The “Bipartisan Budget Act of 2015” which was signed into law in November of this year dramatically changes Social Security planning. Section 831 of the law, titled “Closure of Unintended Loopholes,” impacted two powerful claiming strategies called “File and Suspend” and “Restricted Application.”
Well, it happened: the first formal market correction since the recession of 08-09. Mathematically, we have been due. Though the circumstances are fairly different from the recession, there are some things to be thinking about for both the short and long term.
If you’ve already reached your 401(k) contributions limit for the year (or soon will), that’s a high-quality problem. But it’s still a problem. You can't afford to fall behind in the funding-retirement game (who knows what the cost of living will be when you stop working?). And losing the contribution's reduction in your gross income isn't going to help your tax bill next April, either.
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