2025 Mid-Year Financial Checklist

2025 Mid-Year Financial Checklist

What Should You Be Looking At This June?

June marks the halfway point of the year — a natural time to pause, reflect, and ensure your financial life is aligned with your broader goals. For high-net-worth individuals and families, this isn’t just about balancing a budget — it’s about strategic adjustments in light of market shifts, potential tax policy changes, and evolving planning opportunities.

As we move through an election year, with potential legislative changes on the horizon and continued market uncertainty, it’s more important than ever to stay nimble and aligned with a long-term strategy. A thoughtful mid-year financial check-in helps ensure your plan stays resilient and your progress remains on track.

✔ 2025 MID-YEAR FINANCIAL CHECKLIST

🧾 Cash Flow & Budgeting

• Review income vs. spending across all categories.

• Identify any overages in discretionary or lifestyle expenses.

• Adjust your cash flow strategy based on upcoming goals or known changes (e.g., tuition, travel, charitable giving).

💼 Income Shifts

• Account for any income changes YTD (e.g., bonuses, business distributions, investment income).

• Plan ahead for Q3/Q4 income events or liquidity needs.

💳 Debt Management

• Review all liabilities — including margin loans, real estate, or business debt.

• Assess your effective interest rates in the current environment.

• Evaluate tax-efficient strategies to reduce or restructure debt where applicable.

📈 Investment Strategy

• Assess portfolio performance relative to your long-term goals — not just the market.

• Reconfirm asset allocation based on your risk tolerance and time horizon.

• Explore whether it’s time to realize gains/losses for tax or rebalancing reasons.

• Consider increasing contributions to retirement or taxable investment accounts.

🏦 Savings & Liquidity Planning

• Review your emergency fund — is it right-sized given your lifestyle and risk exposure?

• Ensure excess cash is working for you (e.g., in high-yield or tax-efficient vehicles).

• Reassess saving targets for short-term needs vs. long-term goals.

• Confirm you're maximizing employer-sponsored benefits (401(k), HSA, deferred comp).

📋 Tax Strategy Checkpoint

• Review year-to-date income and tax withholdings or estimates.

• Model potential changes based on potential 2025 legislation or sunsetting tax provisions.

• Explore Roth conversion opportunities.

• Strategically plan charitable giving — including donor-advised funds or appreciated assets.

🛡️ Insurance & Risk Management

• Review all personal and business coverage: life, disability, property, liability, umbrella.

• Adjust policies to reflect any major life changes or asset acquisitions.

• Revisit your family’s long-term care and estate liquidity planning needs.

📚 Estate Planning & Legacy Review

• Revisit estate documents to ensure they reflect your current intentions.

• Check beneficiary designations on retirement accounts and insurance.

• Confirm titling on real estate or investment accounts aligns with your estate plan.

• Discuss wealth transfer strategies, including annual gifting or family trusts.

🗂️ Organization & Documentation

• Secure and organize financial documents — physical and digital.

• Use a secure portal or vault to share relevant documents with your advisory team.

• Review your personal financial statement and net worth snapshot.

🤝 Schedule a Strategy Session

• Touch base with your Advisor to:

• Update your financial plan with any new goals, risks, or opportunities.

• Discuss market outlooks and how they relate to your specific strategy.

• Coordinate with your CPA, attorney, or other key professionals if needed.

Staying Proactive in a Year of Possibility

With the uncertainty of 2025 — from the upcoming election to potential tax reform — your financial plan should be built for both resilience and opportunity. A mid-year review isn’t just a check-in. It’s a strategic pulse-check to keep your plan evolving with you.

At Gilbert & Cook, we’re here to help you navigate transitions and create confidence through clarity. If anything has changed in your world — or if the world itself feels like it’s shifting — now is the time to revisit the roadmap for your family's abundant future.

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Medicare: Understanding the Basics and Making Informed Choices

A summarized recap from our June 6th Medicare Event presented by Capitol Benefits Group.

Navigating the world of Medicare can be overwhelming, but Medicare is an essential aspect of an individual’s financial plan.  Gilbert & Cook recently hosted an educational seminar entitled “Medicare 101: Understanding the Basics and Making Informed Choices.”   This article will recap the information shared at the seminar.

Medicare Part A, provides coverage for inpatient hospital stays, skilled nursing facility care, home health care, hospice care and drugs administered in a hospital or nursing facility. For the year 2024, the deductible for Part A is $1,632.  Individuals are responsible for paying this amount before Medicare coverage kicks in.

Medicare Part B provides coverage for doctor office visits, outpatient mental health care, outpatient hospital care, home health care and clinical lab services.​ In 2024, the deductible for Part B is $240.​ After meeting the deductible, individuals typically pay 20% of the cost for covered services.  

Medicare Part D provides coverage for prescription drugs.  Medicare Part D is offered by private companies.​ The coverage provided by a Medicare Part D plan, including the covered drug list, can change annually.  You should review your Medicare Part D coverage annually to ensure your plan still covers your prescriptions and meets your needs.

Medicare Supplements, also known as Medigap plans, are designed to fill the “gaps” in Medicare Parts A and B.​ Medicare Supplement plans are offered by private insurance companies and provide coverage for deductibles, coinsurance, and other out-of-pocket costs.  Medicare determines whether a service is covered, not the Supplement carrier.​

Medicare Advantage, also referred to as Part C, is an alternative to original Medicare (Medicare Parts A, B and D with a Medicare Supplement).​ Medicare Advantage plans are offered by private insurance companies and only cover services provided by in-network (HMO or PPO) physicians and facilities.  Many Medicare Advantage plans have a $0 monthly premium and include dental and vision benefits, over-the-counter allowances, and prescription drug coverage.  It's important to review the specific details of each plan, as deductibles and coinsurance can vary from county to county and change annually.  If you choose a Medicare Advantage plan, you will still enroll in Medicare Parts A and B, but the insurance company will manage your care and pay claims, not Medicare.

Medicare Part A has no monthly premium, as long as the individual or his/her spouse paid Medicare taxes for at least 10 years.​ The Medicare Part B premium for 2024 is $174.70 per month.    The premiums for Medicare Parts B and D are adjusted for individuals who earned more than $103,000 in 2022 filing single or married but separate), and for married individuals who earned more than $206,000 in 2022 filing jointly.  The income lookback window for Medicare Parts B and D adjustments is two years.

You apply for Medicare through the Social Security Administration (SSA).  Your Initial Enrollment Period (IEP) typically begins three months before you turn 65 and ends three months after your birthday month. The SSA provides online resources and the option to schedule an appointment with your local office for assistance.​

Online Resources: www.ssa.gov/medicare
Schedule with your local office: www.ssa.gov/locator/

Understanding the basics of Medicare will help you make informed decisions. Whether you choose original Medicare -- Medicare Parts A, B and D plus a Medicare Supplement – or a Medicare Advantage plan, it is important to review the available options and select the plan that best meets your individual needs.  Consider consulting with a Medicare insurance professional for guidance on your Medicare decisions.

June means it's time for your Mid-Year Financial Checklist

What should you be looking at in June?

A mid-year financial check-in is a crucial practice for maintaining and improving one’s financial health. Typically this process is helpful during the month of June so that you can do a thorough review of your finances, including income, expenses, savings, and investments, to ensure you are on track with your annual financial goals.

By taking the time to assess your financial situation mid-year, you can make necessary adjustments, correct any deviations, and reinforce positive habits that will help you achieve your long-term financial objectives. This proactive approach allows for a more manageable and less stressful end-of-year financial review.

Mid-Year Checklist

Budget Review

·        Compare actual income and expenses against your budget.

·        Identify categories where you overspent or underspent.

·        Adjust budget allocations as needed for the remaining months.

Income Assessment

·        Verify all sources of income for accuracy.

·        Consider any changes in income, such as bonuses, raises, or additional income streams.

·        Plan for any expected changes in income for the rest of the year.

Expense Analysis

·        Review all regular and recurring expenses.

·        Identify any new or unexpected expenses that have occurred.

Debt Management

·        List all outstanding debts, including credit cards, loans, and mortgages.

·        Check balances, interest rates, and monthly payments.

·        Explore options for refinancing or consolidating high-interest debt.

·        Develop or update a repayment plan to stay on track.

Credit Health Check

·        Obtain a copy of your credit report from all three major bureaus (Equifax, Experian, TransUnion).

·        Check for any errors or signs of identity theft.

·        Confirm all open accounts are accurate and hard inquiries were approved.

·        Review your credit score and take steps to improve it if necessary.

  Savings Review

·        Evaluate the balance of your emergency fund.

·        Ensure you have at least three to six months of living expenses saved.

·        Review if cash on hand is in a high-yield checking or savings account.

·        Determine if cash in excess of the emergency fund should be invested.

·        Confirm you are taking advantage of employer funded savings such as an employer retirement plan match or HSA match.

·        Review savings goals for short-term and long-term objectives.

·        Adjust savings plan to meet these goals by year-end.

Investment Portfolio Review

·        Assess the performance of your investments.

·        Review asset allocation and rebalance your portfolio if necessary.

·        Check for any changes in risk tolerance or investment strategy.

·        Consider increasing contributions to retirement accounts if possible.

Insurance Coverage

·        Review all insurance policies (health, auto, home, life, umbrella, disability, etc.).

·        Ensure coverage is adequate and up-to-date.

·        Compare policies to find better rates or coverage if needed.

Tax Planning

·        Review the first half of the year's income and tax withholdings.

·        Estimate your tax liability for the year.

·        Make any necessary adjustments to withholdings or estimated tax payments.

·        If you need to make estimates, determine if estimates should be based on the prior year safe harbor or current year estimated liability.

·        Review for strategic opportunities to utilize Roth IRA contributions or conversions.

Financial Goals Update

·        Review your financial goals set at the beginning of the year.

·        Assess progress towards each goal.

·        Adjust timelines or strategies for achieving these goals if needed.

Financial Documentation

·        Organize financial documents and statements.

·        Ensure important documents are accessible and securely stored.

·        Consider going paperless if it helps with organization.

  Meet with your Advisor

·        Schedule a meeting with your Advisor

·        Discuss any major life changes that could affect your financial plan.

·     Seek guidance on any complex financial decisions or adjustments.

This holistic review ensures that your financial plans remain adaptable to any changes that may arise throughout the rest of the year. Reminder to keep an open line of communication with your Advisor for any changes in your financial situation.

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All opinions expressed in this article are for general informational purposes and constitute the judgment of the author(s) as of the date of the report. These opinions are subject to change without notice and are not intended to provide specific advice or recommendations for any individual or on any specific security. The material has been gathered from sources believed to be reliable, however Adviser cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. Gilbert & Cook does not provide tax or legal or accounting advice, and nothing contained in these materials should be taken as such. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. As always please remember investing involves risk and possible loss of principal capital and past performance does not guarantee future returns; please seek advice from a licensed professional. Gilbert & Cook is a Registered Investment Adviser. SEC Registration does not constitute an endorsement of Gilbert & Cook by the SEC nor does it indicate that Gilbert & Cook has attained a particular level of skill or ability. Advisory services are only offered to clients or prospective clients where Adviser and its representatives are properly licensed or exempt from licensure. No advice may be rendered by Adviser unless a client service agreement is in place.

SECURE ACT 2.0 - What you need to know

In the final days of 2022, Congress passed a new set of rules designed to make it easier to contribute to retirement plans and access those funds earmarked for retirement.

SECURE 2.0 builds upon its predecessor, the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which was passed in 2019.

The sweeping legislation has dozens of significant provisions. To help see what changes may affect you, the major provisions of the new law are broken down into four sections below.

New Distribution Rules

The RMD age will rise to 73 in 2023. By far, one of the most critical changes was increasing the age at which owners of various retirement accounts MUST begin taking required minimum distributions (RMDs). Starting in 2033, RMDs must begin at age 75. If you turned age 72 before January 1, 2023, you must continue taking distributions under the prior rules. But if you are turning 72 in 2023 and have already scheduled your withdrawal, we may want to revisit your plan.1

Reduction in the RMD Excise Tax.  Previously a 50% excise tax was imposed if you missed taking an RMD by the deadline. Starting in 2023, if you miss an RMD for any reason, the penalty tax drops to 25%. If you fix the mistake promptly, the penalty may drop to 10%.2

New Accumulation Rules

401(k) and Employer-sponsored Plan Catch-Up Contributions. Starting January 1, 2025, employees aged 60 through 63 can make catch-up contributions equal to the greater of $10,000 (indexed annually for inflation) or 150% of the regular catch-up limit to workplace retirement plans. Also, the catch-up amount for people aged 50 and older in 2023 has increased to $7,500.  However, beginning in 2024, all catch-up contributions for those earning more than $145,000 in a particular year will have to be (taxable) Roth contributions.3 

Traditional and Roth Catch-Up Contributions. Currently, individuals aged 50 or older can make an additional catch-up contribution to a Traditional or Roth IRA up to $1,000 per year. In 2024, the $1,000 amount will be indexed for inflation on an annual basis.

Automatic Enrollment. Beginning in 2025, the Act requires employers in newly-established plans to enroll employees into workplace plans automatically at a 3% contribution rate. The contribution rate automatically increases by 1% per year until the employee is contributing at least 10%.  However, employees can choose to opt-out.4

Student Loan Matching. In 2024, companies can match employees’ student loan payments with retirement contributions. The rule change offers workers an opportunity to receive employer-funded retirement plan contributions while paying off their student loans.5

Revised Roth Rules

529 to a Roth. Starting in 2024, pending certain conditions, individuals can roll a 529 education savings plan into a Roth IRA. If your child gets a scholarship, goes to a less expensive school, or doesn't go to school, the money can get repositioned into a retirement account. Individuals will be able to roll over up to a total of $35,000 from 529 plans to a Roth IRA for the same beneficiary, provided 529 accounts have been held for at least 15 years. The annual rollover amounts will be subject to the annual Roth IRA contribution limit, but not the Roth IRA income limits. Any contributions to a 529 plan within the last 5 years (and the earnings on those contributions) are ineligible to be moved a Roth IRA.6

SIMPLE and SEP. From 2023 onward, employers can make Roth contributions to Savings Incentive Match Plans for Employees or Simplified Employee Pensions.7

Employer Matching Roth Contributions. Previously, employer matching contributions were required to be deposited into each employee’s pre-tax account in the retirement plan. The new legislation allows employer matches to the Roth portion of the account for electing employees.  Note, however, that electing a Roth match will subject the employee to taxation on the matching amount contributed to the plan by the employer.

Roth 401(k)s and Roth 403(b)s. The new legislation aligns the rules for Roth 401(k)s and Roth 403(b)s with Roth Individual Retirement Account (IRA) rules. Effective January 1, 2024, the legislation no longer requires minimum distributions from Roth Accounts in employer retirement plans.8

Act Highlights

Support for Small Businesses. Beginning January 1, 2023, the new law will increase the credit to help defray the administrative costs of setting up a retirement plan. The credit increases to 100% (from 50%) for businesses with less than 50 employees. By boosting this credit, lawmakers hope to remove one of the most significant barriers to small businesses offering a workplace plan.9

Qualified Charitable Donations (QCD). From 2023 onward, QCD donations will adjust for inflation. The limit applies on an individual basis, so for a married couple, each person who is at least 70½ years old can make a QCD as long as it remains under the limit (currently $100,000 per taxpayer per year).9  Individuals will also be able to make a one-time distribution of up to $50,000 to a charitable remainder trust or charitable gift annuity. 10

New Exceptions to the 10% early-withdrawal penalty. Generally, distributions from a retirement savings account before age 59½ are subject to an early withdrawal penalty unless an exception applies. The new legislation provides several new exceptions to the penalty, including terminal illness, domestic abuse, payment of long-term care insurance premiums, to recover from a federally declared disaster area, and an emergency personal expense.  

Retirement Savings Lost and Found. The Act intends to establish a searchable database for lost 401(k) plan accounts within two years of the legislation’s enactment.

Saver’s Credit transitioning to a Saver’s Match. Currently, low- and moderate-income taxpayers receive a credit up to $1,000 for retirement savings. Starting in 2027, the credit transitions into a match that will be contributed to the individual’s retirement account.

Other Highlights

There are several additional provisions in the new SECURE Act 2.0 legislation. A few examples include providing credits for enrolling military spouses immediately in employer plans, expansion of lifetime income products in retirement plans, improved retirement plan coverage for part-time workers, S-Corporation ESOP opportunities, and several other provisions.

The provisions listed above summarize only a portion of the Secure Act 2.0. The Gilbert & Cook Team looks forward to analyzing the impact the changes have on your financial situation to best understand how to assist you in Living a Life of Abundance. 

Also, retirement rules can change without notice, and there is no guarantee that the treatment of specific rules will remain the same. This article intends to give you a broad overview of SECURE 2.0. It is not intended as a substitute for real-life advice. If changes are appropriate, we will outline an approach and work with your tax and legal professionals, if applicable.

Sincerely,

Gilbert & Cook Team

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The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced to provide information on a topic that may be of interest. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

Citations:

1. Fidelity.com, December 23, 2022

2. Fidelity.com, December 22, 2022

3. Fidelity.com, December 22, 2022

4. Paychex.com, December 30, 2022

5. PlanSponsor.com, December 27, 2022

6. CNBC.com, December 23, 2022

7. Forbes.com, January 5, 2023

8. Forbes.com, January 5, 2023

9. Paychex.com, December 30, 2022

10. FidelityCharitable.org, December 29, 2022

The CARES Act - Q&A

As the world adjusts to a “new normal,” we wanted to share some information with you about the Coronavirus Aid, Relief and Economic Security (“CARES”) Act and about how it may impact you and your family. The $2 trillion stimulus package was signed into law on March 27, 2020. This Act brings with it a host of changes for individuals and small businesses in an effort to provide support to our country’s citizens and economy. So, what does the largest relief package in history mean for you? Reach out to your Gilbert & Cook team to learn more about YOUR specific situation, and in the meantime, here are a handful of inquiries that we’ve recently addressed.

Q&A: Below are some questions that we've received and the answers we provided.

2020 REQUIRED MINIMUM DISTRIBUTIONS

With the CARES Act, all Required Minimum Distributions (“RMDs”) for 2020 have been waived and are not required to be taken. This rule applies to all Traditional IRAs, SEPs and Simple IRAs, as well as Employer-Sponsored Plans such as 401(k)s and 403(b)s. Additionally, if you are the beneficiary of an Inherited IRA and have been taking required distributions, this waiver for 2020 applies to you as well. It is important to keep in mind that, as of right now, this waiver only applies to 2020 required distributions. 

Q: What if I’ve already taken my 2020 Required Minimum Distribution? Is there any way to benefit from the CARES Act waiver?

A: If you have already taken your RMD for calendar year 2020 and have no need for it, there are a couple of options available to you.

Option 1: If your RMD withdrawal took place within the last 60 days, you can simply write a check or transfer money in an amount equal to your RMD back into an IRA in your name before the 60-day window closes. The entire transaction would merely be treated as an IRA Rollover that you’re allowed to do once within a 365-day period (“once-per-year rollover rule”).

Option 2: If your RMD withdrawal was very early in the year and you are no longer within the 60-day window, there MAY be another option available to you (although we sincerely hope that no one is able to utilize it). IF YOU QUALIFY (see below), you would be able to utilize a Coronavirus-Related Distribution, which allows qualifying individuals to repay qualifying 2020 distributions within three years (via an IRA Rollover).

Q: What is a Coronavirus-Related Distribution?

A: A Coronavirus-Related Distribution is a distribution of up to $100,000 from a retirement account withdrawn in 2020 by an individual impacted by the Coronavirus in one of the following ways:

• Personally diagnosed with COVID-19

• A spouse or dependent is diagnosed with COVID-19

• Have experienced financial distress due to being quarantined, furloughed, laid off, or had your hours reduced because of the disease

• Unable to work because you lack childcare as a result of the disease

• Own a business that has closed or have reduced hours because of the disease

If you qualify for a Coronavirus-Related Distribution (based on the above requirements), you will:

a)    be exempt from the 10% Early Withdrawal Penalty (if you’re under age 59 ½);

b)    not be subject to normal mandatory tax withholding requirements on certain distributions; and

c)     be allowed to spread the tax on any such withdrawal over three years OR the distribution can be repaid within three years (via an IRA Rollover).

Q: I have an Inherited IRA and already took out my RMD for 2020. What options are available to me?

A: If you’ve already taken out your Inherited IRA RMD, unfortunately, there are no options to do a rollover back into any IRA.

Q: Am I still able to utilize a Qualified Charitable Distribution (“QCD”) from my IRA in 2020?

A: Yes. Although you wouldn’t be able to reduce your RMD (because RMD’s don’t apply for 2020), you can still utilize a Qualified Charitable Distribution from your retirement account to make desired charitable contributions and you will not incur income taxes on the QCD amount (nor can you obtain a charitable contributions deduction for the amounts contributed via the QCD).

“RECOVERY REBATE” CHECKS

The CARES Act also provides for “Recovery Rebate” checks (that should be processed in the coming weeks) as an advance payment on a calendar year 2020 tax credit. The Recovery Rebates will be provided to individuals other than a) nonresident aliens; and b) persons for whom a dependency deduction is allowed to another taxpayer. The Recovery Rebates will be tax-free. To be eligible for the advance payment, you must meet certain income requirements (based on your 2019 Adjusted Gross Income (“AGI”) (or 2018 AGI if your 2019 federal Individual Income Tax Return has not yet been filed)) as follows:

• Single individuals will receive $1,200 if their adjusted gross income is below $75,000. For income between $75,000 and $99,000, there is a phase-out and anyone earning above $99,000, will not receive a check.

• Married individuals will receive $2,400 if their adjusted gross income is below $150,000. For income between $150,000 and $198,000, there is a phase-out and anyone earning above $198,000, will not receive a check.

• For each qualifying dependent under age 17, there will be an additional $500 added to your check.

While the Recovery Rebate you should receive in the next few weeks will be based on your 2018 or 2019 AGI, the ultimate tax credit that you will be entitled to under the CARES Act will be based upon your 2020 income, filing status and qualifying dependents.

Q: How will I receive my payment?

A: If you had a bank account attached to your federal tax return, the IRS will simply deposit your payment into that account. If you previously received a refund check in the mail or have not had your bank account attached to your federal tax return, you will either receive a check or may be able to update your banking information with the IRS in the coming weeks.

For those on Social Security, payment should be received in the account in which your Social Security payment is deposited and may be coming with your monthly Social Security check.

Q: What if my adjusted gross income is above the stated income limits in my last return…Will I qualify based on my 2020 income?

A: If you’re in this situation, you will still receive a benefit (via a credit against your 2020 federal taxes) based on your 2020 adjusted gross income. Unfortunately, you won’t receive that benefit now. When you file your 2020 tax return next year, you should receive a credit toward your taxes IF you qualify at that time.

To stay updated on the “Recovery Rebates,” we recommend checking in periodically to this page on the IRS site.

Additional Resources

Gilbert & Cook does not provide legal or tax advise. If you have questions specific to your legal or tax matters, please consult your Attorney or CPA. For additional web-based resources available to assist you in monitoring the spread of the coronavirus on a global basis, you may wish to visit the CDC and the World Health Organization. 

Please send us any additional question you may have and we will do our best to address them in future newsletters. Thank you again for allowing Gilbert & Cook to help you Live A Life of Abundance. Your Gilbert & Cook team is here for you. Please call us if there is anything that you need.

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About the Author:

Jarret Sheets, CFP®
Associate Advisor

Jarret joined the Gilbert & Cook team as an Associate Advisor in November 2019. In his role as Associate Advisor, Jarret walks alongside the Lead Advisor in helping clients and families achieve their goals.

Important Social Security Claiming Strategy Changes

The Bipartisan Budget Act of 2015 impacts two important claiming strategies: "Restricted Application" and "File & Suspend."  

WHAT'S CHANGING:

Restricted Application Strategy

The first change will limit use of this strategy. If you haven't reached age 62 by the close of 2015, it will no longer be possible to file a restricted application to receive spousal benefits (based on someone else's earnings record) while delaying your own retirement benefit (based on your own earnings record). Instead, an application for any Social Security benefit will be deemed to be an application for all benefits you might be entitled to, and you will receive the highest benefit you are eligible for. 

However, if you are already 62 or older on December 31, 2015, these changes do not apply to you. In other words, if your date of birth is before January 2, 1954, you will still be able to file a restricted application when you reach full retirement age to receive spousal benefits (to receive benefits based on your spouse's earnings) while deferring your own retirement benefit (based on your own earnings record).

File-and-Suspend strategy

The second change will limit (but not eliminate) advantages of using this strategy. In the future, if you voluntarily suspend receiving a Social Security benefit, this will also mean that while your benefit is in suspense: 

• No one else can draw benefits based on your earnings record
• You cannot simultaneously draw benefits based on someone else's
  earnings record

If you are already eligible to file-and-suspend (or will be eligible before May 2, 2016), there is a limited time during which you can still choose to suspend your own benefit (in order to be eligible for a larger benefit later) without affecting a spouse's, ex-spouse's, or child's eligibility. Also, if you elect to suspend benefits on or before April 30, 2016, this should preserve your ability to request a retroactive lump sum if you change your mind prior to attaining age 70. After April 30, 2016, these planning opportunities will disappear. (...) 

If you have any concerns regarding social security claiming strategies or questions about your financial situation, please contact Marlis Gilbert, our Chief Planning Strategist, by calling 515-270-6444.