As Roy and I do the customized reports for clients, it is amazing what a little adjustment in life can make in your future Survivor Benefit for you and your family. I am sure that most of you, when going to file for your benefit, do not really analyze this component. We emphasize this benefit because people are outliving their retirement and a good choice in this area would mean a huge difference in the quality of life for the survivor.
Let me give you two examples…..true situations, just names changed:
- John and Susie – John’s benefit at FRA is $2510.00 and Susie’s benefit at FRA is $1738.00.
Social Security Benefit amounts range from $951, 020.00 to $1,069.095.00 depending on the claiming strategy options presented. We presented 6 options.
Survivor Benefits amounts range from $2,147.00 to $3,313.00 per month depending on the option they choose for their benefit election. A difference of $1,166.00 per month for the rest of the life for the survivor.
- Carl and Sandy – Carl’s benefit at FRA is $2318.00 and Sandy’s benefit at FRA is $1038.00
Social Security Benefit amounts range from $881,530.00 to $1,073,547.00 depending on the claiming strategy options presented. We presented 5 options.
Survivor Benefits amounts range from $1729.00 to $3,029.00 depending on the option they choose for their benefit election. A difference of $1300.00 per month for the rest of life for the survivor.
This does NOT mean that either one of these couples were left without income from age 66 to 70 – it means that they used claiming strategies (File and Suspend and Restricted – if you qualify under the new law changes). Both couples waited until after their 66th birthdays before filing for any benefits, and both had a healthy income stream from age 66 to 70.
These strategies will go away in 3 years and 7 months under the new Bi-Partisan Budget Act of 2015 – the clock is ticking folks. The BIG CLOCK is ticking for those turning age 66 by April 30, 2016. If you don’t File and Suspend by that date, you will not be able to turn back that clock. All you need to do it make an appointment at the SS office, go in prior to the deadline, and File and Suspend. You will not receive benefits, but you have opened the door for claiming strategies that will improve your benefit. After you do this, call us and we will direct you to the next step in the process.
Public seminar is February 2, 2016 at the Brandon Library – 6:00 p.m. Must call to reserve a seat.