In the blink of an eye two very popular strategies that were available to those who qualified for Social Security have been eliminated according to Horses mouth and other various sources on the internet. Part of a budget deal that has been struck by House Republicans and President Obama to raise the U.S. debt limit, two key Social Security loopholes have been closed: file and suspend and restricted application for spousal benefits. The ban on filing a restricted application will apply to anyone who turns 62 in 2016 or later. Currently the bill has been approved and The Senate is expected to vote soon and the President is more than likely going to sign off on it.
Articles published in May probably gave a sign that these strategies would be removed in the near future. Gripes and grumbles about the wealthy taking advantage of these certain loopholes led to books and articles on using these strategies. The more this appeared in the media the more pressure has been put on the President and house members to close off these loopholes and to try and help bring solevency to the system once again.