Bipartisan Budget Act of 2015 Limits Two Claiming Strategies, Highlighting Urgency of Financial Advisors to Help Clients

(PRWEB) November 02, 2015

Social Security Timing® has updated its software and other resources so financial advisors can help clients maximize their Social Security benefits amid sweeping changes to the federal program resulting from the just-passed 2016 federal budget. Articles and video resources explaining the changes are now available at http://NewLaw.SocialSecurityTiming.com.

“The budget deal dramatically limits some strategies that financial advisors employ to help clients get the most out of their Social Security benefits,” said Joe Elsasser, creator of the patented Social Security Timing software. “If ever there were a sense of urgency in ensuring that clients get the most they’re eligible for under Social Security, that time is now.”

The Bipartisan Budget Act of 2015, signed into law Nov. 2 by President Obama, eventually eliminates the restricted application and voluntary suspension strategies.

“The challenge is that the new law effectively creates three sets of rules based on a client’s birthday — one set applies for a married individual born on or before May 1, 1950, another applies to a married or divorced individual born on or after May 2, 1950, but before Jan. 2, 1954, and still another applies to a married or divorced individual born on or after Jan. 2, 1954,” Elsasser said. “Now more than ever, up-to-date software is critical to ensure that advisors are applying the right set of rules.”

Elsasser said the Social Security Timing team worked tirelessly to update the software to accommodate the changes. The team also adapted its consumer seminar so that advisors educating the public are providing the most up-to-date information on these new claiming rules. Additional updated resources are available to members of The Arrow Group, Social Security Timing’s community for financial advisors who specialize in Social Security and related retirement income distribution planning.

It’s important to note, Elsasser said, that the changes in the new law only apply to the interaction between spousal and retirement benefits. They do not apply to the interactions between widow benefits and retirement benefits. All widow planning options are still available.

“In a nutshell, Social Security just got more complicated in the short-term because of these changes to two important strategies,” he said. “And in the long term, advisors can add tens of thousands of dollars to client lives even after the law changes are in full effect.”

About Social Security Timing®
Thousands of financial advisors use Social Security Timing’s patented software application to help their clients maximize their Social Security benefits. Social Security Timing has also developed resources to help consumers maximize their benefits, including a free online calculator and the nation’s largest online network of financial advisors who offer Social Security planning as part of their services. Learn more at http://www.SocialSecurityTiming.com.

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For the original version on PRWeb visit: http://www.prweb.com/releases/2015/11/prweb13056761.htm