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Congress slashing social security

 
 
Reply Tue 29 Mar, 2016 12:42 pm
http://moneymorning.com/acq/ss/what-hr-1314-means-for-your-retirement?iris=479128
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Type: Question • Score: 2 • Views: 1,066 • Replies: 7

 
edgarblythe
 
  1  
Reply Tue 29 Mar, 2016 12:50 pm
I read this before. A good indication of what increments by Democrats stands for.
roger
 
  3  
Reply Tue 29 Mar, 2016 12:55 pm
@cicerone imposter,
A remarkably vague article.
chai2
 
  1  
Reply Tue 29 Mar, 2016 01:05 pm
@roger,
I concur.

"If you are married....call your Social Security clerk now make a simple six-word request, and immediately raise your income by an extra $1,329 a month."

0 Replies
 
engineer
 
  2  
Reply Tue 29 Mar, 2016 01:18 pm
@edgarblythe,
edgarblythe wrote:

I read this before. A good indication of what increments by Democrats stands for.

Or it is a "mostly false" story that has been debunked on Snopes.
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edgarblythe
 
  1  
Reply Tue 29 Mar, 2016 01:34 pm
In fact, the pending changes are relatively minor: they do not take away any existing benefits or alter core Social Security benefits or payment levels, they are not "hidden" or "radical," and they do not "threaten the financial security" of millions of Americans. The coming changes will alter or eliminate a few strategies used by some people to maximize their Social Security benefits, however, so those in a position to take advantage of them while they still exist need to know how they can be "grandfathered" in.

The first change applies to Social Security's "file and suspend" strategy, which allowed couples to maximize their combined benefits by having one spouse file for Social Security upon reaching full retirement age (currently 66), then immediately suspending the benefits. This allowed the other spouse to claim a spousal benefit while their deferred Social Security grew 8 percent per year until age 70:

The file-and-suspend strategy will no longer work after May 1, 2016. At that time, a person must file for Social Security and actually receive benefits in order for a husband or wife to get a spousal benefit.

However, for those who are at least 66 or who will turn 66 by April 30, 2016, there is still an opportunity to get in under the old file-and-suspend system. Those who do squeak in under the deadline will be grandfathered in under the old file-and-suspend rules.

Another change will eliminate "restricted applications," a mechanism that allows persons who are between full retirement age and age 70 to file an application to claim spousal benefits but defer collecting their own benefits; upon reaching 70, they change from receiving spousal benefits to receiving their own (larger) benefits:

In the future, when a
0 Replies
 
edgarblythe
 
  1  
Reply Tue 29 Mar, 2016 01:35 pm
Another incremental benefit.
cicerone imposter
 
  1  
Reply Tue 29 Mar, 2016 01:41 pm
@edgarblythe,
Thanks for summarizing the changes.
0 Replies
 
 

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