December 4th, 2015 | By: Emily Zulz
Nearly 1.5 million baby boomers have the next five months to decide whether to file and suspend their Social Security benefits or suspend if they have already filed, according to Boston University Professor Laurence Kotlikoff.This is due to the budget bill that was signed into law in early November that shut down the popular “file and suspend” Social Security benefit claiming strategy.
There is a phase-in or grandfathered period between now and six months after the bill is enacted (April 29, 2016) where file and suspend is still in effect — which means a good chunk of boomers (those that will turn 66 by this April) need to act quickly. The new law eliminates auxiliary benefits given or received for those whose retirement benefits are in suspension, unless suspended by or on April 29, 2016. Read the article here.