Changes are coming to the social security filing process

The way couples file for Social Security is changing. A budget bill passed in November killed two claiming strategies: filing a restricted or a suspended application.

“With the change of this budget,” Jordan Anderson, a Nationally Certified Social Security Adviser, said. “You could potentially lose out on, about on average $60,000 over a four-year-period.”

Filing one of those applications allowed spouses to coordinate benefits to increase how much Social Security money they get.

Not everyone qualifies for these strategies, but financial advisers say this is a good reminder to have a retirement plan so you don’t miss out on money.

“It’s hard to make up the money you never knew you could count on or that was even an option,” Anderson said. “The sooner the better in developing a plan and understanding how Social Security works will play into your retirement. It can make the difference of whether you’re able to retire at 55, 60, 65 or if you’re going to have to work until you’re 70 and maximized your social security benefits.”

If you qualify for and want to take advantage of the restricted or suspended applications you need to act fast, the deadline is Friday, April 29.