The Bipartisan Budget Act of 2015 made what some would consider significant changes to a few key Social Security filing strategies. Specifically, the legislation removed some well-known Social Security loopholes that were used by many to increase spousal benefits. But, one of those loopholes was phased out over time, which means it could still be used by some.
Listen in to hear more about the restricted filing strategy, which could be used if one spouse was born in 1953 or earlier, and if the other spouse is already receiving Social Security. But, this loophole is closing quickly, so tune in to this mini episode to learn more!
Resources mentioned in the show
[Blog] A Social Security Loophole that still Exist
https://carsonallaria.com/2019/01/25/social-security-loophole-that-still-exists/
[Blog] Social Security: 7 Crucial Mistakes & How to Avoid Them
https://carsonallaria.com/2021/05/31/social-security-7-crucial-mistakes-how-to-avoid-them/
[Podcast] Retirement Power Hour, Episode 9, Six Social Security Mistakes you Need to Avoid
https://www.buzzsprout.com/1921661/episodes/11154804
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Disclaimer: All material discussed on this podcast is for educational purposes only and should not be construed as individual tax, legal, or investment advice. Investing involves risk of loss and investors should be prepared to bear potential losses. Past performance may not be indicative of future results. Joe Allaria is an Investment Adviser Representative of CarsonAllaria Wealth Management, a Registered Investment Advisory firm. Information discussed on this podcast may be derived from third parties that are believed to be reliable, but CarsonAllaria Wealth Management does not control or guarantee the accuracy or timeliness of such information and disclaims all liability for damages resulting from such sources. Any references to third parties are provided as a convenience and do not constitute an endorsement.
