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Clearing up Confusion About Survivor Benefits and the Restricted Application - msn.com; MarketWatch
Spousal benefits are often confused with survivor benefits, and both areas of the Social Security rulebook are well-documented with specific guidelines. There was, however, a “loophole” that savvy retirement planners could exploit to improve a couple’s combined benefits through a specific claiming strategy. This provision was eliminated by the Bipartisan Budget Act of 2015, which eliminated the “claim now, claim more later” strategy for individuals who turned age 62 after December 31, 2015 (those born on or after January 2, 1954). Add to that the steadily changing full retirement age schedule, and you can see why it becomes confusing.
A recent msn.com post by MarketWatch reporter Alessandra Malito provides background on this section of the Social Security rulebook…check it out here. If you have any questions about the overall issue of spousal benefits, know that the AMAC Foundation’s Social Security Advisory Service is offering free seminars on this topic…check out their Events page here. Survivor benefits will be addressed later, so check back for dates.
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