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:

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