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UPS Retirement Topics
Lawmakers end Social Security loophole
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<blockquote data-quote="Ms.PacMan" data-source="post: 1903004" data-attributes="member: 4656"><p><a href="https://www.kitces.com/blog/congress-ends-file-and-suspend-restricted-application-and-other-voluntary-suspension-social-security-strategies/" target="_blank">https://www.kitces.com/blog/congress-ends-file-and-suspend-restricted-application-and-other-voluntary-suspension-social-security-strategies/</a></p><p></p><p>This does not effect me but I want to post the info.</p><p></p><p>In a nutshell - the loophole allows retired spouses to collect a third marital social security benefit while allowing their individual social security benefits to continue to grow until age 70.</p><p>(Husband reaches FRA - full retirement age, 66 and files for SS but suspends the payments thereby allowing his SS to continue to grow at 8%/yr until 70. This allows the wife to file and collect spousal benefits, 50% of his benefit at FRA, while continuing to let her own SS grow 8% until age 70.) I think this might also be possible at age 62 with a spousal benefit of 30%?</p><p></p><p>The bill to close this loophole will give anyone who is eligible before the end of 2015, six months to take advantage of the file and suspend strategy.</p></blockquote><p></p>
[QUOTE="Ms.PacMan, post: 1903004, member: 4656"] [URL]https://www.kitces.com/blog/congress-ends-file-and-suspend-restricted-application-and-other-voluntary-suspension-social-security-strategies/[/URL] This does not effect me but I want to post the info. In a nutshell - the loophole allows retired spouses to collect a third marital social security benefit while allowing their individual social security benefits to continue to grow until age 70. (Husband reaches FRA - full retirement age, 66 and files for SS but suspends the payments thereby allowing his SS to continue to grow at 8%/yr until 70. This allows the wife to file and collect spousal benefits, 50% of his benefit at FRA, while continuing to let her own SS grow 8% until age 70.) I think this might also be possible at age 62 with a spousal benefit of 30%? The bill to close this loophole will give anyone who is eligible before the end of 2015, six months to take advantage of the file and suspend strategy. [/QUOTE]
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Lawmakers end Social Security loophole
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