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Claiming your benefits early may affect your spousal benefits

The Bipartisan Budget Act of 2015 changed the rules for those individuals born after January 1, 1954, when applying for spousal benefits. The confusion is, “if your spouse is not already receiving benefits and you are applying for yours early, you don’t qualify for spousal benefits — yet according to Davi Freitag, a financial planning consultant with MassMutual. Spousal benefits are capped at 50 percent of the benefits your spouse would get at their full retirement age. “When your spouse does file, you would be eligible for spousal benefits. However, because you filed early, you still wouldn’t be entitled to the full 50 percent because you claimed early.” For more information on how claiming your Social Security early will affect your spousal benefits, click here…

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