Social Security Strategies

The recent budget agreement signed into law on November 2, 2015 ended two popular claiming strategies for married couples; file and suspend, and a restricted application for spousal benefits only. Both strategies involve elections for one spouse to continue to earn deferral credits from full retirement age 66 to age 70 while spousal benefits are claimed. The claiming methods have been available since 2000.  Each year of deferral credit increases monthly social security benefits by 8%. Couples that have already used these strategies are grandfathered in and there are transition rules allowing a spouse to claim on their spouse's suspended benefit by May 1, 2016. If you are 62 by the end of 2015, you can still file a restricted application for spousal benefits when you reach age 66 provided your spouse is at full retirement age.