Should You File and Suspend Your Social Security Benefits?
As many of you are aware, there have been significant changes to Social Security benefits and the claiming strategies that are now available. For some of you, it is not too late to take advantage of the file and suspend claiming strategy. If you reach your Full Retirement Age (66 years old) by April 29, 2016, we strongly recommend you consider the file and suspend claiming strategy. According to the new regulations, while there in no downside to doing this, this claiming strategy ceases to exist on April 29, 2016.
As a general rule of thumb, we still believe deferring your Social Security benefits is the most prudent strategy, for most individuals. With that being said, if you have not started your Social Security benefits at this time, studies show that the new regulations will reduce benefits by approximately $35,000-$80,000 per household.
If you have questions on Social Security and how this many affect your financial security, you are welcome to give our office a call (775) 853-9033 and request a complimentary Complete Planning Review today.