Disappearing soon: The “file as a spouse first” (FAASF) option

Among the changes Congress made to Social Security back in 2015 was eliminating an option officially known as the “Restricted Application” and often referred to as “file as a spouse first”, or “FAASF”. This was an option which allowed a worker who had reached their full retirement age to file for and collect spousal benefits only, while letting their Social Security retirement benefit grow by 8% for each year they waited to file for their own (up to age 70). But in passing that 2015 law, lawmakers curiously “grandfathered” in anyone who turned 62 by the end of that year. What that means is that anyone who was born before January 2, 1954 can still use the FAASF option, provided they haven’t already filed for benefits and provided that their spouse is already collecting. But the clock is ticking for the Restricted Application, because the ranks of those who are still eligible are shrinking fast, as the number of people who turned 62 by the end of 2015 and who have not yet filed for Social Security dwindles. This article by Motley Fool’s Dan Caplinger explains the FAASF option, and how it works for the increasingly fewer number of people eligible. Click here to read more.

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