Heads up: The White House recently signed into law a provision ending the popular “file and suspend” method of filing for Social Security.

According to CNBC:

“Under the current rules, once you reach your full retirement age, you are able to file for your Social Security benefits, but request that such benefit not actually be paid,” said Jeffrey Levine, a certified public accountant and IRA technical consultant at Ed Slott & Company.

“By doing so, you can receive what are known as delayed credits, which increase your own Social Security benefit by 8 percent per year, not counting any cost-of-living adjustments that may also be added.”

For those who are already at retirement age, we here at Rhodes Law Firm can help you take advantage of the six-month window still left to work through this ideal. But starting May 1, family members won’t be able to be the beneficiaries of particular strategies aimed at maximizing Social Security returns.

If you have any questions, contact us immediately – we can help talk you through best strategies and practices to ensure you and your loved ones are protected.