Social Security Planning

Social Security Planning

2016 brings changes to Social Security filing options
  • New budget legislation passed on October 30, 2015 included a provision to end two filings strategies: File-and-Suspend; Filing a Restricted Claim of Spouse Benefits

  • New measures will become law after the bill is signed by President Obama

  • Changes take effect within six months of the bill being signed-on or about May 1, 2016

  • Will reduce lifetime retiree benefits

Who is affected?
  • Individuals filing for Social Security benefits after May 1, 2016 (Benefits may still be suspended to earn DRCs between 66 and 70; Spouse benefits may not be collected while the primary benefit is suspended)

  • Individuals younger than 62 on December 31, 2015 will not be permitted to collect spouse benefits only.

  • Divorced spouses younger than 62 on December 31, 2015 will not be able to collect spouse benefits while taking advantage of DRCs on their own benefit.

Some individuals can still take advantage
  • Limited time opportunity

  • Indivduals who are at least 66 years old-or who will turn 66 in the next six months-can take advantage of this strategy

  • Benefits strategies will be grandfathered for these individuals

Disclosure

Cynthia Fox is an agent licensed to sell insurance through New York Life Insurance Company and may be licensed with various other independent unaffiliated insurance companies in the states of CA (CA Insurance License #0D11091), CO, FL, ID, IN, MI, MN, OH, TN, and WI. No insurance business may be conducted outside the states referenced.

As a New York Life Agent, Cynthia Fox is licensed and authorized to offer insurance in California, but FINANCIAL WELLNESS PARTNERS, LLC may not be. For additional information on California licensure status, please click here.

Cynthia Fox is a Registered Representative of and offers securities products & services through NYLIFE Securities LLC, Member FINRA/SIPC, a licensed insurance agency, and a wholly-owned subsidiary of New York Life Insurance Company, 1760 American Dr Ste 105, Neenah, WI, 54956, 920-882-1830. In this regard, this communication is strictly intended for individuals residing in the states of CA, CO, FL, IN, MI, MN, TN, TX, VA, and WI. No offers may be made or accepted from any resident outside the specific states referenced.

Cynthia Fox is also a Financial Adviser with Eagle Strategies LLC, a Registered Investment Adviser, and a wholly-owned subsidiary of New York Life Insurance Company, offering advisory services in the states of CA, CO, FL, IN, MI, MN, TN, TX, VA, and WI. As such, these services are strictly intended for individuals residing in the states referenced.

FINANCIAL WELLNESS PARTNERS, LLC is not owned or operated by NYLIFE Securities LLC or its affiliates.​

Neither FINANCIAL WELLNESS PARTNERS, LLC nor its associates are in the business of offering tax, legal, or accounting advice. Please consult your own tax, legal, or accounting professional before making any decisions.​