Look for New Changes This Year in Social Security Filing

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There are some new changes in filing for Social Security coming this year. Due to a new budget bill signed late last year by President Obama, there have been some significant changes to the process of filing for Social Security benefits. In order to help your process run smoothly, here are some key points to take notice of:

  1.  People who have not yet signed up for Social Security benefits will no longer be able to use the program’s ‘File­and­Suspend’ claim, giving married couples fewer claiming options.
  1.  The ‘Restricted Application’ filing method will still exist, but will only provide benefits if the filing applicant is currently receiving benefits. New filers will not be able to collect a spousal benefit, but rather, filing for spousal benefits will be deemed by Social Security to trigger an individual’s own retirement benefit. Social Security will only pay an amount equivalent to the greater of the two benefits.
  1.  For filing applicants born in or after 1954, the ‘File­and­Suspend’ and ‘Restricted Application’ filing methods will not be available.
  1.  Individuals older than the age of 66 can continue to file and suspend until April 29, 2016. In doing so, the individual, their spouse, and qualifying family members may be eligible to receive benefits after the law becomes effective.
  1.  Individuals older than the age of 63 will be grandfathered in and will not be subject to expanding rules, meaning that if you filed for your own retirement benefits, your spouse can still file a restricted application for spousal benefits.
  1.  The bill will take full effect as of April 29, 2016, and are intended to close loopholes in Social Security claiming.

For more information on Social Security filing changes, visit Say Goodbye to the SocialSecurity ‘File­and­Suspend’ Strategy.

To help you further with resources on social security filing and the new government changes contact TopLine Investment Representative Shawn Gaustad. Call 763-391-9494 or email sgaustad@TopLineInvestments.com to schedule your complimentary, no-obligation consultation.


Shawn Gaustad is a Registered Representative of INVEST – a Financial Corporation that is not affiliated with TopLine Federal Credit Union or TopLine Investment Services. Past performance does not guarantee future results. This information is general in nature and should not be construed as tax or legal advice. INVEST Financial Corporation member FINRA, SIPC, and its affiliated insurance agencies offer securities, advisory services and certain insurance products. Products offered are:

  • Not insured by the FDIC/NCUA
  • Not a deposit or other obligation or guaranteed by any bank or credit union
  • Subject to risks including the possible loss of principal amount invested

INVEST Financial Corporation does not provide tax or legal advice. Please consult your tax and/or legal advisor for guidance on your particular situation.


Financial Education Seminars Presented by TopLine Federal Credit Union

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TopLine Federal Credit Union takes pride in giving back to the public by holding financial education seminars throughout the year.

People often have questions about money and areas that they can use a little help. Whether you’re curious about saving for college or planning to buy a home, you can’t help but be a little stressed.

If you need some assistance, maybe one of our seminars can help! Each seminar is held at our Maple Grove branch at 9353 Jefferson Highway. All the seminars are free, but reservations are required. To reserve your spot, please call us at 763-391-9494, send an email to RSVP@toplinecu.com or click the ticket tab above to learn more about the seminar at Toplinecu.com/seminars.

Be sure to include names of all attendees in your email response. Please feel free to extend our invitation to others you know who may have interest. Family members and friends are all welcome to attend. Here is a look at our seminars throughout the year:

Teen Driver Seminar (March 15 & September 20)
Is your teen ready to get behind the wheel? Are you ready for your teen to get behind the wheel? This seminar covers tips both you and your teen should know for safe driving and insurance coverage.

Join the TopLine Insurance Agency for a seminar to learn how to insure your teen driver, how adding a teen driver will affect rates, which discounts are available, top safety picks for cars and insurance rates, and safe driving tips to being ready for the unexpected. Plus, we’ll walk through a live auto insurance quote, and you’ll walk away with your free Parent-Teen Contract.

Improve Your Credit Score (March 22)
Learn how to obtain, understand and improve your credit and credit score. In this workshop, you will learn:

  • How to get and read your credit report
  • How your credit score is calculated
  • How to increase your score
  • How to correct errors
  • How to improve negative credit and build good credit
  • Your FCRA rights

Money Lessons from the Movies (April 19)
Americans of all ages love movies and there are valuable lessons about money that can be learned in fun, memorable ways.

This workshop teaches timeless principles of financial decision-making using film clips and group discussions looking at money situations from classic Hollywood, Disney, horror and children’s movies.

First-Time Home Buyer’s Seminar (April 21, May 19, June 23)
Attendees will hear from a TopLine mortgage advisor with insights and individual advice on home buying, including market specifics and inventory, how and what to buy, available home loans that are best for individual needs, what you can expect during the loan process and possible tax qualifications.

Free Youth Financial Literacy Seminars (April 23, October 13)

  • Building Dreams (ages 5-8) 9 AM: Explore the concepts of spending, saving and sharing. Kids will share in a story about saving entitled “Just Saving My Money.” Other activities include age-appropriate discussions and worksheets.
  • Dollar Power (ages 9-13) 10:15 AM: Explore the concepts of needs versus wants, planning and goal setting, saving and paying yourself first, spending wisely and gift cards.
  • Dollars & Sense (ages 14-18) 11:30 AM: Explore the concepts of needs versus wants, planning and goal setting, saving and paying yourself first, sound money management using checking accounts and debit cards, gift cards and using credit wisely.

Lively, thought-provoking questions and real-life examples will get everyone thinking about the importance of balancing needs versus wants and how planning and saving today can really pay off down the road.

Keeping the Cabin in the Family (May 4, September 14)
Concerned with what may happen to the family cabin as it is passed on to the next generation? Learn the importance of estate planning in this seminar.

Road Map for a Happy Retirement (September 27)
Part of success in retirement is the economic security of having retirement savings. Join LSS Financial Counseling and TopLine for a workshop to learn tips to help you with big financial decisions and avoid common mistakes, planning ahead, and holistically, for your time and happiness in this next chapter of life.

Defend Yourself Against Identity Theft (October 18)
Learn about the ways identity theft can happen to adults – or even children. Find simple, effective steps to prevent identity theft, gain confidence in online safety and financial interactions and know the resources to turn to if identity theft happens to you.

Five Consumer Protection Laws You’ll Love to Use (November 8)
Personal finance can be intimidating, but these laws make insurance, banks, mortgage lenders, debt collectors and credit bureaus play fair.

Join LSS Financial Counseling and TopLine for a workshop to learn five consumer protection laws you’ll love to use.