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Changes to Social Security

November 6th, 2015 at 07:42 am

This is from my email newsletter, "Don Steinmann's Investment Tip of the Week". I thought it was important enough to post it here as well.

In the budget deal that Boehner negotiated at the last minute, there is a change to Social Security. In the past, a couple who were both retirement age had a way to work the system. One could ‘file and suspend’ and the other could then collect half of that spouses Social Security until age 70. Then they could switch to their own, higher payout. This is one of the few ways you could ‘game’ the system and get some extra payouts over your lifetimes.

But this is quickly going away. For the next six months, anyone who uses this strategy will be able to stay on it for their lives. But after that, it’s gone. Under the new rules, when the second spouse files, they will get whatever the higher payout is, with no chance to switch later.

So here is the deal. If you and your spouse are turning 66 in the next six months, and haven’t filed for Social Security, get moving. The difference using this strategy can be $50,000 or more over your lifetime.

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