Are You Missing Something?
Got a call this week from a couple in Georgia that are both 67, still working, enjoy their jobs and were interested in getting a review of their Social Security benefits. Their plan was to wait until age 70 to maximize both their benefits. Is there anything we can do for them…..yes, yes and yes. […]
Your Birthday, Social Security and Retirement are not Synonymous
I will be 65 on June 24th, so I am planning to retire. I have worked hard my whole life and am ready to reap the rewards of my hard labors. So, in all one breath, this individual is filing for Medicare, retiring, drawing his/her Social Security and celebrating 65 years. Does it have to […]
What Qualifies for Social Security Credits?
Social Security credits are based on the amount of your earnings. Not all income qualifies for credits. In 2019, you will receive one credit for each $1,360 of earnings, up to a maximum of four credits for the year. The amount necessary to qualify for earnings increases with each year. For a person born in […]
Do You Know What Questions are Necessary? Part 2
We met with a new client referral this week that is close to age 62; she had been referred by a financial advisor. Her experience was an Interesting scenario that we thought would interest our readers. The husband is older and has been drawing his benefit for several years. The client met with staff at […]
Do You Know What Questions are Necessary? Part 1
Met with a new client this week that is close to age 62; she had been referred by a financial advisor. Her’s was an Interesting scenario that we thought would interest our readers. Husband is older and has been drawing his benefit for almost 8 years. He took an early retirement due to some health […]
The Shifting Retirement Age
In 1935, the original retirement age for Full Benefits was set at age 65. Why age 65? First, life expectancy in 1935 was at or about age 61, therefore the odds of collecting Social Security was slim to none. Secondly, Germany had the first Social Security system and that was the age they had chosen […]
Social Security Benefits are an Asset
Day in and day out, we see middle income married couples with an aggregate cumulative Social Security benefit, through life expectancy (85 for men and 88 for women), well over a million dollars as a combined asset. When we show this analysis to our clients, they are in awe as they never knew their benefit […]
Wife is Older – Strategies
Because there are more re-marriages in our society today, we see more clients where the wife is quite a bit older than the husband. This creates an unusual set of circumstances when filing for your Social Security. Why? Because if the wife is younger, the usual situation created is that the wife, if the lower […]
When Should I File?
First, people need to know when their Full Retirement Age is – most people do not know the answer to this question. The answer can be found on your SS statement. You need to set up an account at www.ssa.gov to obtain your latest SS statement and there will be a benefit amount listed at […]
Changes to Social Security for 2018
Thought we would take an article to share with our readers some of the changes that will affect Social Security in 2018. COLA (Cost of Living Adjustment) – the 61 million Social Security beneficiaries will receive a 2 percent cost of living adjustment to their benefit amount. This will make the average monthly payment go […]