On Monday, November 2nd, President Obama signed the Bipartisan Budget Act of 2015. The main purpose of the bill was to ease the sequester that took effect in 2013 and should also eliminate the cycle of shutdown threats we’ve had in the past. Or in other words, give the treasury unlimited borrowing power for the next year and a half while at the same time increasing spending caps. Scary! I digress…
Some of the cuts within the Bipartisan Budget Act of 2015 bill are to the popular Social Security loopholes, “file and suspend” and “restricted application” for spousal benefits. Anyone already enrolled in these strategies will be grandfathered in, but the “loopholes” are being eliminated for anyone who has not reached age 62 by the end of 2015. Congress believed that these strategies were used mainly by the rich. Studies have since come out, indicating the opposite and that the changes could have a larger impact on the middle and lower middle classes.
As they say…all good things must come to an end.
Be clever with your benjamins!
Written by: Brad Kaplan
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Clever Benjamins 