You may have seen headlines about Changes in Social Security that will cost you thousands of dollars. You may have ignored them because it was obviously an ad trying to sell you something.
It is true. There are changes that go into effect on April 30. If you or your parent is 66 by April 29, and their spouse is 62 by Jan. 1, 2016 – this effects you.
Now mind you, I barely understand this myself, so I will explain as much as I understand and then point you to a couple of places where you can get more information.
There is something called file and suspend. You file for your benefits at age 66, then suspend payments until age 70. That increases your payments by 8% a year for each year you are suspended.
The second part of this is the spouse, once they turn 66 can file for spousal benefits which would be 50% of (usually) the husband’s benefit amount without either one of you touching your own benefits. That spouse may collect both the spousal benefits and their own benefits while the husbands benefits remain suspended.
Confused? Me too.
Here are a couple of articles on the subject –
http://www.socialsecuritychoices.com/blog/ – actually there are a few articles on this page as well as links to other documents.
I just wanted to make sure that you are aware f the deadline if this applies to you.