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Nov 20

Surprising New Changes To Social Security


Recently, Congress included surprising Social Security rule changes in the 2016 budget legislation.  The bill has now become law and the updated rules will become permanent over a phase-in time period.  We wanted to reach out to all of our clients to help better explain what you may be hearing in the news and describe how the change will affect you personally.  For a more detailed explanation of your personal situation, please feel free to contact us.

Rule Definitions

There are two general rules that were affected by the recent legislation:  File and Suspend and Restricted Application.   Below are brief definitions of the two rules:

Phase-In Timing

The new law allows for a phase-in of the Social Security rule changes.  If you are currently receiving benefits, you will be unaffected by this legislation.  If you have not started benefits, the following birthdate ranges will show which strategies are still applicable for your personal situation:

Overall, the removal of the Restricted Application and File and Suspend claiming strategies will have a slight effect on some people’s retirement plans.   At Rockbridge, we are able to help you navigate these changes and how they impact your overall retirement lifestyle.

Please feel free to reach out to any one of our advisors and we can describe how these changes impact your personal situation in more detail.

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