On November 2, 2015, Congress passed new legislation governing social security benefits. We’ll be updating our recommendations as you near your social security start date, but here’s an overview of the changes:

• FILE AND SUSPEND GOES AWAY. This advanced technique—primarily utilized by professionals and their clients—allowed you to provide benefits to your spouse while you suspend and watch your own benefits continue to grow. This feature will be eliminated except for those individuals who have already filed and suspended or those who turn 66 before 5/1/16.
• RESTRICTED APPLICATIONS GO AWAY. Previously you could withdraw spousal benefits while delaying your own until age 70. Those under age 62 as of 12/31/15 will no longer be eligible for this benefit.
• NO CHANGE – At Full Retirement Age (66-67), the spouse with lower social security benefits will still be eligible for a minimum of 50% of their spouse’s benefits.
• NO CHANGE – If you delay collecting social security after your full retirement age, your benefits still increase by 8% per year until age 70.

The Financial Times recently profiled master communicator, chief investment officer, and co-founder of AQR, Cliff Asness. His quotes often get our attention and this short clip is no different. “You get paid and you create value by doing something that is good and sticking with it like grim death.”  Click here to read the article.

The slide of the month is a reminder that patient investing provides the ultimate payoff. Though our daily lives require near-term focus, successful investing demands a completely different vantage point. Click here for the full detail behind the image.