Clarifying Today’s Restricted Application Rules
One of the more frequent questions we field at the AMAC Foundation’s Social Security Advisory Service deals with the restricted application (RA) rules that were changed with the Bipartisan Budget Act of 2015. Prior to that Act, folks could apply for Social Security benefits but restrict the scope of that application to something other than their own retirement benefits. Most commonly, the RA was used (by those eligible) to apply for spousal benefits only while allowing their own retirement benefit to earn delayed retirement credits, and then switch to their higher benefit later. This option was eliminated by the Act for everyone EXCEPT those born before January 2, 1954. Anyone born after January 1, 1954 cannot use the RA to apply for spousal benefits only. Money Talks News’ Russell Settle, in a post today finance.yahoo.com, discusses this issue in response to a reader question. Read his post here…
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