Soc Sec, File and Suspend, about to end? Do you know about this? Any SS experts here?

[randys1]

http://www.bloomberg.com/news/articles/2015-10-28/are-you-about-to-lose-50-000-in-future-social-security-benefits-

What is file and suspend?
The rules for claiming Social Security are enormously complicated, and a law passed in 2000 made them even more complicated by creating the opportunity to file and suspend.
Generally, the longer you wait to start receiving your checks, the higher your monthly benefit will be. File early and you lock in a lower benefit. Wait until 70 and you lock in your maximum benefit. The monthly check for a single person who files at age 70 can be 76 percent higher than if she had filed early at 62.

Any experts here who want to weigh in on this?

[leftofcool]

1. Here is how I understand this

You used to be able to file for SS then suspend it if you wanted to keep working or if you changed your mind and went back to work. As I understand this, you can no longer file for it then suspend it. But I am hoping other have a better understanding.

[randys1]

2. It involves a spouse being able to access yours or something, the article goes into

great detail and I am literally too lazy to figure it out.

One of the reasons I am asking is because if this is NOT suspended, can I take advantage of it and how?

Everyone should be able to, but only married can I guess.

[Bluenorthwest]

4. It is a provison that started in 2000 which Obama has wanted to close for years. Those who benefit

are mostly higher income people. They file and that kicks in higher payments to spouse, then suspend which allows them to keep counting the years and retire later with a higher benefit while the spouse collects a now increased benefit. It does not even benefit most married couples. It's a filing strategy. Those who are getting benefits now under such filings will continue to and people can continue to file and suspend for the next six months.

[randys1]

8. How is it more for higher incomes?

[WestSeattle2]

3. Explained as:

File and suspend is a strategy used by married couples to simultaneously generate a paycheck from Social Security while deferring at least one of the couple’s retirement benefits into the future. Such practice allows married couples to take advantage of the deferral credits that increase Social Security retirement benefits by 8 percent per year after full retirement age and still get a Social Security benefit check each month.

[randys1]

7. Thanks...

[willvotesdem]

5. SS employees are not allowed to inform customers about their various opitons when

filing. I had no idea i could file on my spouses SS and continue to allow mine to "build". Not knowing and having not found the information until it was too late will cost me about $500 per month from the time I turn 66 until death. If I live till 86 that's $120,000.00.
What is really a double screwing is that we were going to use this way to file when my wife turns 66 allowing her to continue to build her retirement fund to age 70. Guess that isn't happening.

[Delphinus]

6. Do we

need lawyers even for filing for regular Social Security? I've heard of plenty of times people filing for disability need them.