The year 2016 will be a big one for changes in tax regulations and financial planning deadlines so investors better be 'ready', said Matt Sommer, director of retirement strategy at Janus (JNS). Sommer said the student aid application process has been revised and it will have a direct impact on families saving for college. According to Sommer, high school seniors will be able to apply for financial aid for their freshman academic year 2017-2018 by submitting the Free Application for Federal Student Aid (FAFSA) in October 2016 using their parent’s 2015 tax return. Previously, the application needed to be submitted after Jan. 1 for the upcoming year, but often before prior year tax returns were completed. 'Not only does this simplify the process, it allows people to find out sooner what their potential awards are going to be when making a decision as to where to attend college,' said Sommer. Another change will be the end of the Social Security claiming strategy known as ‘file and suspend.’ TheStreet's Gregg Greenberg has details from New York.