Social Security Benefit Changes What you need to know NOW Deciding when to start taking Social Security benefits can have a tremendous impact on the amount of lifetime benefits you may receive. Furthermore, the Bipartisan Budget Act of 2015 signed into law may impact your Social Security income and increase your retirement health care expenses. Fortunately, the software we use has been adjusted to reflect the changes made with the law and can help you assess its impact on your projected retirement budget. Aside from providing no 2016 Cost Of Living Adjustments (COLAs), Social Security will also significantly limit the benefits from one claiming option (File and Suspend) and eliminate another (File Restricted). Under the new legislation, those who file and then suspend benefits will no longer be able to allow a spouse or dependent(s) to collect a percentage of their Social Security benefits. But, qualifying Americans can still employ this strategy until April 30, 2016. The File Restricted option, which allows an individual to earn income based on the spouse’s record – then later file for benefits with accrued income credits, will be eliminated for anyone who has not reached 62 by the end of 2015. There are also changes coming to Medicare, including new annual premium surcharges and a 14.4% increase to Medicare premiums for individuals who earn over $85,000 per year (and couples who earn over $170,000). These are complex issues. Let me help simplify them. As your financial professional, I am looking forward to working with you as you take control of your income, focus on managing your health care expenses, and strive to improve your financial stability in retirement. Schedule your no cost or obligation analysis today and when we meet, you will receive a comprehensive Social Security report detailing a claiming strategy designed specifically for you. Call today if you have questions and to schedule an appointment (440) 261-4200.