By Katie Seay on November 4, 2015
As you may have seen, the recently passed Bipartisan Budget Act of 2015 extends the nation's debt limit through 2017. The agreement also includes provisions that close perceived "loopholes" in the Social Security rules created under previous legislation.
Specifically, the filing strategies known as "file and suspend" and "restricted application" are most impacted. For anyone turning 62 after 2015, file and suspend and restricted application strategies are no longer available. These individuals will now fall under the deemed filing rules. This eliminates the ability to pick and choose which benefit to receive or delay for married couples.
For those who are already at least 62 in 2015, restricted application will remain available going forward; however, the file and suspend strategy will only remain an option for the next 6 months. Meaning, this strategy will remain valid for anyone who has already implemented it, or does so in the next 6 months.
Want to get into the details? Michael Kitces has written an excellent commentary on the topic. His blog is a great resource to dive in further.