TAXMAN Posted January 28, 2016 Report Share Posted January 28, 2016 Getting ready to draw and am hearing ideas about some way to increase benefits before April. Anybody direct me to information about what this might be? Quote Link to comment Share on other sites More sharing options...
jklcpa Posted January 28, 2016 Report Share Posted January 28, 2016 The changes were part of the Bipartisan Budget Act passed last year and the part affecting social security benefits goes into effect 5/1/16. Below is a link to a short summary from Morgan Stanley that summarizes closing the loopholes you are referring to, basically losing the "File and Suspend" and "Restricted Application" strategies. About asking for specific advice on how to increase your personal benefits, the question is rather broad and without knowing anything of your financial situation, no one here can give you the answers you seek. One of my webinars last month was a monthly tax update where the instructors spent quite a bit of the session talking about these changes in social security. Perhaps it would be beneficial for you to look into a course or webinar that would help you make the most appropriate choices for your own situation. http://www.morganstanley.com/articles/changes-social-security-2016 2 Quote Link to comment Share on other sites More sharing options...
Roberts Posted January 28, 2016 Report Share Posted January 28, 2016 If you are ready to start collecting and want to maximize your check now - neither of the primary changes would impact that. The File and Suspend plan is essentially taking a small benefit now for a greater benefit later. Quote Link to comment Share on other sites More sharing options...
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