Roy and I just returned from a conference in Bay St. Louis hosted by MAPA (Mississippi Association of Personnel Administrators). We met so many interesting people who are eager to learn about the true benefits available through Social Security analysis. Glad we were invited to attend this year.
When you talk with hundreds of people within a two day span, their comments throw up the following red flags about the term “clueless”.
- The majority of people think their retirement age is 65 – no, that is when you file for Medicare…..two different ages and two different benefit situations.
- Most people believe they can still draw their benefit and work full-time – this is only true after age 66 unless you are willing to face the Earnings Limitations and the cuts that will take place in your benefit amount. Huge eye-opener if you are not planning properly on this issue. In the year you reach Full Retirement Age, you can earn $41,480 and still qualify for benefits.
- Most people believe you have to be a U. S. citizen in order to qualify for benefits.
- People have no idea what “family benefits” are actually available in many different life situations.
- People are aware of spousal benefits, but do not understand how to use them or the best use of this strategy. Logic would dictate that the smaller earner file off the larger earner to capitalize on this benefit…..in many cases, this is not the case because of age differences and other factors. You can be short changing your lifetime benefit if this is not calculated properly.
- People do not understand the benefits available to divorced clients or the qualifications. Divorced clients have many more options than married, so don’t allow your lack of education on this topic reduce your benefits.
- People believe the online calculators for Social Security benefits are accurate – you can actually go to five different websites, put your numbers in each of these websites, and come up with different answers. You need to put your trust in people with state of the art software that can handle all 2,728 rules and regulations and handle different life situations.
People are not aware because they have not been educated….this is Pillars’ passion. We are available for seminars, both large and small. We also work with clients one on one to analyze their benefits and determine options they can choose from that will meet their individual needs. Social Security analysis is all we do. Call us today at 601-954-0699 or visit our website for more information and to investigate your many options over and above the three you have on your Social Security statement.