Fact Sheet on Changes in Social Security Retirement Benefit Claiming Strategies

With the passage of the Budget Act of 2015 earlier this month, “file and suspend,” a popular benefit claiming strategy that gave married couples the potential to greatly increase their lifetime Social Security retirement benefits, will be eliminated beginning in May 2016 for those who are younger than their full retirement age under Social Security.

To help participants and benefits administrators understand the implications of this change, NRECA has created a fact sheet that explains the strategy, the timing and implementation of the new rules, and the status of other Social Security benefit claiming strategies. The fact sheet also urges participants to contact NRECA’s Personal Investment & Retirement Consulting team before deciding when and how to claim Social Security Retirement benefits. Participants may also access this document directly on the Employee Benefits website.