Authored by Rachel K. Wolf, Trust Tax & Financial Planning Officer.
The Bipartisan Budget Act of 2015 (BBA) signed into legislation in November of 2015 included a number of changes that affected Social Security. The most controversial of the provisions, Section 831 of the BBA, pertained to the upcoming closing of the unintentional “loopholes” of certain claiming strategies: “file and suspend” and “restricted application” options.
While the claiming strategy options have changed as a result of the BBA, benefit recipients who are already taking advantage of either approach will be able to continue using these methods. In addition, the opportunity for married couples to take advantage of “file and suspend” exists if it is elected before May 2016. The option to elect the “restricted application” will still be a possible choice to people who turned at least age 62 at the end of 2015, even if the election occurs at a later date.
If you are in process of reviewing your social security options, it is recommended that you make an appointment with your local Social Security Administration office to discuss the options available to you. If you want assistance reviewing your situation to determine the most beneficial options available to you, we would welcome the opportunity to meet with you.
Laurene Brooks joined Legacy in 2004, shortly after the company’s inception. She earned undergraduate degrees in journalism and Spanish, and her Juris Doctor (JD) designation from Marquette University. Laurene has over 30 years of experience in law and relationship management. In addition to assisting clients with financial management and estate planning, Laurene is Legacy’s senior fiduciary officer. In addition, she was a member of the Real Property, Probate, and Trust Division of the Wisconsin State Bar for 10 years and served as chair.
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