THE BROKERAGE RESOURCE

  • Contracting
    • Existing Agents
    • Licensing Tools
    • New Agents
  • Products
    • Ancillary >
      • Disability Insurance
      • Group Ancillary
      • Hospital Indemnity
      • Small Business Retirement Plans
      • Short-term Medical
      • Travel Insurance
    • Critical Illness
    • Dental, Vision & Hearing
    • Hybrid Life & LTC
    • Life & Annuities >
      • Annuities
      • Term Life
      • Whole Life
    • LTC & Care Products >
      • Long-Term Care
      • Home Care
      • Short-term Care
    • Medicare >
      • Medicare Advantage
      • Medicare Supplement
      • Part D
  • Carriers
    • Carrier Selection
    • Forms & Materials
    • Incentives & Trips
    • Webinars
  • Quoting & Apps
    • Electronic Apps
    • iGo e-App
    • Medicare Center
    • Quote Requests
    • Quoting Tools
    • Underwriting
  • Marketing
    • Brochures
    • Email & Mail
    • Fact Sheets
    • Leads & Prospecting
    • Logos
    • Seminars & Webinars
    • Social Media
    • Websites
  • Tools & Training
    • Education & Training
    • Medicare Live
    • Secure File Upload
    • Tips of the Trade
    • Video Conference
  • Contact
    • About
    • Find Out More (FAQs)
    • Meet the Team
    • Testimonials
  • News
    • COVID19
    • Industry Resources
    • The Resource (Blog)
  • Contracting
    • Existing Agents
    • Licensing Tools
    • New Agents
  • Products
    • Ancillary >
      • Disability Insurance
      • Group Ancillary
      • Hospital Indemnity
      • Small Business Retirement Plans
      • Short-term Medical
      • Travel Insurance
    • Critical Illness
    • Dental, Vision & Hearing
    • Hybrid Life & LTC
    • Life & Annuities >
      • Annuities
      • Term Life
      • Whole Life
    • LTC & Care Products >
      • Long-Term Care
      • Home Care
      • Short-term Care
    • Medicare >
      • Medicare Advantage
      • Medicare Supplement
      • Part D
  • Carriers
    • Carrier Selection
    • Forms & Materials
    • Incentives & Trips
    • Webinars
  • Quoting & Apps
    • Electronic Apps
    • iGo e-App
    • Medicare Center
    • Quote Requests
    • Quoting Tools
    • Underwriting
  • Marketing
    • Brochures
    • Email & Mail
    • Fact Sheets
    • Leads & Prospecting
    • Logos
    • Seminars & Webinars
    • Social Media
    • Websites
  • Tools & Training
    • Education & Training
    • Medicare Live
    • Secure File Upload
    • Tips of the Trade
    • Video Conference
  • Contact
    • About
    • Find Out More (FAQs)
    • Meet the Team
    • Testimonials
  • News
    • COVID19
    • Industry Resources
    • The Resource (Blog)

​THE RESOURCE

Connect with us. 

Bipartisan Budget Act of 2015  -  How does this effect your clients preparing to draw Social Security?

11/23/2015

0 Comments

 
Picture

​On November 2nd, 2015 President Obama signed the Bipartisan Act of 2015. This budget will provide funding for the 2017 fiscal year. Numerous changes were made to Social Security as part of this budget, and will go into effect May 1st, 2016. These changes will affect your clients who will be approaching retirement age and are looking to draw on their Social Security benefits.
What are the changes?

The biggest changes were the elimination of the ‘File and Suspend’ and ‘File and Restrict’ strategies. These changes will go into effect May 1, 2016. However, if your clients are at full retirement age under the current law, they can still file and suspend their Social Security benefits.

‘File and Suspend’

This allows a lower-earning spouse to receive a higher benefit based on their spouse’s work history. If your client chooses to suspend their benefits (which increase 8%/year until age 70), they will still be able to take advantage of delayed retirement credits, because they are not yet receiving their Social Security benefits.
​
‘File and Restrict’

This strategy allows clients at the full retirement age (normally age 66) to restrict their application to spousal benefits. Typically one worker claims benefits, and the spouse only claims spousal benefits to increase their total payment from Social Security. The spouse can then claim their own higher benefit at a later date, age 70 for maximum benefits . By doing this, they are not receiving their own benefits, allowing them to continue to grow.

Other Important Factors

If your clients are 66, or turning age 66 before May 1, 2016, they will still be able to file and suspend. Alternatively, if your clients already have one of these strategies in place, they will not be impacted by this new law. Your clients who are age 62 or older by December 21st, 2015 will only be able to claim spousal benefits when they turn age 66, and then switch to their own benefits at age 70. This provides greater benefits than each claiming benefits only from their own account.

By Carolyn Portanova
0 Comments

    RSS Feed

    Author

    Carolyn Portanova is the Director of Marketing at The Brokerage Resource and has been with the firm since 2012. 

    She oversees all marketing and communications for The Brokerage Resource.

    Additionally, she works closely with the firm's independent insurance agents to teach them how to promote their own brands and in turn, grow their businesses.

    Picture

    ​​Archives

    December 2020
    July 2020
    April 2020
    February 2020
    October 2019
    August 2019
    June 2019
    May 2019
    March 2019
    February 2019
    January 2019
    September 2018
    February 2018
    January 2018
    October 2017
    September 2017
    April 2017
    March 2017
    December 2016
    November 2016
    September 2016
    August 2016
    June 2016
    April 2016
    March 2016
    January 2016
    December 2015
    November 2015
    October 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    November 2014
    October 2014
    September 2014
    June 2014
    May 2014

Connect

1480 Chapel Ridge Road
​Suite 200
​Apex, NC 27502


​800.928.4998
919.489.3600
​919.419.0401 (fax)

[email protected]

Products

​Ancillary
​Critical Illness
Dental, Vision & Hearing
Hybrid Life & LTC
Life & Annuities
​
Long-term Care
​Medicare

Quick Links

About
Brochure
​Carriers
Contact
Contracting
Directions
​FAQs
Marketing
​
News
​Privacy Policy
​
Quoting
​Terms of Service

Sign up for our emails.
The Brokerage Resource, LLC. © 2020
Leave us a review.
Subscribe to our blog.