Last year Congress passed changes to Social Security law that affects commonly practiced retirement strategies.   Recently, a number of people have contacted me and asked me to clarify for them some of these changes, specifically the difference between “File and Suspend” and “Restricted Application.” 

Last week, the Senate passed a budget bill and attached to it were changes to the “File and Suspend” strategy that financial planners have used in the past.  Under the new law, individuals can still suspend their benefits, but relatives will not be allowed to submit a new claim for spousal benefits based on the earnings of the worker who suspended his benefits.  The article below appeared in the October 31st issue of The Wall Street Journal and does a good job explaining t

Is 62 too young to claim for women to claim Social Security?

That is the age at which both women and men are allowed to claim, and sure enough, 40.8 percent of the women who were newly awarded Social Security retirement benefits in 2014 were aged 62. Some 65 percent were below their full retirement age, typically 66. And just 2.8 percent of the women were 70 or older, the age at which they receive their maximum Social Security retirement benefits, according to Social Security Administration data.