When Can I File For Social Security At 62 – Summary Understand the Rules for the early termination of the case and the suspension of the file, which should be reviewed by the deadline? Navigating File and Suspend Deadlines for Couples (and Parents) File and Suspend File for Individuals to Reinstate a File – And Suspend is still ineligible for those who are divorced and/or widowed until the deadline complete the online application and suspension process by April 29
Last fall, the Bipartisan Budget Act of 2015 changed the rules to eliminate two common Social Security claim strategies for married couples: File and Suspend, and Limited Filing.
When Can I File For Social Security At 62
Fortunately, the new rules didn’t go into effect immediately, but the first transition — eliminating File-and-Spend — will apply to anyone who first requests a voluntary suspension of benefits on or after April 30. As a result, anyone who wants to be “grandfathered” under the old (current and more favorable) rules has less than two weeks to complete their Social Security suspension application and request by April 29th!
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As a result, anyone who is at least 66 and not yet 70 must
Whether it is necessary to file a case and suspension request by April 29. It is worth noting that tactics for everyone
Benefits claimed or who do not plan to defer benefits in the future. Neither file and suspend applies to widows (who do not need to coordinate between pension and survivor benefits) nor to divorcees (who instead rely on a limited application strategy available after April 29). someone born in 1953 or before).
Still claiming their own benefits, but where one person can activate Spouse or Dependent Child Benefit for someone else while delaying their benefit, there is only a small window to submit a File request and suspend before the change. the rules remain! And possibly, anyone who is single and doesn’t care about the interests of a spouse, but just wants to keep the right to “cancel” and restore their deferred judgment in the next few years, can consider filing an application with File-and-Until 29 April should also be suspended!
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Michael is the Head of Strategic Planning at Wealth Strategic Buckingham, which provides an evidence-based approach to private wealth management for near and current retirees, and Buckingham Strategic Partners, a provider of wealth management services supporting thousands of independent financial advisors at scale.
In addition, he is the co-founder of XY Planning Network, AdvicePay, fpPathfinder and New Planner Recruiting, former intern editor of Financial Planning Magazine, host of Financial Planning Magazine.
Podcast and publisher of the popular financial planning industry blog Nerd’s Eye View through its website dedicated to advancing knowledge in financial planning. In 2010, Michael was recognized with one of the Heart of Financial Planning awards for his dedication and work in advancing the profession.
In order for a woman to be eligible for Social Security benefits, the main worker on whose wages the benefits are calculated must also apply for the benefits. In the “traditional” family unit, this meant that the wife could not access spousal support until her husband actually applied for himself. When she received her retirement benefits, she became eligible for spousal benefits based on her record (which she could then claim if she was eligible based on her age).
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Until the primary worker applies for benefits—this was the case for most of Social Security’s history… until the Senior Citizens Freedom to Work Act of 2000. This legislation introduced the concept of “voluntary withholding” for the first time, which someone can apply for benefits and later choose to suspend them (after reaching full retirement age) in order to calculate delayed retirement credits from the suspension up to the maximum age of 70.
While the original vision of voluntary suspension was to allow a worker who started benefits early (eg, at age 62) to later change his mind and stop benefits in order to return to work (thus the Freedom work”), in the years since the rule’s adoption, commentators have observed that voluntary suspensions may occur
After someone has applied. Of course, this only means that the worker never receives a benefit check, but it has the advantage of
, the spouse may be entitled to spousal benefits while the original employee may also receive maximum deferred pension credits by terminating immediately. It was a form of “have your cake and eat it too”.
Social Security Benefits
However, Congress viewed this tactic of “filing and suspending Social Security” as an unintended and “side effect” of the voluntary suspension rule, because under the original framework of the decades-old system, entitlement to spousal benefits was always should have been coincide with workers’ compensation benefits (not a scenario where you can get one while deferring the other).
Accordingly, in the fall of 2015, Congress, as part of the Bipartisan Budget Act of 2015, enacted a new rule to effectively “kill” the File and Suspend strategy, stating that as of April 30, 2016, an employee’s decision to withhold payment pension is suspended
Benefits based on that person’s earnings history, including spousal (and dependent) benefits. While the suspension remains optional, this change renders the File-and-Spend tactic completely useless because it is now actually suspended.
It’s worth noting that the new voluntary suspension rules under the Bipartisan Budget Act of 2015 only apply to those who are trying to (file and) suspend.
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April 30, 2016. That means anyone who wants to use the “old” rules now has less than two weeks left before they’re gone forever.
(now 66 years old). This means that if the retiree is not already 66 (and/or will not be 66 by April 29), then file and suspend is off the table anyway. Last year’s rule change took away those opportunities before they even had a chance.
Similarly, since the decision to provide and suspend benefits for delayed retirement credits is up to age 70, it is for anyone who
Age 70 or older (and already started benefits). In other words, the consideration of whether to engage in the prescribed period and suspend the case applies only to those who are exactly between 66 and 70 years old.
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(Interestingly, Social Security allows you to apply for benefits up to 3 months before they start, so if someone who turns 66 by July 29th can file by April 29th and be suspended.
And be eligible under the “old” rules because the offer was made in time, even though full retirement age has not yet been reached. (Given that the Social Security Administration has not issued any guidance on the matter, it’s unclear what the outcome will be for anyone who tries this tactic before the deadline.)
In addition, the reality is that the case review and suspension only applies to those who actually plan to delay benefits (and haven’t started yet!), because otherwise the strategy is not File and Suspend, but just File -and-
Benefits (which also entitles the spouse to any available spousal benefits) or filing a Limited Application to claim them
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Between the ages of 66 and 70, have not started benefits, and plan to delay (and not claim spousal benefits through a limited application down the road), the possibility of filing and suspending until April 29 should be considered, as there are several planning options. scenarios that remain interesting.
To the extent that the case and suspension is primarily about giving the spouse (or dependent child) the right to Social Security benefits, the spouse (and/or parent of the minor children) has more to gain by engaging in the case. -and-premature suspension of the strategy.
The other woman (who has a claim for spousal pension) must first of all have a reason to claim a spousal pension.
Pension benefits that exceed the spouse’s pension, no spousal benefits are paid, so there is no reason to file and suspend (except possibly to preserve individual rehabilitation, as discussed in the next section). In general, for the case to be valid and suspended, the spouse must either be ineligible for his or her own retirement benefit, the retirement benefit must be less than the spouse’s benefit (so that access to the spouse’s benefit will be at least a step up in benefits) or the spouse, who has not yet filed, must himself use the tactic of limited application (apply to his spouse at full retirement age and later switch to individual pension benefits).
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It is worth noting that the last tactic does not matter if the spouse is older than 4 years, because until then he would have applied for the pension anyway (making the possibility of a limited application a moot point). Similarly, if the spouse is more than 8 years younger, then filing and withholding is also irrelevant to maximizing the spousal benefit, because when the spouse becomes eligible to receive the spousal pension, the principal worker is entitled to
In addition to spousal benefits, the case and suspension is also relevant for parents who have minor (or disabled) children in the family at retirement age and may be entitled to a dependency allowance and (or instead of) a spousal pension. . When the child (the youngest) reaches the age of 18, however,
