Page 9 - 2019 Social Security Cheat Sheet

2015 Bipartisan Budget Act Summary

Signed into law in November of 2015, the Bipartisan Budget Act of 2015 made the
most significant changes to Social Security in over 10 years. In an effort to fund
the government and close so-called “Social Security Loopholes”, the controversial

measure passed the House by a vote of 266 to 167 and the Senate by a vote of
64 to 35.

Summary of Important Changes:

• Suspended Debt Ceiling and Spending Caps Until 2017

• Transferred $150 Billion from the Social Security Retirement Trust
(OASI) to the Social Security Disability Trust (DI)

• Phased Out Popular Social Security Filing Strategies

• ”Voluntary Suspension” – Eliminated After 180 Days
• “Restricted Application” – Eliminated After 4 Years

• Additional Details on the Next Page

Retirement Income Starts With Social Security:

Social Security can be a confusing topic for retirees, but provides a significant

source of retirement income and you only get one chance to get it right.
Understanding all the available filing options and how the latest changes impact
your options is the first step towards choosing the right filing age. After all, Social

Security is funded with your tax dollars, so doesn’t it make sense to get the most
benefits possible?

Source: Congress Passes H.R. 1314, the Bipartisan Budget Act of 2015.
Social Security Administration.https://www.ssa.gov/OACT/COLA/QC.html.
Last Accessed October 11, 2018.