You may have heard about the Congressional budget bill signed into law by President Obama at the beginning of November.

As with most of these bills, there’s a lot of stuff buried in the fine print.

One passage could have a critical impact on the budgets of American seniors.

President Obama and Congress eliminated two massive Social Security loopholes:

  • File and Suspend
  • Restricted Application

In a nutshell, combining these two loopholes could mean as much as an extra $60,000 or more in benefits for you over a 20-year period.

That’s equivalent to having three years of Social Security benefits taken away. Or put another way, you’d lose two checks a year, every year, for the rest of your life.

That could make a huge difference to your retirement.

So what can seniors do about this cut? Is there any way they can get that money back?

Tim Mittelstaedt, financial investigator and editorial director of The Palm Beach Research Group says there is good news for some seniors.

“There’s a short window of time where seniors can claim this money before it’s too late.

You see, the law passed on Nov. 2, 2015. But that means it doesn’t go into effect until 180 days later, which is April 30. If you’re eligible, you can still get a potential $60,000 in extra benefits. But you have to do it before April 30.”

For more information on this deadline, click here.

Tim and his research team are among the foremost experts on these two Social Security loopholes. They’ve actually been showing seniors how to use them for a few years.

So when the law changed in November, they were amongst the first to update seniors on how to apply before the April 30 deadline.

“Those actually aren’t the only loopholes seniors can use to collect more Social Security every month,” Tim said.

“There are actually four other loopholes that will continue beyond April 30.”

For instance:

  • Most people have no idea they can get all of the Social Security they’re owed in one lump sum. This option isn’t for everyone, but in special situations, like buying a home or dealing with expensive medical bills, it could come in handy.
  • Professionals have always encouraged seniors to file for Social Security as late as possible. But there’s one case when you should actually file early, not late.
  • There’s a one-time bonus increase to your payments you can claim at age 70, just by redoing your paperwork.

Of course, Tim and his associates, aren’t associated with Social Security, and you can get this information from the Social Security Administration for free.

But, The Palm Beach Research Group has put together an informational guide specifically devoted to the upcoming cuts. It shows you how to claim as much as $60,000 in extra benefits before the deadline on April 30.

The guide also includes information about four other loopholes anyone can use to maximize your Social Security payments.

Right now, The Palm Beach Research Group are giving away copies of this guide for free.