If you are between ages 66 and 70 and you're reading this, you need to act now!

Many of you may have seen or heard about recent changes to social security.

There were a number of significant changes approved last year and we want to make sure that you are aware of them.  The simplest way to do this will be by age group. If you are close in age to one of the following groups, we highly recommend you contact your financial advisor to double check your social security benefits.

GROUP 1: IF YOU ARE CURRENTLY RECEIVING BENEFITS

You will not be affected.  We repeat: if you are currently receiving monthly social security benefits, your benefits will not be affected by the changes.  However, if you have any specific questions, please feel free to reach out to us.

GROUP 2: IF YOU ARE BETWEEN AGES 66-70

Flashing Neon Sign - ACT NOW.  If you or your spouse is between age 66-70, they you may still be eligible for the benefit strategy that is being phased out (know as "File & Suspend”).  We just had a client call in who was 68 (and their spouse was age 66) and was not receiving benefits.  After discussion, they are scheduled to start benefits now--the deadline is April 30th.

By starting benefits now, his wife will be able to collect a spousal benefit now as well. This allows her personal benefit and his benefit continue to grow.  This strategy will put thousands more in their pocket over their lifetimes.

If you are in this group, the deadline for filing with Social Security is April 30th, 2016.  Please contact us as soon as possible, so we can help you develop and implement the best strategy.  I cannot stress this enough: don't let the ship sail on your chance for important Social Security benefits if you qualify.

GROUP 3: IF YOU ARE BETWEEN AGES 62-66

Although File & Suspend will be gone, you may be eligible for Spousal Only benefits. This is a strategy that will let you choose just your spousal benefits (assuming that your spouse is receiving benefits) and therefore maximize your lifetime benefit.

If you are in this group, your deadline is much longer (December 31st, 2019), but when you are close to age 66 it is worth discussing with your advisor.

Navigating Social Security can be a challenge, and we are here to help. If you have any questions, please let us know.  If you, your spouse, or someone you know is between 66-70 and not collecting benefits...ACT NOW!

To summarize:

  • If you are getting benefits now - stay the course.
  • If you are between 66-70 (or almost 66), reach out to your advisor as soon as possible!
  • If you are between 62-66, discuss this issue with your advisor anytime, but specifically when you are approaching sixty-six years old.

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