What the Social Security Loopholes Taught us
The recent game changer in the world of Social Security came in the form of a budget bill from congress that closed off access to a couple loopholes that some were using to ensure that their benefits were enough to sustain them through retirement. Some were using these loopholes, such as the file-and-suspend strategy, to gain more benefits, but many were using it to make end meet while they were on a fixed income. What happened with this recent change is basically stating that you have to make sure to jump on these opportunities or risk losing your chance. Those that were taking advantage of this system have been grandfathered in to keep using that strategy while everyone else is closed off from benefiting from it. For more information on this topic visit this article by Dan Caplinger with The Motley Fool.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.