New Budget Deal Could Cost Some Retirees Up To $50,000
There is a change in how individuals can file and collect Social Security benefits in the new budget deal being kicked around by the White House and Congress. The change has to do with what is called the “File & Suspend” procedure. Most people have not even heard of the procedure, so what is “file and suspend”?
A person files for Social Security retirement benefits at full retirement age, but then suspends payment of them. By filing for benefits, that person’s spouse and dependents are eligible for retirement benefits at the time of the filing. And by suspending the benefits, the person can still earn delayed retirement credits that increase the future retirement benefit by 8 percent per year until age 70. source: cnbc.com
The budget legislation calls the procedure an “unintended loophole” because it allows individuals to obtain benefits meant for 70-year-olds earlier.
If the budget deal passes, then the change would only affect retirees who file for benefits in the future, and wouldn’t take effect for 6 months after the budget passes.
You can visit your local Social Security office to learn more information. Search online for “social security office” to find the nearest office.
Below are some links to some of the most searched for social security resources:
- Social Security Administration
- Retirement Estimator
- Benefits Online Application
- Benefits Planner
- Survivors Benefits
- Social Security Card
- Social Security Card Replacement
- Social Security Office New York
- Social Security Office Los Angeles
- Social Security Office Chicago
- Social Security Office Houston
- Social Security Office Philadelphia
- Social Security Office Phoenix
- Social Security Office San Antonio
- Social Security Office San Diego
- Social Security Office Dallas
- Social Security Office San Jose
- Social Security Office Austin
- Social Security Office Jacksonville
- Social Security Office San Francisco
- Social Security Office Indianapolis
- Social Security Office Columbus
- Social Security Office Fort Worth
- Social Security Office Charlotte
- Social Security Office Detroit
- Social Security Office El Paso
- Social Security Office Seattle
- Social Security Office Denver
- Social Security Office Washington D.C.
- Social Security Office Memphis
- Social Security Office Boston
- Social Security Office Nashville
- Social Security Office Baltimore
- Social Security Office Oklahoma City
- Social Security Office Portland
- Social Security Office Las Vegas
- Social Security Office Louisville
- Social Security Office Milwaukee
- Social Security Office Albuquerque
- Social Security Office Tucson
- Social Security Office Fresno
- Social Security Office Sacramento
- Social Security Office Long Beach
- Social Security Office Kansas City
- Social Security Office Mesa
- Social Security Office Atlanta
- Social Security Office Virginia Beach
- Social Security Office Locator