White House budget plan to impact Social Security benefits

A portion of President Barack Obama’s budget proposal for 2015 is aimed at impacting Social Security benefits claiming strategies.

According to a sentence on the 150th page of the 214-page long, $3.9-trillion budget proposal released on Tuesday, March 4, “the budget proposes to eliminate aggressive Social Security-claiming strategies which allow upper-income beneficiaries to manipulate the timing of collection of Social Security benefits in order to maximize delayed retirement credits.”

The proposal could be the bane of advisers who use certain strategies to get the best possible retirement income plans for their clients, if it gets passed by Congress. Currently, people are able to game the system, especially married couples, by using such tactics as delaying their receipt of benefits, “doubling up,” or claiming benefits then repaying them to get a better rate.

Social Security disability benefits are often a critical source of income for people who have become disabled and are unable to support themselves and their family. To stand a better chance of getting the benefits that you need, speak with an attorney at the Hankey Law Office by calling our offices at (317) 634-8565 today.