Had a phone call last week from a client that was excited about retiring, and excited about the options we presented to him about his Social Security benefits. Over the years, he has been a great referral resource for our business. He called to tell me about two gentleman he talked to that were nearing retirement and he shared with them about having a Social Security analysis done prior to filing for their benefits. To make a long story short, they were both astonished that he would file for a benefit off his wife – they were on the short end of the stick regarding the rules and regulations that allow this option.
They were both in Tier 2, which is what we call the URGENT AGE we are currently targeting. These folks, under the new Bi-Partisan Budget Act of 2015, qualify for additional benefits; they turned age 62 by January 1, 2016 and therefore can file a Restricted Application. This Restricted Application will greatly enhance their income stream for LIFE. They did not understand that filing for this benefit will not affect their wives benefits at all, and will allow their benefit to grow at an additional 8% per year between FRA (full retirement age) and 70, or whenever they decide to take their own benefit. So, these two gentlemen are leaving money on the table, simply due to lack of knowledge.
Why then is a review necessary?
- To allow the rules and regulations to work in your favor. If you aren’t familiar with the over 2,700 rules, you could be short-changing your family’s future.
- To maximize your lifetime benefit amount and monthly income stream.
- To make sure that the person that should file first, is the optimal partner.
- To allow you the option to tell the Social Security office what you are filing for, not just what is available on your SS statement. You have three options on your SS statement – there are literally hundreds of options when filing if you know how to navigate the system. Most people get so frustrated and confused by the information available on the internet, they just give up and file. Such a shame!
- Your benefits need to be reviewed collectively, not individually; this involves not only married couples, but divorced and widowed.
This choice is up to you. But if you want to make a PLAN that will maximize all options available to you and your family, a review is absolutely necessary. Social Security is an area of expertise, just like tax law and Medicare – a professional review will give you the EDGE you have earned and deserve.
Pillars LLC is in the Corinth, MS area but service all 50 states. Roy and Diane are both National Social Security Advisors and Roy is a former CPA of over 40 years. You may contact them at firstname.lastname@example.org, on their website at www.pillarsllc.com or call at 601-954-0699. KNOW before you GO!!