With the latest changes in Social Security, many are left scratching their heads wondering what to do next. The popular file-and-suspend strategy will be removed from the list of filing options starting May 1, 2016. However, if you or your spouse are between the ages of 65 ½ and 70 years of age and have not started filing for benefits, you may be eligible for the lucrative benefit. This revised calculator can help you find an optimal time to file. A few things you want to consider if thinking about this filing strategy:

  • You can still voluntarily suspend your benefit until age 70 and receive a benefit increase of approximately 8% per year.
  • There is no change to those who have currently implemented the file-and-suspend strategy or who will begin prior to May 1, 2016.
  • Clients younger than age 62 on December 31, 2015 will no longer have the option to choose between a spousal benefit and their own Social Security benefit. The benefit received will default to whichever option is the greater amount.
  • Clients who suspend benefits after May 1, 2016 will also suspend any spousal or other family benefits.