rule. More precisely, the change in the new law would make it so that deemed filing applies beyond full retirement age instead of applicable to only before full retirement age.

Another important change in the proposed law will affect the suspension of benefits claiming tactic currently in place. What this means is that for those individuals who suspend benefits more than 180 days after enactment of the proposed bill, the following facts will apply according to the bill that is being passed in Congress and is expected to be signed into law by President Obama:

• There will no longer be the option to retroactively unsuspend benefits (i.e., get a lump sum for benefits that would have been receiving during the period of suspension if you decide to unsuspend).
• You will no longer be able to receive benefits on anybody else’s work record while your benefits are suspended.
• Nobody else will be able to receive benefits on your work record while your benefits are suspended.

For background, the United States Department of the Treasury had cautioned Congress that it must raise the nation’s debt ceiling by Nov. 3 in order to avoid risking a default on the country’s debt. As a consequence, Congress recently reached an agreement with the White House to increase US spending by $80 billion through September 2017 and increase the federal government’s borrowing limit until mid-March 2017.

It is as part of the budget deal reached between Congress and the Whitehouse to prevent a default on the country’s debt that resulted in the elimination of this two very popular Social Security claiming strategies, which includes the file and suspend tactics.

Read more about the changes about to take effect in the near future…Key Social Security Strategies Hit By Budget Deal