Serving Washington State
   (253) 838-3454

Send us a Message

Serving Washington State  (253)838-3454

Send us a Message

To Increase Social Security Benefits, Consider “Restricted Application”

As you’ve probably heard, and as we reported in a recent article on this website, the rules governing some common Social Security strategies have recently changed.  (You can click here to access this article.) And if you’re about to start drawing Social Security benefits for you and your spouse, you may very likely be affected.

The biggest change, and the one we recently reported on, is the end of a practice known as “File and Suspend.” As summarized by local Social Security expert Andy Landis, this strategy allowed a beneficiary to file for benefits and then immediately suspend receiving them, which in turn produced three significant advantages:

  • Future Social Security payments continued to increase while suspended
  • The spouse or qualifying children of the beneficiary could immediately start drawing benefits to which they were entitled
  • All suspended payments could be collected retroactively if the beneficiary decided to end the suspension.

But the new rules eliminate this practice, except for those few who may be eligible to file before May 1, 2016. So what strategies are there to maximize benefits? Consider a second idea called “Restricted Application,” or RA. This practice is still allowed for anyone born before January 1, 1954. Under RA, the beneficiary waits to file until age 66, then takes only his or her spousal (or ex-spousal) benefits. By waiting to draw full benefits until age 70, those benefits have grown by 32% — worth waiting for. Meanwhile your spousal benefits keep coming.

Is this “Restricted Application” option the right one for you? Possibly – and in order to find out, Andy Landis advises that you search for “Social Security Calculator” online. Just make sure the one you use is updated to the new rules. According to Andy, “The calculator at http://www.socialsecuritysolutions.com/ is already updated and others are coming.” And, he adds, “Check with the Social Security Administration before locking in any strategy.”

As always, we welcome the opportunity to serve as your guide as you plan for a fruitful and secure retirement. Social Security is only one part of a much larger puzzle! We invite you to begin mapping out your retirement by attending a free LifePlanning Seminar coming soon to a location near you. Click on the Upcoming Events tab on our website for the details. You’re also invited to call our office any time for an appointment so we can go over your plan in person.

(additional information at www.andylandis.biz)

Categories

A Washington Resident's Guide to Medicaid Long-Term Care Benefits

Learn the basic rules of Medicaid Long-Term Care in Washington from an expert who has helped thousands of people qualify for these life-saving benefits. Written by elder law attorney Aaron Paker, this easy-to-read book explains the rules in language everyone can understand. If you want straight talk about what benefits are available to pay for long-term care for an elderly loved one, this book is a must-read.

Information about person you are referring

Thank you for thinking of referring a friend or family member to us. The highest accolade you can give us is that of this referral. Rest assured, we will work hard to ensure that your trust in us is well placed.

Refer a Friend

Your information:

Person you are referring:

Penny for Your Thoughts

Send us a message

Header

Congratulations! You are about to begin the process of completing estate planning documents – for free.

Before you get started, you should know that though this service is being provided by Life Point Law, an estate planning firm, by using the free service you will not be creating an attorney-client relationship, and no attorney will review your work. Estate planning can be complicated and generally requires some degree of legal analysis to ensure you have the right provisions. Especially if you have been married more than once, you have a blended family, or you have considerable wealth. We encourage you to seek some guidance, or at the very least, have a legal professional review your work before you call it completed.

Help is available. If you’re interested in getting a second opinion on the legal documents you have created, Life Point Law offers a Peace of Mind review that can put your mind at ease knowing you have dotted all your I’s and crossed all your T’s. Let our skilled attorneys review the legal documents you have created to make sure they meet your goals.

You may also want to drop by our offices to get your documents executed (witnessed and notarized) so they are in full force and effect when they need to be used.

You will receive an email soon with information about how to schedule your Peace of Mind Consultation.

By clicking ‘Start Working on Your Free Estate Plan’ below, you will acknowledge your understanding that no attorney-client relationship exists between Life Point Law and yourself.