In a surprise move Congress closed popular Social Security loopholes for married couples, but that does not mean that all Social Security strategies are gone.
The United States Congress takes a lot of heat for not doing very much. However, sometimes they do make important legislative changes. Recently while elder law and Social Security experts were not watching, Congress closed a couple of Social Security loopholes as part of a larger piece of legislation to ensure the nation does not default on its debts.
The loopholes, known as “file and suspend” and “restricted applications,” are complex.
What did they do? They basically allowed married couples to accrue a little bit more money out of the system by carefully filing the appropriate paperwork in a specific order at specific times. The majority of Americans did not take advantage of the loopholes either for practical reasons or because they did not know about them.
That these loopholes have been closed does not mean Americans can no longer plan to maximize their potential Social Security income.
This was the point of a recent article in Time entitled “There’s One Simple Social Security Strategy You Can Still Take to the Bank.”
The strategy suggested is to delay receiving Social Security benefits for as long as you possibly can. The longer you delay benefits, the more benefits you will receive.
On the other hand, many people cannot afford to delay benefits for the maximum amount of time.
It would be prudent to consult an estate planning attorney to help you weigh your options or help you find appropriate experts in Social Security planning.
Reference: Time (Dec. 31, 2015) “There’s One Simple Social Security Strategy You Can Still Take to the Bank.”
“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”
Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.
The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!
I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.
Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.