Social Security Planning One Year After BBA
A year ago today the Bipartisan Budget Act (BBA) of 2015 was signed into law. The rule changes moved to simplify the system and close what are now being called “loopholes." The simplified rules mean that once an individual files for any of their Social Security benefits, they are deemed to have filed for all Social Security benefits for which they are eligible. Suspension of benefits will allow for Delayed Retirement Benefits to begin to accrue. However any benefits based on the wage earners benefits are also suspended, and when benefits are re-filed there are no retroactive benefits available.
One Year Later...