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Last chance for Social Security strategies

Bipartisan Budget Act ends two of them; act fast

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in Small Business Tax

On Nov. 2, 2015, the president inked the Bipartisan Budget Act, ending two popular strategies for Social Security benefits.

Alert: There’s still time for some workers to take advantage of the strategies. But the window of opportunity will close shortly.

In the meantime, the other basic rules for Social Security benefits re­­main intact in 2016.

Here’s the whole story: The amount of Social Security benefits you’re eligible to receive in retirement depends on your earnings history and when you will reach full retirement age (FRA). Furthermore, if you’re married, you may be able to claim greater monthly benefits based on your spouse’s earnings history. Your FRA depends on your year of birth.

Regardless of your FRA, you can opt to receive benefits as early as age 62, but your monthly benefits will be reduced by as much as 30%. Conversely, you can increase monthly benefits by waiting past FRA to as late as age 70 to stake your c...(register to read more)

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