On November 2, 2015, the Bipartisan Budget Act of 2015 became law.1 The new law has a drastic impact on Social Security maximization strategies, most particularly File and Suspend and the Restricted Application.
Helping Clients Before the Deadlines
There is still time to help eligible clients act before the April 30, 2016, effective date. Comb your list of clients and contact those who meet the following:
- File and Suspend: Married clients born on April 30, 1950, or before may take advantage of File and Suspend by April 29, 2016.
- Restricted Application for Spousal Benefit: Married clients or qualified divorcees2 born on January 1, 1954, or before may be eligible to file a Restricted Application.
To learn more about these changes, read the Social Security Changes flyer.
- ^Source: Congress.gov (https://www.congress.gov/bill/114th-congress/house-bill/1314)
- ^Source: SSA.gov. You may qualify to receive benefits on your ex-spouse’s record if you are divorced; your marriage lasted 10 years or longer; you are unmarried; you are age 62 or older; your ex-spouse is entitled to Social Security retirement or disability benefits.
This material is provided for general and educational purposes only, and is not intended to provide legal, tax or investment advice, or for use to avoid penalties that may be imposed under U.S. federal tax laws. Contact your attorney or other advisor regarding your specific legal, investment or tax situation.
These views represent the opinions of OppenheimerFunds and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the publication date, and are subject to change based on subsequent developments.