Social Security File and Suspend Deadline 4/30/2016

Last Chance to take advantage of the little known Social Security windfall strategy before it disappears forever!

The Social Security Administration (SSA) finally issued guidance last night on the file and suspend deadline that looms in April. Prior to the guidance, most interpreted that deadline as April 30th (which was the 180th day after the enactment of the Act) but SSA has indicated that the deadline is April 29th, NOT April 30th.
Individuals who are at least age 66 by April 29, 2016 and who are not currently collecting benefits may file and suspend benefits and be grandfathered under the former, more favorable rules. This election MUST be done in person at a local Social Security Administration office or by phone appointment. Failure to do so, even if the individual meets the criteria, will prohibit them from being grandfathered into the former rules. Those who make affirmative election by one of the two methods stated above will retain the following rights:
Benefits can be paid to an eligible spouse or eligible dependent on their record even while the primary worker is under suspension
Request a lump sum payment of all suspended benefits, should his/her circumstances change.
The communication also confirmed that those receiving ex-spousal benefits from a former spouse who has suspended benefits will NOT be affected by their former spouse’s suspension, unlike a current spouse who would experience a suspension if their spouse suspended.

ASA Income Optimization Planning
The cornerstone of our planning process is ensuring that our clients maximize their current and future income potential. For years, we have educated our clients about the file and suspend strategy as a means to create an immediate income stream while maximizing future income payments and gaining control over their lump sum Social Security benefit.
To find out if you or somebody you love should take advantage of this dynamic retirement income benefit before it is gone forever.

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