Social Security Changes!!!!!!!!!! Am I Affected?

I am sure many of you have heard that Social Security has under gone major reform.   The changes will impact millions of Americans that are near retirement.  Rest assured, if you are currently receiving benefits you will not be affected.  On November 2, President Obama signed into law the Bipartisan Budget Act of 2015.  These changes blindsided many of us in the industry as the deal was reached behind closed doors and there was no public discussion.  So here we are, scrambling to get the word out and

determine the bottom line for Social Security beneficiaries.

The budget bill included two main changes to the Social Security rules that will affect future availability of claiming options.


  1. The increasingly popular ‘File and Suspend’ strategy will no longer exist.  If you have reached Full Retirement Age by May 1, 2016, you may be able to be grandfathered in and take advantage of this claiming strategy, but you must act fast.
  2. The ‘deemed filing’ rule has been extended to age 70, which means that filing for a restricted spousal benefit will no longer be an option.  If you turn 62 by the end of 2015 you will be grandfathered in, but may be subject to other filing restrictions.


As far as I can tell, not much is changing for survivor benefits or single people.  Considering these new changes, Social Security planning and good advice are more important than ever.  I would recommend to anyone that has already done Social Security planning, but not yet started benefits, to review their plan.  It is likely that your plan will require updates.

By:  Nick Sklenar
retirement pic


Category: Coach's Corner