Are there rule changes I should know about?

Should you begin taking checks at 62, 65, 67, or 70? Here are the factors that can help you decide.

One favorite trick of early filers, known as file-and-suspend, is no longer an option. Filing and suspending allowed you to file for benefits at full retirement age and then immediately suspend them. A spouse then received spousal benefits on your record while your benefits accrued value and the spouse’s own benefits were also delayed. This complex loophole was eliminated by the Bipartisan Budget Act of 2015. Another more recent change: an increase in the amount of money a worker younger than full retirement age can earn before he or she has Social Security benefits reduced. If you are collecting payments before full retirement age, you can earn up to $17,040 in other income. After that, $1 in benefits is withheld for every $2 earned above the limit.