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Today is the last day for baby boomers who are at least 66 years old to submit a File-and-Suspend application using the “Old Rules”. The Old Rules File-and-Suspend application allows the Social Security number holder to delay collecting their own benefits but permits their spouse (if he or she is at least 62 before January 2, 2016) or young or disabled children to collect benefits on that person’s work record while their own benefit is in suspension.

To take advantage of the File-and-Suspend strategy eligible couples (and singles) must file today. Here are the steps to file an online application according to Larry Kotlikoff, a professor of economics at Boston University and a Social Security expert:
1. File online at the Social Security Web site located at www.ssa.gov
2. Fill out the application as if you will immediately claim benefits
3. The application asks “What date should benefits start?” Enter April 2016.
4. Next the online form will ask if you want to delay receipt of retirement benefits and take spousal benefits only. Answer “no”. (You are claiming and suspending benefits for yourself.)
5. In the box labeled “Remarks”. Enter the following statement, “I want to file for my retirement benefits effective April 2016 and I want to suspend all my retirement benefits effective April 2016”.

If you are not the type of person to complete an online form there two alternatives for you. You can apply via telephone or submit a Form 795. According to Mary Beth Franklin of Investment News, telephone waits for the Social Security Administration (800-772-1213) can be an hour or more.

According to Mary Beth Franklin, individuals can file a “Protective Filing Statement using Form 795”. Click here to download the form
http://www.compassioninaction.us/product_links/Statement%20of%20Claimant%20SSA-795.pdf

In the space provided write the following, “I intend to File-and-Suspend on my own record by the April 29th deadline. However, I have been having difficulty obtaining an appointment. I would like to file and suspend as soon as an appointment is available.” According to Mary Beth Franklin’s source this should at least buy you an extra six months to get the actual filing done because you are making you intentions clear prior to the deadline.

What happens if you don’t make the deadline? If you voluntarily suspend after the April 29, 2016 deadline and have “auxiliaries” (a spouse, minor dependent children or disabled children) they will not be able to receive benefits during the time period that you have suspended benefits. However, a divorced spouse is an exception and can continue to receive benefits.

Over the next 20 years, each day 10,000 people in the US will be turning 65 years-old. Many of these folks are unaware of the Social Security retirement benefits to which they are entitled. For example, April 29, 2016, is the last day for qualified couples to submit a File-and-Suspend application for benefits. If you were at least 62 as of December 31, 2015, you are eligible to file a Restricted Application if you file before December 31, 2019. Are you unfamiliar with these types of Social Security applications? Get all the details you need in “Social Security: Maximize Your Benefits (2nd Edition)”.

The Social Security Handbook has over 2,700 rules governing benefits. The Program Operating System (POMs) has thousands more. It is no wonder that many people do not have a good understanding of their Social Security benefits. Frequently, because of a lack of insights these individuals will not receive all the benefits they could receive. Knowing the right questions to ask is critical to maximizing Social Security benefits. Bestselling Wall Street Journal author Kathleen Sindell, Ph.D. has taught and written about financial management for the last 20 years. Sindell’s latest book “Social Security: Maximize Your Benefits, 2nd Edition” is easy-to-understand and provides “just the facts” about getting the highest retirement benefits possible.

You’ll discover how same-sex, married and unmarried couples can coordinate claiming strategies to gain the maximum benefits. Find out how delaying Social Security benefits can have a direct effect on the financial well-being of a surviving spouse. Understand what divorced spouses need to do to receive the highest amount of lifetime benefits and how to choose between claiming their own or their ex-spouses benefits. Get a hold of how singles need to decide the true value of not claiming until 70. Become aware of how families with minor dependent children (or disabled children) should investigate the start-stop-start strategy to decide if it is best for boosting income when it is needed most. Grasp how survivors can optimize benefits by being flexible when determining the order in which they claim benefits.

“Social Security: Maximize Your Benefits (2nd Edition)” by Kathleen Sindell, Ph.D., a bestselling Wall Street Journal author, shows how to select the optimal claiming strategy that apply to your personal financial circumstance. Follow step-by-step instructions to maximizing your Social Security benefits. You can quickly select what works best for you from dozens of examples, figures, tables, and graphs.
Take advantage of “Social Security: Maximize Your Benefits (2nd Edition)”, GCSRi Publishing (April 2016) ISBN10: 0692685316, ISBN-13:978-0692685310, Paperback: $9.75, Kindle: $2.99. Available at Amazon.com and through local bookstores.