--- title: Social Security's Big Changes | TIME description: Financial experts Larry Kotlikoff and Phil Moeller discuss the new social security laws. canonical: https://time.com/video/L3Mhfl2r/ og:title: Social Security's Big Changes og:description: Financial experts Larry Kotlikoff and Phil Moeller discuss the new social security laws. og:url: https://time.com/video/L3Mhfl2r/ og:image: https://cdn.jwplayer.com/v2/media/L3Mhfl2r/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: Social Security's Big Changes twitter:description: Financial experts Larry Kotlikoff and Phil Moeller discuss the new social security laws. twitter:image: https://cdn.jwplayer.com/v2/media/L3Mhfl2r/poster.jpg?width=720 --- # Social Security's Big Changes > Sponsored content. Supplied in partnership with TIME. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: Social Security's Big Changes [Watch (HLS stream): Social Security's Big Changes](https://cdn.jwplayer.com/manifests/L3Mhfl2r.m3u8) (2:47)  _Published 2016-01-20. Financial experts Larry Kotlikoff and Phil Moeller discuss the new social security laws._ --- Jul 27, 2023 7:28 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [How Much of My Income Will Social Security Replace?](/video/sHCOyNyx/) ### How Much of My Income Will Social Security Replace? [Social Security's Earnings Test Explained](/video/jj7Qw79b/) ### Social Security's Earnings Test Explained [Will Social Security Be There For Me?](/video/0yVAkmiH/) ### Will Social Security Be There For Me? --- ## Transcript Larry, one of the things we really need to talk about is the major changes to Social Security that were included in the law that was passed in 2015, that really changed the ball game for a lot of people. One of the greatest impacts Tax affects what's called file- and- suspend. Now, the file- and- suspend rule allows someone to file for social security but not collect their benefits. They enable their spouse to collect benefits. Or their children, right? Or their children, but because they've suspended they're own retirement benefits can gown by 8 % a year conceivably up to the age 70. But that was a benefit that a lot of people used and now that's gone, right? For people that are younger than 62 in 2015 it's gone. The options of anybody to File- and- Suspend who reaches age 66 between the day the bill was signed, which was around November 2, 2015 and 180 days later. So those people can File- and- Suspend. And be grandfathered under the old law. And one of the other big changes that was made by this law, Larry, is that it changed a set of rules that Social Security has called deeming. In combination with the file and suspend rules that have been changed, those two changes effectively eliminate the ability of somebody to Take one benefit by itself and defer another benefit and let it grow. Larry, one of the other changes in the new law affects something called retroactive benefits. Talk about that . >> Yeah. This is, I think, one of the nastiest pieces of work You are. It used to be that you reached full retirement age, I have an option, I can take my benefit and suspend it and I can start it up again at 70 when it will be 32 % higher above and beyond any inflation adjustment. But then, at 69, You discover that you've got a terminal disease. You only have about 2 years left to live. Under higher law, you could go to social security and say, please pay me my 3 years of suspended benefits in a lump sum check because I'm about to die. Now under the new law, unless you've been grandfathered, which very few people will be, You cannot collect that lump- sum payment of those three years of benefits. They're just lost . >> So Larry, whether we're sorry or not that these changes were made, they are the law now and people are going to have to live with them. And our advice to younger people particularly - >> Work as long as you can. The really big deal. The really big deal has been and will continue to be being patient, waiting until 70 And you get a 76 % higher return benefit check, month after month if you live to 100, than if you'd taken it at 62. I'm Larry Katlikov. / g >> And I'm Phil Moeller here to tell you how to get the most out of your Social Security. 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