Yes, you can wait. But, unless changes made before 5/1/2016 to the “Social Security Benefit Protection and Opportunity Enhancement Act of 2015*” , you may regret waiting, especially if you have one of the key birthdays coming up.
But first, what provisions of Social Security did Congress not change?
- The way in which benefits are calculated, based on earnings history, are unchanged.
- The computation of worker, spousal & survivor benefits is the same.
- The penalties and credits for early or delayed claiming are the same.
- If you are 62 or younger after 12/31/2015 you will no longer be able to receive spousal benefits and then switch to your own later. If you turn 62 by the end of this year, then you are grandfathered in to the current rule.
- If you turn 66 before 4/30/2016 you may want to file and suspend before then, just in case you need to have file later, for example, for your spouse to file restricted.
Your Constructive Comments are Welcome!
*Title VIII of the Bipartisan Budget Act of 2015