Loss of claiming strategy hits couples, divorced women hard
by Robert Powell
April is turning out to be cruelest month in more ways than one. Not only do we have to deal with all things tax day, but some boomers face another costly deadline on April 29: they could lose many thousands of dollars in Social Security benefits.
Yep, that’s the last day folks who qualify can take full advantage of the file-and-suspend Social Security claiming strategy. After April 29, 2016, file-and-suspend becomes a thing of the past.
Why so? The Bipartisan Budget Act of 2015, signed into law in November, essentially strangled shut what lawmakers described as unintended loopholes — the file-and-suspend and the restricted application strategies.