Many people may know Congress recently passed a Federal Budget Agreement, which was largely supported by the President in order to increase the debt ceiling. What many people may not be aware of, however, is there were changes in the agreement that closed several loopholes within Social Security that previously allowed people to increase their benefits. You can imagine why no one mentioned anything, as many of the people approaching age 66 in the next few years were affected by the change.
One area that has not changed is people who have been taking advantage of these loopholes for over a decade will not be affected. Secondly, anyone who turns 66 prior to May 1, 2016, will still be eligible to qualify for these loopholes. So, if you will turn 66 on or before May 1, 2016, you should know your options when it comes to Social Security.
We have helped many people figure out the best scenario for them to file for Social Security and collect their benefits. People will find great help in understanding their options before they go to file, as the Social Security Administration will not go through the exercise of discussing your real options. If you want to learn more please call us. We are here to help.