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.
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
Category: Coach's Corner