There could be some changes to your retirement plan soon. Last Friday morning Congress approved a change to Social Security claiming procedures. These changes end some Social Security claims such as file-and-suspend and filing for a constricted claim of spousal benefits.

While this decision was made at record-breaking speed, in Congress standards, financial consultants have to rethink their plans. Many advisors have to completely throw away those sections of their plans and reanalyze everything.

This isn’t very good news for people who have not yet saved for retirement, and were counting on the extra help from social security with the spousal claims. These individuals will be forced to postpone their retirement, or live on less money during their retirement years.

These changes won’t be in effect until six months from the enactment date. However, President Barack Obama is expected to sign the changes, which limits government spending for the next two years. And, it actually raises the ceiling on federal debt.

If you turn 62 in 2016 or later, you will no longer be able to use these claiming techniques when filing for retirement, once the reform officially goes into effect. While it does affect people who are just now filing, or getting ready to file for these claims, the original bill was edited so that it would not affect people who are already collecting retirement benefits using those claims, such as the file-and-suspend.

This new legislature is really hurting some individuals, and severely affecting their quality of life, due to less funds to live on during retirement years. What makes this bill an abnormality is what usually takes years to come to an agreement, this change to Social Security happened in a matter of days.

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