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There are two claiming strategies for couples that have been effectively eliminated by the Bipartisan Budget Act of 2015, but may still apply for those who were grandfathered in.
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File-and-Suspend Strategy
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- - In order to apply the file-and-suspend strategy, he or she must have filed and suspended on or before April 29, 2016.14
- - The higher-earning spouse filed for benefits at 66 and immediately suspended payments until full retirement age or later.
- - The lower-earning spouse claimed spousal benefits. He or she was only able to claim benefits because the higher-earning spouse initially filed for the benefits.
- - The lower-earning spouse must have been at least 62 to claim.
- - At age 70, the higher-earning spouse ends the suspension and begins collecting a higher benefit based on delayed retirement credits.
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Restricted Application
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- - Restricted Application is available to individuals who attained age 62 prior to December 31, 2015.14
- - Spouse 1 retires and collects immediately.
- - Spouse 2 files for spousal benefits, while allowing his or her personal benefit to earn delayed credits.
- - Spouse 2 files for his or her personal benefits at full retirement age or later if they exceed spousal benefits.
You should consult your financial advisor to determine the best time for you to start collecting.
Additional Resources
Financial Advisors
Call your local BNY Mellon Wholesaler for a copy of our client-use Social Security Resource Guide
1-800-992-5560
Individual Investors
Call for a copy of our Social Security Resource Guide
1-800-373-9387
This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular investment, strategy, investment manager or account arrangement. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. Please consult your legal, tax or investment advisor in order to determine whether an investment product or service is appropriate for your particular situation. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. BNY Mellon Corporation and BNY Mellon Securities Corporation are companies of BNY Mellon.
14 “Congress Passes H.R. 1314, the Bipartisan Budget Act of 2015,” Section 831 — Closure of Unintended Loopholes.
MARK-25197-2018-04-06