Social Security has gotten a few nips and tucks for 2016, and Deborah Deane of United Healthcare Medicare has all the info for us!

If you turn 62 in 2016 and those of us even younger, buckle up:

Here are the changes that will affect your current retirement plan, effective April 29!

The Elimination of the Restricted Application.
Under the current “restricted application,” you are able to apply for just spousal benefits at your Full Retirement Age (FRA), and defer your personal benefits to allow you to continue to receive the 8% delayed retirement credits each year, until you reach the age of 70.

Under the new law as of April 29, you can still defer your benefits to earn the 8% -

But you can no longer apply for spousal benefits at that time.

The Elimination of the File and Suspend Strategy.
With the “file and suspend” strategy you are allowed to file for your benefits at full retirement age, and then suspend your checks to allow you to receive the 8% delayed retirement credits...

You can then allow your spouse and/or children to claim benefits from your Social Security account.

Again, as of April 29, you may still suspend your benefits to earn the 8% delayed retirement credits -

But your spouse and children will no longer take advantage of your benefits.

These changes can potentially have a drastic impact your retirement plan.

We at Union Colony have the resources and know experts like Deborah to keep you on track, so don't hesitate to start the conversation with us!