White Paper

Social Security Basics Bi-Partisan Budget Bill

 
On November 2, 2015 President Obama signed the Bi-Partisan Budget Bill. The primary purpose of this bill was to increase the Federal debt limit. Congress included Section 831 titled “Closure of Unintended Loopholes” effectively phasing out two powerful Social Security claiming strategies – Claim and Suspend and Restricted Application. The bill effectuates the single largest change to Social Security since the Citizens Freedom to Work Act of 2000, which first enabled most of the file and suspend strategies being removed by the current budget agreement.

Changes - Restricted Application
In Section 831a, Congress eliminated the “Restricted Application” strategy as deemed filing is now extended to age 70. By extending deemed filing to age 70, folks do not have the option of electing to receive only a spousal benefit while allowing their benefits to earn Delayed Retirement Credits beyond Full Retirement Age. When filing for benefits, individuals will receive the largest of any benefit to which they may be entitled, their own or a spousal benefit. This change is not applicable to surviving spouse benefits as deemed filing does not apply to widows or widowers.

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Jim Blair, NSSA is part owner and Social Security consultant with Premier Social Security Consulting. He is a certified instructor for the National Social Security Advisor program. Mr. Blair retired after 35 years with the Social Security Administration. He created and developed the National Social Security Advisor certification program with his partner.

Marc Kiner, CPA, NSSA is part owner and president with Premier Social Security Consulting. He is a certified instructor for the National Social Security Advisor program. Mr. Kiner created and developed the National Social Security Advisor certification program with his partner. He has more than 30 years of experience in public accounting.

Faculty

Jim Blair, NSSA

Jim Blair, NSSA

Premier Social Security Consulting

Agenda

Faculty

Jim Blair, NSSA

Jim Blair, NSSA

Premier Social Security Consulting

  • Part owner and Social Security consultant with Premier Social Security Consulting
  • Certified instructor for the National Social Security Advisor program
  • Retired after 35 years with the Social Security Administration
  • Created and developed the National Social Security Advisor certification program with his partner
  • B.S. degree, University of Cincinnati

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