Michael Kitces breaks down the Social Security claiming changes

Michael Kitces breaks down the Social Security claiming changes
This matrix details who is affected and which strategies are altered.
NOV 10, 2015
By  Ellie Zhu
Age 65 1/2 or older by
Oct. 29, 2015
(born April 30, 1950, or earlier)
 Age 62 or older in 2015
(born 1953 or earlier,
or on Jan. 1, 1954)
 Under age 62 in 2015
(born Jan. 2, 1954, or later)
Currently married File and suspend Still available at FRA*, must file by April 29, 2016 Not eligible
Restricted application Still availabe at FRA* if otherwise eligible for spousal benefits Not eligible
Unmarried divorced spouse
(Previously married > 10 years)
 File and suspend Not applicable
Restricted application Still available at FRA* as long as former spouse also
> age 62
 Not eligible
Parents with dependent/disabled File and suspend Still available at FRA*, must file by April 29, 2016 Not eligible, but can still start-stop-start
Surviving spouse File and suspend or restricted application New rules not applicable. Can still independently choose timing of when to start survivor and individual retirement benefits.
Individual File and suspend Must be FRA* and complete file and suspend by April 29, 2016, for future reinstatement No future lump sum reinstatement
Source: Michael Kitces, view his full story here
*FRA: Full retirement age = 66 for those born 1954 or earlier
Correction: Dates in matrix originally published have been adjusted by one day.

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