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In reply to the discussion: No, the Budget Deal Did NOT Cut Your Social Security Benefits [View all]suston96
(4,175 posts)15. Here is a writing on the "new deal".....?
http://www.forbes.com/sites/jamiehopkins/2015/10/29/new-budget-deal-is-cutting-your-social-security-benefits-and-its-a-good-thing/
Oct 29, 2015 @ 04:00 AM 14,189 views
New Budget Deal Is Cutting Your Social Security Benefits And It's A Good Thing
Jamie Hopkins ,
Contributor
I cover retirement income planning, retirement, and other legal issues
Follow on Forbes (48)
Opinions expressed by Forbes Contributors are their own.
Approved by the House of Representatives on October 28th, 2015, the Bipartisan Budget Act of 2015, contains language that will reduce potential Social Security benefits for millions of Americans. In fact, it will effectuate the single largest change to Social Security since the Citizens Freedom to Work Act of 2000, which first enabled most of the file and suspend strategies being removed by the current budget agreement. While many are writing about the devastating impact of reduced benefits, these changes will likely be beneficial to the Social Security system and to the American people. Nonetheless, reduced benefits are still reduced benefits and will have a negative impact on many people relying upon these Social Security payments.
The budget bill, as proposed by the House of Representatives, will effectively eliminate most of the file-and-suspend claiming strategies that exist today. File and suspend is a strategy used by married couples to simultaneously generate a paycheck from Social Security while deferring at least one of the couples retirement benefits into the future. Such practice allows married couples to take advantage of the deferral credits that increase Social Security retirement benefits by 8 percent per year after full retirement age and still get a Social Security benefit check each month. Not a lot of time should be spent trying to understand these strategies as they will soon no longer be available.
New Budget Deal Is Cutting Your Social Security Benefits And It's A Good Thing
Jamie Hopkins ,
Contributor
I cover retirement income planning, retirement, and other legal issues
Follow on Forbes (48)
Opinions expressed by Forbes Contributors are their own.
Approved by the House of Representatives on October 28th, 2015, the Bipartisan Budget Act of 2015, contains language that will reduce potential Social Security benefits for millions of Americans. In fact, it will effectuate the single largest change to Social Security since the Citizens Freedom to Work Act of 2000, which first enabled most of the file and suspend strategies being removed by the current budget agreement. While many are writing about the devastating impact of reduced benefits, these changes will likely be beneficial to the Social Security system and to the American people. Nonetheless, reduced benefits are still reduced benefits and will have a negative impact on many people relying upon these Social Security payments.
The budget bill, as proposed by the House of Representatives, will effectively eliminate most of the file-and-suspend claiming strategies that exist today. File and suspend is a strategy used by married couples to simultaneously generate a paycheck from Social Security while deferring at least one of the couples retirement benefits into the future. Such practice allows married couples to take advantage of the deferral credits that increase Social Security retirement benefits by 8 percent per year after full retirement age and still get a Social Security benefit check each month. Not a lot of time should be spent trying to understand these strategies as they will soon no longer be available.
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neither scenario is acceptable to me. Cutting SSDI to pay for military spending is disgusting.
liberal_at_heart
Oct 2015
#6
They are NOT CUTTING SSDI benefits......Where are you seeing that they are??
thelordofhell
Oct 2015
#12
new recipients will receive a "flat benefit". That is the cut. Not to mention they will use the
liberal_at_heart
Oct 2015
#16
stopped reading after "MSNBC, CNN, HLN and Fox News have all been reporting non-stop about the
bettyellen
Oct 2015
#21
That's not in the bill. Also, just fyi, the big change to the 'file and suspend' provision is not
Bluenorthwest
Oct 2015
#22
Raise the cap, don't cut. There is an alternative. Will we fight for SS or will we continue to cave?
liberal_at_heart
Oct 2015
#3
That is exactly how they get away with cutting it without actually cutting it. It's like
liberal_at_heart
Oct 2015
#11
Everyone is different. I know my father certainly feels that freezing COLA is a cut.
liberal_at_heart
Oct 2015
#19
How long will the deal subtract from the regular Social Security trust fund solvency? n/t
PoliticAverse
Oct 2015
#14