Hope you had a chance to read Part I of this series as it contained very important information for the ladies in our communities. As we continue this article, I am going to give you a likely example of the concerns for women:
1. SALLY – married 22 years – divorced but single
2. Age – 62 years old
3. Working, but her company is downsizing and she will probably be let go
4. Her PIA (Primary Insurance Amount) is $900 per month as she stayed home for many years raising the children
Her question to us was – how in the world can I live on $900 per month? And actually, if she drew her benefit at age 62, it would only be $712 per month.
Now, let’s take a look at her full situation based on the Rules and Regulations. RULES MATTER
1. Since she is still single, had been married 10 years and divorced for two years, and is currently age 62, she is entitled to a benefit off her ex-husband’s benefit amount.
2. Wait a minute – she just told me her ex-husband has passed away.
3. He was a surgeon and his benefit was $2,735 per month.
4. Sally is entitled to an Ex-Spousal Survivor Benefit of $2,735 per month if taken at her Full Retirement Age. Or if she takes it today, will be reduced to $2324 per month. Or Sally (because she turned age 62 prior to January 1, 2016 – Bi-Partisan Budget Act of 2015) can begin her benefits at age 62/10 months in the amount of $712 and switch to FULL Ex-Spousal Survivor Benefits at age 66 in the amount of $2,735.
Hope this example brings home many points to our readers – had Sally just gone to the Social Security office and filed for her benefit at age 62, her Life Expectancy (age 90) benefit amount would have been $239,232.00 vs. her best case scenario, after all questions were answered and all rules considered, her Life Expectancy benefit amount is $814,755.00. Therefore, this is why we do, what we do.
Social Security is not a one size fits all or even a one size fits most situation – EVERY situation is different and needs professional review. Professional advice is simply a phone call away at 601-954-0699 or email us at email@example.com or visit our website at www.pillarsllc.com. Roy and Diane are both National Social Security Advisors and Roy is a former CPA of 40 years. We are Corinth, MS residents, but we service clients nationwide.