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Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness QuestionnaireOr, visit my websiteI hear a lot of financial advice out there to take Social Security as early as possible. But what if I told you that for many high-net-worth retirees, claiming early could cost you several hundreds of thousands of dollars of lost income and even furthermore negatively impact your investment portfolios over time.Episode 68, 9 Reasons to Claim Social Security Early. Make sure to check that one out as well. In this episode, we'll look at the other side of the coin on why you might want to DELAY Social Security. I hope it helps!-Kevin ***Important edit***I mentioned a reduction in your "Primary Insurance Amount" when you claim benefits before Full Retirement Age. However, I meant to say there is a 30% reduction @ 62 for those who were born in 1960 or later...NOT a 35% reduction! The 35% reduction applies to a "Spousal Benefit" when claiming @ 62. Thank you, Roberto, for catching this! I will attach a link to the IRS website which has a helpful chart showing the impacts on claiming early below. https://www.ssa.gov/benefits/retirement/planner/agereduction.htmlConnect with me here:YouTubeJoin My Company NewsletterFacebookLinkedInInstagramThis is for general education purposes only and should not be considered as tax, legal or investment advice.
Home sales are starting to look weak Last week we saw the release of existing home sales in the month of January and the decline was far bigger than expected. The number of units sold on an annual basis was 4.08 million, which was a decline 4.9% compared to the prior month. Analysts were expecting a smaller decline of 2.6%. While inventory remains tight at a 3.5-month supply, it is improving. Month over month inventory increased 3.5% and when compared to last January, we saw an increase of 17%. For now, it appears that housing prices are stable with the median price of a home sold in January at $396,900, an increase of 4.8% over last January. The number of cash buyers slipped from 32% one year ago to now only 29%. What is more disturbing is the numbers on first time homebuyers. Over history, first time homebuyers have generally made up around 40% of home sales, but January data shows that has slipped to only 28%. I don't see a crash in the housing market coming, but I do believe people buying a house thinking they will make 10 to 20% on their investment over the next year or so is a mistake as I'm pretty confident those days are gone. If you're going to buy a home, buy it as a place to live and raise your family, do not try to make a quick investment return on the short term. Some home sellers are giving up As a whole, the US home selling market has had some cracks, which we have talked about in the past. The rising interest rates have kept buyers on the sidelines and people selling their homes still think they're worth more than what they can get in today's market. Also, sellers have been spoiled over the past few years thinking you put your house on the market and you should be able to sell it in less than a month. Over a longer period of time, which looks out further than just the last few years, it used to maybe take 3 to 6 months to sell a home. Home sellers really became discouraged in December as delistings soared 64% in the month compared to last year after not finding an interested buyer to purchase the home. At 73,000 delistings, this was the highest level since 2015. We could see that change if interest rates come back down, but at this point in time there's no indications that that will happen in a major way. I'm still looking for a low growth environment for the price of real estate in the coming years. Another comparison showing AI is overpriced Many people have used the comparison of the tech boom and bust when looking at the high prices for a lot of these AI stocks, which I believe has a lot of relevance. But if you go back 100 years, there's another comparison with Radio Corp. of America, which was a booming technology back then. If your company put radio in the name somewhere, you got to ride along on the upward trend. Sound familiar? RCA stock rose 200 times its value during the 1920s, but then by 1932 it fell 98%. What is even more amazing is in 1986 General Electric acquired RCA for about 72% higher than the price peak back in 1929. It has never been a wise investment strategy to overpay for any investment, which seems to mostly happens in technology. Over the years this hype cycle has happened with cannabis, electric vehicles, and 3-D printers just to name a few. No one knows where the top will be for AI, but one thing I know for certain is many people will lose far more than they could even imagine, which unfortunately will destroy their retirement portfolios. Berkshire Hathaway historically high cash balance It is no secret that Warren Buffett's company, Berkshire Hathaway, is sitting on over $300 billion in cash, which is invested mostly in T-bills. As a percent of assets, it is now just over 25%, which has never been seen before. The excess cash is caused by two things, first reducing ownership of Apple and some other stocks. Last year alone Berkshire sold 605 million shares or about 70% of its holdings in the stock. It now has a market value of only $75 billion. The second reason for all the cash is likely because of his philosophy to invest when others are fearful and sell when they are greedy. We are definitely in the greedy stage, which we have been talking about at our firm for probably over a year now. No one knows when this will change, but it will. With the expensive nature of many companies and the markets, Warren Buffett likely cannot find anything on sale that he believes is worth buying. I don't see a major crash coming in the near future, but I also don't see any big gains coming either. I do continue to believe we will likely see a correction that leads to a short-term pullback of 10 to 20%. I hope you're prepared for a few months of volatility, as I believe it is coming. What's so Special about your “Full Retirement Age”? The Social Security Administration references your “full retirement age” quite often, so it is important to understand why that matters, and why it doesn't. The main reasons this age is important is because at that point you are no longer subject to the earnings limit, and your benefit amount at that age is used to calculate spousal benefits. If you begin collecting Social Security before your full retirement age, you are subject to an earnings limit of $23,400. For every $2 of wage or self-employment income you have above that limit, $1 of your Social Security benefit will be withheld from you. Other income sources do not count and this rule no longer applies after reaching you full retirement age, meaning you can work and earn as much as you want. If you do have Social Security withheld due to the earnings limit, you will receive a credit for that when you reach your full retirement age. As a spouse if you had a limited earnings history, you may collect a spousal benefit from the record of your higher earning spouse. The spousal benefit is ½ of the higher earning spouse's full retirement age benefit amount. The age that the higher earning spouse actually collects does not change the spousal benefit. In order to receive the full spousal benefit, the lower earning spouse needs to collect at their own full retirement age. Waiting beyond that does not increase the spousal benefit, but collecting before full retirement age will reduce the spousal benefit. For those reasons full retirement age matters, but there are plenty of situations where it doesn't. If you stop working before your full retirement age, then the earnings limit is irrelevant, and if you and your spouse both have an earnings history, then spousal benefits are irrelevant. Many retirees have the belief that something special happens to their benefit amount at their full retirement age, but the truth is, your Social Security window is from age 62 to 70. Every month you wait to start, your benefit amount increases slightly. There is no additional increase upon reaching a specific calendar year, birthday, or even your full retirement age. For some it may be best to collect at their full retirement age, but for the majority of retirees it is more beneficial to collect at an age other than their full retirement age based on their individual income, asset, and tax situation. Companies Discussed: Freeport-McMoRan Inc. (FCX), Qualcomm Incorporated (QCOM), Super Micro Computer, Inc. (SMCI) & Eli Lilly and Company (LLY)
Happy New Year, 2025! People enjoy waxing philosophical this time of year, but instead, I'm gonna take a walk. Come on, you can tag along. We're going to the Cedar Creek Trail on this overcast, foggy morning. I started Hot Springs Village Inside Out months before publishing our first episode. The work began at least three months earlier, and the idea emerged even earlier. We went live online with show number one 1,309 days ago. While that seems like a long time, it was just over three and a half years ago. If HSV Inside Out were a child, we'd be a toddler. 1,309 days ago... We published our first episode of HSV Inside Out My wife and I weren't seriously considering buying anything inside the Village (yet) We weren't prepared to put our house on the market (a house we'd lived in for over 20 years) We were a year away from qualifying for Medicare We were 2-1/2 years away from reaching the Full Retirement Age for Social Security We lived in Dallas/Ft. Worth exclusively Lord willing, you'll see some growth, change, and improvement you haven't seen yet. I have high hopes for our show in 2025, and more importantly, I have high hopes for you and everyone. I'm optimistic that we'll be able to make 2025 a great year. Links mentioned in today's show: Create Your Own Trail - CLICK HERE Ernie Deaton: The Cooper Engineer Who Helped Build Hot Springs Village - CLICK HERE Thanks to our exclusive media partner, KVRE • Join Our Free Email Newsletter • Subscribe To The Podcast Anyway You Want • Subscribe To Our YouTube Channel (click that bell icon, too) • Join Our Facebook Group • Tell Your Friends About Our Show • Support Our Sponsors (click on the images below to visit their websites) __________________________________________
One of the most common questions about retirement is often "When should I claim my Social Security benefits?" On this week's episode, Laurel Steward and Gerald Green of Mattson Financial Services discuss the program's full retirement age, how it's changing in 2025 and what to consider when you're making the decision on when to claim your benefits. Plus, we'll discuss the retirement paycheck that's waiting for President Biden when he retires in January! Find more retirement resources at www.MattsonFinancial.com.
Social Security is the backbone of retirement for millions of Americans, but big changes may be coming. On this episode, we dive into the recently released proposal to raise the full retirement age to 69 and what it means for your benefits, your future, and your financial security. Read the full report: https://www.cbo.gov/system/files/2024-09/60516-Full-Retirement-Age.pdf Show Notes & Info: Schedule A Call With Scott: talkwithscott.net Tax-Free Toolkit: https://5p7b1gdm.pages.infusionsoft.net/
Navigating the Right Moment for Your Social Security Income
Join us for our podcast as we sit down with Certified Financial Planner, Gregory Kurinec, to discuss smart social security claiming strategies as you begin budgeting for an upcoming retirement.If you would like to speak with one of our attorneys, please call our office at (503) 227-0200, or visit our website at https://www.pacificcascadelegal.com.To learn more about how Gregory can help you, you can visit his website at: https://pennantplanning.com/Disclaimer: Nothing in this communication is intended to provide legal advice nor does it constitute a client-attorney relationship, therefore you should not interpret the contents as such.
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SummaryMark Riepe is joined by Rob Williams and Susan Hirshman to examine one of the most critical retirement decisions: When should you take Social Security?After you listen:Check out the helpful resources Susan mentions on the Social Security Administration's website.Listen to Mike Townsend's WashingtonWise podcast to stay abreast of the policy debates surrounding government programs like Social Security and Medicare.In this episode of Financial Decoder, host Mark Riepe examines one of the most critical retirement decisions: When should you take Social Security? When you claim too early, your benefits are reduced, and yet a large percentage of people claim at the earliest possible age. What's driving this decision? Mark, along with his guests Rob Williams and Susan Hirshman, look at three psychological phenomena that could impact the decision.Follow Financial Decoder for free on Apple Podcasts or wherever you listen.Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. If you enjoy the show, please leave us a rating or review on Apple Podcasts.Reach out to Mark on X @MarkRiepe with your thoughts on the show.Follow Financial Decoder on Spotify to comment on episodes.Important DisclosuresThe information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.[0824-HMCL]
SummaryMark Riepe is joined by Rob Williams and Susan Hirshman to examine one of the most critical retirement decisions: When should you take Social Security?After you listen:Check out the helpful resources Susan mentions on the Social Security Administration's website.Listen to Mike Townsend's WashingtonWise podcast to stay abreast of the policy debates surrounding government programs like Social Security and Medicare.In this episode of Financial Decoder, host Mark Riepe examines one of the most critical retirement decisions: When should you take Social Security? When you claim too early, your benefits are reduced, and yet a large percentage of people claim at the earliest possible age. What's driving this decision? Mark, along with his guests Rob Williams and Susan Hirshman, look at three psychological phenomena that could impact the decision.Follow Financial Decoder for free on Apple Podcasts or wherever you listen.Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. If you enjoy the show, please leave us a rating or review on Apple Podcasts.Reach out to Mark on X @MarkRiepe with your thoughts on the show.Follow Financial Decoder on Spotify to comment on episodes.Important DisclosuresThe information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.[0824-HMCL]
Learn more about how you can prepare for retirement by downloading the complimentary Retire Your Way Toolkit - https://bit.ly/4cLg96d Register for our next Journey to Retirement Online Workshop to learn more about building your income plan and a comprehensive retirement plan. - https://bit.ly/4aeNR1B Knowing when to elect Social Security can feel overwhelming. With the possibility of 81 different election options for couples, the choice is anything but straightforward. It is more than just deciding between taking benefits at 62 (when you can first elect), at Full Retirement Age (66 or 67 for most people), or at 70 (the age at which your benefit stops growing). Experienced Retirement Planner Loren Merkle explains: - The impact Social Security decisions have on your retirement, with lifetime benefits reaching up to $500,000 for individuals. - The difference between taking Social Security early vs. at Full Retirement Age (FRA) and how health and longevity play into this decision. - Why factors like your investments, and your legacy plan should be considered when making your Social Security election. Loren Merkle, CERTIFIED FINANCIAL PLANNER™, RETIREMENT INCOME CERTIFIED PROFESSIONAL®, CERTIFIED FINANCIAL FIDUCIARY® https://merkleretirementplanning.com/staff-members/loren-merkle/ -- This video does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or any other product or service by Merkle Retirement Planning LLC, Elite Retirement Planning LLC, MRP Insurance LLC, or any other third party regardless of whether such security, product or service is referenced in this episode. Furthermore, nothing in this episode is intended to provide tax, legal, or investment advice and nothing in this episode should be construed as a recommendation to buy, sell, or hold any investment or security or to engage in any investment strategy or transaction. Merkle Retirement Planning, LLC does not represent that the securities, products, or services discussed in this episode are suitable for any particular investor. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your business advisor, attorney, or tax and accounting advisor regarding your specific business, legal or tax situation.`
Chief Investment Officer Troy Harmon, CFA, CVA, is joined by Managing Associate K.C. Smith, CFP®, CEPA, and Associate Adam Stadalius, CFP®, to explain Henssler Financial's unique strategy for deciding when to begin Social Security benefits. The decision on when to begin drawing your Social Security benefits should not be made in the vacuum of which option provides the greater cumulative benefit. Read the Article: https://www.henssler.com/planning-your-retirement-balancing-social-security-and-investment-growth
Henssler Money Talks – April 6, 2024Season 38, Episode 14This week on “Money Talks,” Chief Investment Officer Troy Harmon, CFA, CVA, is joined by Managing Associate K.C. Smith, CFP®, CEPA, and Associate Adam Stadalius, CFP®, to summarize the week's market movements and cover the Manufacturing and Nonmanufacturing indices. K.C. and Adam explain Henssler Financial's unique strategy for deciding when to begin Social Security benefits. The hosts continue the theme answering listeners' questions on Social Security survivors' benefits and if a pension will affect how much Social Security benefit is received. Timestamps and Chapters00:00 Market Roundup: April 1 – April 5, 202422:11 Case Study: When to Begin Social Security Benefits32:35 Q&A Time: Social Security Survivors' Benefit and Windfall Elimination ProvisionFollow Henssler: Facebook: https://www.facebook.com/HensslerFinancial/ YouTube: https://www.youtube.com/c/HensslerFinancial LinkedIn: https://www.linkedin.com/company/henssler-financial/ Instagram: https://www.instagram.com/hensslerfinancial/ TikTok: https://www.tiktok.com/@hensslerfinancial?lang=en X: https://www.x.com/hensslergroup “Money Talks” is brought to you by Henssler Financial. Sign up for the Money Talks Newsletter: https://www.henssler.com/newsletters/
In this episode, the Big Picture in Practice podcast breaks down retirement spending and saving trends.KC Boas, the head of retirement marketing at BlackRock, shares her outlook on emerging retirement solutions including: Life expectancy and retirement planning. Access and inclusion issues in retirement. Secure Act 2.0 and retirement.You can listen to this and other episodes of Big Picture in Practice wherever you stream podcasts.Additional resources:Catch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practiceCheck out our blog: https://www.morningstar.com/views/podcasts/big-picture-in-practice/retirement-savings-spending-trends](https://www.morningstar.com/views/podcasts/big-picture-in-practice/retirement-savings-spending-trends)Subscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletterQuestions or ideas? Email us at bigpictureinpractice@morningstar.com.
What options are available regarding Social Security, and how do we determine the best time to access these benefits? As we enter our 60s, we encounter irrevocable decisions about our future, including those related to Social Security. The goal for most of us is to maximize these benefits, considering both tax and estate planning. Sam, along with Wealthquest's Director of Financial Planning, Megan Hammann, delve into three practical aspects to consider when navigating your Social Security options. We talk about whether Social Security will be here in the future and possible ways to remedy future shortfalls. We also talk about your options and what should be considered in your decision. Episode Highlights: [02:28] Megan is extremely knowledgeable about Social Security. [03:02] Should Social Security even be included in your financial plan? According to current data, by 2034, only 75% of Social Security revenue will be covered by current Social Security taxes. [04:27] Ways to solve this revenue shortage would be to generate more taxes, push back the retirement age, and reduce benefits. [07:00] The main goal of Social Security is to supplement losses in income. [07:33] Social Security was created in the 1930s as a type of social insurance that would create economic stability. [08:30] Full Retirement Age or FRA is the age when we can collect our full Social Security benefits. [09:41] There's a reduction in benefits when you take Social Security early. [10:31] After full retirement age, there's an 8% benefit increase every year up until age 70. [11:14] You can claim on your own work history, as a spouse or an ex-spouse, or survivor benefits. [13:38] Start in advance to apply for benefits. [14:50] Look at your own personal health, longevity, and how you want to care for your spouse. [15:31] You need 40 credits to be eligible, and you can earn four credits a year. Your benefit is based on your highest 35 years of working history. [17:13] Consider your health when choosing to delay your benefit. If you live longer, you may want the higher benefit. If you have poor health, it may make sense to take it earlier. [18:12] It's also important to look at your cash flow needs. [18:45] We also need to consider our loved ones, because when one spouse passes the other spouse becomes eligible for survivor benefits. [21:42] We need to weigh the pros and cons of what's more important. There isn't always a cut and dry answer. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements. Resources & Links Related to this Episode Wealthquest Get Started Living a Rich Life: The No-Regrets Guide to Building and Spending Wealth Megan Hammann Social Security Administration
In this episode, Sev and Social Security expert guests Marc Kiner, NSSA and Jim Blair discuss Social Security, Disability, Retirement, Government Pension Offset (GPO), Windfall Elimination Provision (WEP), the CFP® Exam and more. Marc Kiner and Jim Blair are the co-founders of Premier Social Security Consulting where they provide customized consulting for individuals or couples reaching their Full Retirement Age and also help them with understanding and maximizing their lifetime Social Security benefits. They also provide Social Security education and training for all types of Professional Advisors who are looking to increase the value that they bring to their clients by answering the questions they have about Social Security. Marc Kiner has 35 years of experience in public accounting where his primary area of service was to privately held businesses and individuals. Marc sold his practice in 2012 to concentrate on Social Security and co-founded the National Social Security Advisors certificate program. Jim Blair is the lead Social Security consultant at Premier Social Security Consulting, and has over 35 years of experience helping individuals manage their Social Security benefits. Jim retired after 35 years with the Social Security Administration and is also the co-founder of the National Social Security Advisors certificate program. Learn more at: https://www.premiersocialsecurityconsulting.com/ ____________________________________________ About Sev Meneshian
How to know the right timing for Social Security income
More people are saving for retirement but they are not saving enough. Late-boomer wealth continues to be impacted by The Great Recession of 2008-2009. An increase in Social Security's Full Retirement Age was a de facto cut in Social Security benefits.
Kelley covers strategies to help build tax efficiency. They include considering an in-service rollover from your 401(k), Roth IRA conversion, and life insurance. Kelley devotes the rest of the podcast to answering questions from listeners. You can reach Kelley Slaught by calling 800-810-8060. California Wealth AdvisorsSee omnystudio.com/listener for privacy information.
Kelley dedicates the entire podcast to answering listener questions on matters such as real estate, Social Security claiming strategies, long term care protection, and relocating after retirement. You can reach Kelley Slaught by calling 800-810-8060. California Wealth AdvisorsSee omnystudio.com/listener for privacy information.
What is the significance of the age of 65 in the retirement universe? Kelley covers some things to consider when you reach this age such as Medicare signup, a bigger standard deduction, and decisions on Social Security as you're not yet at full retirement age. She also offers tips on maximizing your retirement dollars and looks at rebalancing your 401(k) or IRA. You can reach Kelley Slaught by calling 800-810-8060. California Wealth AdvisorsSee omnystudio.com/listener for privacy information.
“The Cost of Claiming Social Security Before Full Retirement Age… The median loss from early claiming in the present value of household lifetime discretionary spending was a whopping $182,370.” “Why aren't more people delaying social security claims? In 2021, 31% of retired worker claims were made by people age 62…” “What Raising the Full Retirement Age Would Mean for Younger Workers… Every 12-month increase in the FRA roughly equates to a 6.5% cut in benefits.” “The bottom line for today's younger workers: If you hear a politician talking about a plan to “save” Social Security by cutting benefits, grab your wallet.” Article quoted, “Would Raising the Full Retirement Age Really Save Social Security?” by Mark Miller https://www.morningstar.com/articles/1149457/would-raising-the-full-retirement-age-really-save-social-security?utm_source=eloqua&utm_medium=email&utm_campaign=newsletter_morningdigest&utm_content=44041 Disclaimer, this content is not legal, tax, or investment advice. You should always consult a qualified professional regarding your personal situation. #MoneyNotMath #Money #Retirement #RetirementPlanning #5StoneFinancialGroup #SocialSecurity #benefits
Kelley covers valid retirement related questions that begin with the word “when.” Kelley also welcomes her special guest, America's Wealth Coach and best-selling author Coach Pete D'Arruda. You can reach Kelley Slaught by calling 800-810-8060. California Wealth AdvisorsSee omnystudio.com/listener for privacy information.
Kelley brings back the popular retirement myth busters in correcting some common misconceptions about long term care protection, debt, Social Security, and safe money. What are good questions to ask when meeting with a financial advisor? Kelley covers some of them in this podcast and also answers listener questions. You can reach Kelley Slaught by calling 800-810-8060. California Wealth AdvisorsSee omnystudio.com/listener for privacy information.
It's amazing how you can take iconic movie clips and relate them to retirement planning. If you're skeptical about that, then listen to how Marty relates lines from movies to what we should be considering in strategizing for retirement. He brings back the popular retirement myth busters in correcting some common misconceptions about long term care protection, debt, Social Security, and safe money. What are good questions to ask when meeting with a financial advisor? Marty covers some of them in this podcast. You can reach Marty Nevel by calling 888-519-9096. Smart Money SolutionsSee omnystudio.com/listener for privacy information.
Listener Q&A where Andy talks about: Whether or not to reinvest dividends when in retirementCapital gain exclusion when selling a primary residence, and the "step up in basis" when leaving a primary residence to heirs How the Social Security "earnings test" impacts benefits when under Full Retirement Age and still workingHow to amend a tax returnConsiderations when gifting stock that has appreciated in valueLinks in this episode:Boomer Benefits Facebook group page - https://www.facebook.com/groups/508122746351903My podcast episode about the 4% Rule - hereFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com
To win at any game you first have to know the rules. That's true for everything from Monopoly to your 401k. Managing your 401k is certainly no game. It's serious business. Today Rob West talks about a little-known rule about your 401k that could be a real blessing in a financial crisis. If you have a 401k retirement plan you know it's filled with rules that most people aren't fond of, but the one we're talking about today is an exception. It's the so-called Rule of 55. Normally, you're not allowed to withdraw money from your 401k without incurring a 10% penalty until you reach age 59 . But the rule of 55 is a special IRS provision that waives the penalty once you reach 55 or older. The rule of 55 also applies to 403b retirement accounts, the equivalent plan for non-profit organizations. How does it work? It only applies in a few specific conditions. For example, if you're 55 or older and leave your job, you can withdraw funds without the penalty. But you can't take advantage of the rule if you're still working at the company where you have the 401k or 403b. And, you have to leave that job in the calendar year you turn 55 or later to get a penalty-free distribution. But if you're a public safety worker, such as a police officer, firefighter, or air traffic controller, the rule actually kicks in at age 50. If you leave or lose your job before the eligible age you miss out on the rule entirely. You won't be able to take a penalty-free withdrawal until you reach the usual age of 59 . And, as with all exceptions to the 10% penalty, the rule of 55 still has tax implications. It doesn't get you out of paying taxes on your withdrawals which are considered income on your federal return, and probably your state return if your state has an income tax. All of that can be confusing, so maybe it is be easier to talk about when the rule doesn't apply. For starters, it doesn't apply to retirement plans from previous employers. It has to be the 401(k) at your current or latest job to be eligible. Also, it doesn't apply to individual retirement accounts, either a traditional or a Roth IRA. For those you'd still have to be 59 before making penalty-free withdrawals. However, there's a way around the provision that excludes previous 401k or 403b accounts. You can roll those funds over from a previous account to your current one if your employer accepts rollovers. Not all do, so check with your HR department to find out. Then, once you've completed the rollover all of the money in your current account - including the transferred amount - will be available if you make an early withdrawal under the rule of 55. Of course just because you can do something doesn't mean you should. In almost all cases, tapping into your 401k is not advisable because you're essentially robbing your future and giving up not just the money but the time you've invested in building up those funds. You may be able to replace the funds eventually, but you can never get back the time, which is critical for long term, compounding gains in your portfolio. You're essentially starting over, but with less time before retirement. So you want to avoid early withdrawals if at all possible, even if you can do it without the 10% penalty under the rule of 55. Proverbs 13:11 teaches, Wealth gained hastily will dwindle, but whoever gathers little by little will increase it. So when would it be okay to take an early withdrawal from a 401k? Only if you simply have no other choice. You can only use the rule of 55 if you're no longer with the employer where you had the account. In some cases that probably means you've lost your job or a significant part of your income due to your hours being cut. Even then, you should delay as long as possible before making an early withdrawal from your 401k. You can use the MayDay Budget, available at MoneyWise.org. It'll help you prioritize your spending. And keep in mind that you should have an adequate emergency fund of 3 to 6 months' living expenses saved up before financial calamity strikes. You want to exhaust that before making a withdrawal from your 401k or 403b. And the Mayday Budget will help you make those emergency dollars go further. On this program, Rob also answers listener questions: Will capital gains tax be owed if you sold your primary residence but had rented out a portion of it while you were living there? If you have just changed a years-old life insurance policy for $10,000 into permanent insurance and you have discovered it no longer has any value, can you stop paying into it? What's the best way to transfer ownership of your home to an adult child prior to your death if you are done with dealing with the property and they will live in it? Will working part time increase your Social Security payments if you are currently receiving disability payments? If you co-signed a $30,000 loan with your son who is no longer talking to you and has changed his name, how can you remove your name from the loan? Could a Kingdom Advisor assist you with marketing a substantial amount of jewelry you designed on Ebay, if you are not computer-savvy? If you start taking Social Security benefits prior to Full Retirement Age and they are reduced based on earned income, can you later reclaim the full benefit? RESOURCES MENTIONED: The MoneyWise Mayday Budget: https://www.moneywise.org/moneywise/the-mayday-budget-1923 https://www.score.org/ Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29
You've heard the commercials for insurance that locks your title and protects your house. But is it really worth it? Just the words, home title fraud are enough to cause concern for many homeowners. And there are several insurance products on the market that claim to provide protection. Today we'll talk about title fraud insurance on Moneywise. The idea behind it is that you're minding your own business one day and you get a call or letter saying that a lender is about to foreclose on your home for non-payment of a loan you didn't take out. You think, how could this happen? Well, an identity thief simply strolled into your county deeds office, faked your signature on a quit claim deed and transferred ownership of your home to someone else. The thief then took out a home equity loan, or refinanced with cash out, and skipped town. After a few months of nonpayment the lender is now looking to foreclose - on you. Many companies are claiming their insurance can protect you from this type of fraud. But what exactly are you buying with title fraud insurance which usually costs around $15 a month? First you have to understand what you're not buying. This isn't what's typically known as title insurance, which you should always get when you purchase a property. It protects you against any claim involving the validity of your ownership of the property. And it's a one time purchase, usually several hundred dollars. Title fraud insurance on the other hand is a completely different product. It isn't really insurance at all. It doesn't lock your title and it won't protect you if a scammer forges your signature and transfers your title. These products will usually just monitor whether your deed has been transferred out of your name at the county records office. That might be helpful, if you're able to react in time and challenge the deed transfer at the records office before the scammer takes out a new loan. So it's on you to act. Also, there's no way to actually lock a title in any state. There's nothing to stop a scammer from forging your signature and transferring a deed out of your name. The good news is you can monitor whether a fraudulent transfer has occurred. Most counties now allow you to view the status of your deed online, and some counties even allow you to sign up for automated alerts involving deed changes. But again, if you don't challenge a fraudulent deed transfer in time, a thief can still take out loans against the property. In theory, however, you don't really need protection against this type of fraud. If someone forges your signature, transfers your deed, and then takes out a loan against the property, it's still fraud. The con artist didn't legally own your property, so the lender doesn't have a legal claim to it as collateral. If the lender tries to foreclose on you it would be wrongful foreclosure and wouldn't hold up in court. Plus, the lender almost certainly required the scammer to buy lender's title insurance at closing protecting them against loss. So the lender would be covered and might not even take you to court. Take out your title insurance documents from when you purchased the property. Look to see what it covers and doesn't. It will always protect you from legal claims against your ownership, but not necessarily against fraud. If it doesn't, you can purchase a title insurance policy that protects against fraud, even if you bought the property years ago. All of this can be a bit confusing. You usually have to pay for "lender's" insurance whenever you finance the purchase of a property, but it protects only the lender. That's why it's important that you get owner's title insurance when you buy a home to protect you. It not only protects you from legal claims against your property, it will also cover any fees involved with defending your ownership. In most cases, the title company will actually provide an attorney to represent you. So the bottom line is, title insurance, always a good idea. Title fraud insurance, probably not worth the money. On this program, Rob also answers listener questions: Is there a limit to what you can earn after Full Retirement Age before affecting your Social Security benefit or how it is taxed? Are there any downsides to combining several non-qualified annuities you have owned for several years? What can you do if you co-signed a loan with your son and he is no longer paying on it and you now have a strained relationship? If your father passed away but didn't leave a will, does his estate have to go through probate even if it is only for a small amount? How can you balance purchasing decisions if you feel like you keep buying the wrong thing and are getting overwhelmed by too many decisions and too much stuff? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29
So... “when IS the best time to take Social Security?” Should you take it early, later, or right at Full Retirement Age? Is there a sweet spot where you beat the system at its own game? Entire books have been written on the topic, and there are many seminars on the topic going on almost every day. Most of the confusion about when to take Social Security income centers on SPOUSAL benefits. Today, we review the new rules of Social Security claiming-- and outline a circumstance when it makes sense for the younger spouse to start benefits early. Then health insurance and Medicare expert Shelley Grandidge joins us for the Q & A. ...A fact-filled show you don't want to miss...MASTERING MONEY is on the air!!
Don't forget about what you can and can't do before Full Retirement Age!
Retirement planning is one of the most common things a financial advisor helps with..What would your answer be to "At what age do you want to retire?" The typical answer would be when a person can take their social security at the Full Retirement Age..Now, what would your answer be to "When do you want to make work optional?" This answer could be totally different, and if it is, I want you to use the younger age for planning..Now that you have a target age to retire, the next thing you need to know is how much will you need in income every month. The easiest way to start is based on how much you're getting every month gross..This doesn't mean that this is the full amount coming out of your investments, because social security, pension, rental income, or any other sources of income will help. The difference between what you want and what is not covered from these sources of income is what will be coming out of your investment account every month..Two calculations you'll need to do:1. How much you'll have when you retire2. Take that amount and see if that will be enough.If what you're doing will accomplish your retirement goal, then that's amazing. If it doesn't then there are 3 variables you can modify:1. Retire later2. Spend less in retirement3. Save more ********************************************Want more information about RADIANT Wealth Planning? Schedule an introductory meeting with Randa @ https://go.oncehub.com/MeetGreethttps://www.RADIANTWealthPlanning.comRanda@RADIANTWealthPlanning.comInstagram @radiantrandaFacebook @ /RadiantWealthPlanningLinkedIn @ randa-hoffman-caYouTube @ RADIANT Wealth Planning, LLC
SO, “when IS the best time to take Social Security?” Should you take it early, later, or right at Full Retirement Age? Is there a sweet spot where you beat the system at its own game? Entire books have been written on the topic, and there are many seminars on the topic going on almost every day. Most of the confusion about when to take Social Security income centers on SPOUSAL benefits. Today, Steve and I will review the new rules of Social Security claiming and outline a circumstance when it makes sense for the younger spouse to start benefits early. Then health insurance and Medicare expert Shelley Grandidge joins us for the Q & A. A fact-filled show you don't want to miss...MASTERING MONEY is on the air!!!
How to know the right timing for Social Security income
Social security uses a formula with some basic features that determine how retiree benefits are calculated, including the Full Retirement Age, social security work credits, and cost of living adjustment. Donna discusses how these rules can be used in developing your social security planning strategy. Host: Donna Sowa Allard, CFP®, AIF® See omnystudio.com/listener for privacy information.
Episode 172 - As the annual Trustees' report looms, there have been a number of proposed “fixes” to the Social Security system. Is an increase in Full Retirement Age a possibility?
Everyone has questions, a common one is when to claim Social Security? Last week I had an individual in asking that very question. I think this person was like many people I talk to, they wanted a definitive answer, not a word problem from the SAT test. Sadly, there isn't a single right answer. If you want to blow your mind, you can claim Social Security in any one of the 96 months from your 62nd to 70th Birthday, if you are married your spouse has the same 96 months, so there are 192 decision points assuming one spouse has a higher earnings history there is the possibility of collecting a Spousal Benefit. Spousal Benefits stop at your full retirement age, which adds another 60 decision points. So that is 252 different options to consider? Are your eyes glazing over yet? I find Social Security claiming to be an emotional decision, not a financial decision. There is no one size fits all answer to when to claim Social Security, because of the amount of unknowns in the calculation. When you start factoring in life expectancy to the 252 decisions point it is enough to drive you mad. I always ask what is the goal for the money from Social Security? Biggest pile of money possible over your lifetime, or reclaiming your life as soon as possible. Back to my clients, he started with I should take at 62, right? I started to explain how delaying could lead to more money over their lifetime. The conversation took an immediate 180-degree turn. “Okay, then I'll wait until age 70,” was his reply. I asked how he planned to bridge the income gap not claiming Social Security would cause? Another 180-degree turn, “okay then I should take it at 62?” Round and round they went until we created a spreadsheet showing the cumulative dollars they would receive over the years. It was helpful, but it still doesn't help due to the unknown of life expectancy. Here is an example of what the decision looks like, I am using a real set of Social Security numbers, which at age 62 would pay $1,896, at age 67 would pay $2,693, and at age 70 would pay $3,340. Let's look at some numbers, at age 62, you would receive $22,752 a year which would add up to $113,760 before the 1st payment of the Full Retirement Age (67) stream and $182,016 if you waited until age 70. Over 30 years the total income (not adjusted for COLA) would be worth $682,560. At age 67, you are starting behind, but you'd have a larger payment of $2, 693 and $32,316 a year. At the end of 12 years (age 78), the stream of income from age 67 to age 79 would have caught up and be ahead of the age 62 stream by $1,008. Each month from here on out the gap would grow. At the end of the 30-year period base on starting at age 62. The 67 to 92 stream would be worth $807,900. That is $125,340 more, but you have to be alive to collect it. Finally, if you were patient and waited until age 70 your starting payment would be $3,340 a month and $40,080 a year. The 70-year-old stream start behind the 62-year-old stream by $182,016. The 67-year-old stream has a lead of $96,948. The large payment catches up to the 62 -year-old stream in the 11th year and it catches the 67-year-old stream in the 13th year. The gap continues to grow from then on. The biggest pile of money if you live to 84 years old is going to be waiting until age 70. This stream of income at the end of the age 62 30-year timeframe would be worth $881,760, which is $199,200 and $73,860 more for age 62 and 67 respectively. The conclusion is you have to make an educated guess on your health, longevity, and vitality. Knowing one's a to have the desire and ability and not be able to do things and likewise having the money, but not the ability to enjoy are the two least desired outcomes. What it boils down to is if you don't think for whatever reason you will live into your 80s, claiming early can make sense. If everyone in your family lives until their 90s waiting will lead to more money. The follow-up question is are you willing to trade the extra time waiting, for the higher payout. If you can go without the income and still be retired, it is probably okay to wait. If you are spending down assets in the hope of getting more money from Social Security, you need to dig a little deep to make sure you are making the right choice for you and your family. In my experience most people take Social Security, based around when their total income including Social Security reaches their desired level, not based on what leads to the biggest pile of money, but what lets people reclaim their life as early as possible. The CFP© in me thinks people should wait, the reality and the human being part likes to see people reclaim control of their life. Hopefully, after some planning, you can make a decision that is right for you.
The Rick Jensen Show: Social Security in 2022 - Born 1960 or later? Full Retirement Age is 67 & Things to Know Before You File (02/23/2022) www.DanWhiteandAssociates.com Dan White's Radio Show: On The Money Dan White keeps listeners in the Philadelphia and Delaware Region up-to-date with the most pressing financial issues. With over 35 years of professional financial planning experience, Dan has a talent of explaining the complex issues in his weekly show. www.DanWhiteandAssociates.com (888)690-8820 dan@danwhiteandassociates.com
In this episode, Anthony talks about Full Retirement Age and Retiring early. Send Anthony your question at livingyourbestfinanciallife@gmail.com and if selected, your question could be answered on a future episode. Join the new Living Your Best Financial Life Community at https://www.facebook.com/groups/livingyourbestfinanciallife Disclaimer: Your use of the information contained herein is at your own risk and results always vary. The content is provided 'as is' and without warranties, either expressed or implied. It is your responsibility to evaluate any information, opinion, advice or other content contained.
So... “when IS the best time to take Social Security?” Should you take it early, later, or right at Full Retirement Age? Is there a sweet spot where you beat the system at its own game? Entire books have been written on the topic, and there are many seminars on the topic going on almost every day. Most of the confusion about when to take Social Security income centers on SPOUSAL benefits. Today, Steve and I will review the new rules of Social Security claiming and outline a circumstance when it makes sense for the younger spouse to start benefits early. Then health insurance and Medicare expert Shelley Grandidge joins us for the Q & A. A fact-filled show you don't want to miss...MASTERING MONEY is on the air!!
SSA Benefits Increasing 2022 65 million Americans receives a monthly payout Beneficiaries are getting their biggest "raise" in nearly four decades COLA for 2022 came in at 5.9% the biggest increase since 1983 - 7.4% For context, last year it increased by 1.3% ***designed to keep beneficiaries on par with inflation and not help them "get ahead." Seniorsleague.org did a study in 2019 and determined that the purchasing power of Social Security benefits have lost 33% since the year 2000 FRA or Full Retirement Age is increasing 2 months from 66 years and 10 months for persons born in 1959 to 67 years for anyone born in 1960 or later. Prior to FRA permanent reduction to your monthly payout. Wait after FRA, can receive more than 100% If you wait till past age 70 you can receive 132% https://www.ssa.gov/benefits/retirement/planner/1943-delay.html High earners will pay more in taxes Last year, the Social Security program collected just shy of $1.12 trillion in income. Approximately $1 trillion was the result of the 12.4% payroll tax on earned income (wages and salary, but not investment income). This year the payroll tax was up to $142,800 2022 rising by $4,200 to $147,000 which affects about 6% of Americans - extra $520.80 Maximum monthly payouts are increasing This year maximum monthly benefits at full retirement age were capped at $3,148. 2022, the maximum monthly payout is increasing by $197 a month to $3,345. How to receive max payout Wait until FRA Work at least 35 years Perfectly hit or surpass the maximum taxable earnings cap for the 35 years the SSA uses to calculate their monthly payout. #BetterWealth www.betterwealth.com
How To Fix Social Security || Social Security Explained || Retirement Income Strategies In this podcast I want to continue talking about Social Security and especially how to fix social security (This is not a political agenda video. Strictly retirement planning). We are talking about social security because it is a major aspect of your retirement income strategies and your retirement planning. Social security, medicare, & medicaid will make up 2.5 trillion dollars of the 2022 US budget. This is a HUGE piece of retirement money, BUT social security is in serious trouble. The government admitted that by 2033, the social security trust fund will be empty. In 2034, social security is estimated that it can only pay out 78% of your social security benefit. That is why we need to fix social security and protect your retirement income! How do we fix social security? Well in a perfect world the government would budget, cut spending, and appropriate funds to social security, but we don't live in a perfect world. So, we have to fix social security with the rules that are in place for social security: 1. Raise the Full Retirement Age for Social Security beneficiaries 2. Raise Payroll Taxes (Least favorite option) 3. Raise the Cap On Taxable Wages Keep in mind this is only social security. Medicare will be empty in 2026. Who pays for all this? Again, not a political statement, just asking for my retired and soon to retire clients. **Free Retirement Download: The Roadmap to Retirement:https://yourfinancialekg.com/#download** **To schedule your free virtual retirement and investment consultation with Drew, go to https://yourfinancialekg.com/, or call 813-807-5060.** And PLEASE SUBSCRIBE, LIKE, & COMMENT! Pearl Wealth Group Drew Blackston, CRC® & RFC® Office: 813-807-5060 Info@pearlwealthgroup.com PearlWealthgroup.com Getting you to Retirement, through Retirement, & protecting YOUR ability to stay in Retirement!
Hello, and welcome back to Powering Your Retirement Radio. I am Dan Leonard, your host, and a PG&E Retirement Specialist. This week, we will talk about the Social Security clawback, which happens when you earn money and draw Social Security benefits before Full Retirement Age. What is a PG&E Retirement Specialist? I receive a question, “What is a PG&E Retirement Specialist?” A PG&E Retirement Specialist focuses on helping PG&E employees plan for and retire from PG&E. Why do you need a PG&E Retirement Specialist? Think about going to the Doctor; any competent Doctor can identify many different ailments. Likewise, most competent advisors can advise you on retirement. If you require a specialist, you likely do not want your General Practitioner helping you with major surgery. Instead, you want them to refer you to a Specialist. You can get good advice from many financial advisors if you work with a specialist. However, they have expertise in that particular area. In short, it is easier for a specialist to offer general advice than for a generalist to offer specialized advice. For instance, understanding the cost of your medical insurance. A PG&E Retirement Specialist will know to ask about your Retiree Medical Savings Account and know how it works, and a generalist may ask if you know what your health care will cost in retirement. Hopefully, that helps to clear that up. Social Security clawback Let's move on to today's topic of the Social Security clawback, which happens when you earn money while collecting Social Security. It is an issue until you reach full retirement age. Until the year you reach FRA, Social Security will claw back $1 for every $2's you earn above the earnings cap, currently $18,960 in 2021, and it is adjusted annually based on inflation. When you reach FRA, the limit is raised to $50,520. Most people will avoid working to avoid the Social Security clawback. However, there are a few options. If you decide to go back to work and it has been less than a year, you can take advantage of the one-time do-over and pay back all money paid out on your benefit, which is like it never happened. You can also keep collecting Social Security and limit your income to avoid the Social Security clawback. Neither of these two options is all that popular. Option three is to keep working, earn whatever you can, and know that the Social Security clawback will be calculated over the earnings limit. The key is they are clawed back, not forfeited. NOT A FORFEITURE What happens is the money that is clawed back is kept track of. When you reach your full retirement age, Social Security will automatically recalculate your benefits and adjust your payment to redistribute the clawed-back money over your lifetime, affective raising your benefits. For instance, let's take round numbers to illustrate the concept. Your experience would be different. Let's say you have $30,000 clawed back as part of the Social Security clawback and your remaining life expectance happened to be 30 years. Your benefit would increase by $1,000 a year. That is oversimplified because interest and other things go into the calculation, but it is the basic idea. You have to consider that some people will live past life expectations, and others won't. In short, unless you know when you are going to die, you can't know if it is this calculation will work out in your favor or not. Conclusion In the last episode, I said that most people take the money when they want it, not necessarily when needed. If you decided to collect Social Security early, but have an excellent opportunity to earn income, don't turn it down because there is a clawback on your Social Security. Be aware you will have a Social Security clawback and plan for it. You can be proactive and let Social Security know. You will get the money back but once your benefit is recalculated at Full Retirement Age. So while many people have strong feelings about the Social Security clawback, they know that it is only a clawback and a forfeiture. I hope that helps clear up the Social Security clawback and the earning limit for you. As always, I welcome your question on the Podcast Website, PoweringYourRetirement.com, and you are welcome to reach out if you want to talk in person on my office line, too. 924-726-4015. For more information, visit the show notes at https://poweringyourretirement.com/2021/09/10/social-security-clawbacks
Part II of this Emotional Wealth podcast titled, "What's Important To Know About Social Security," will walk you through the options and strategies available to you on a Individual, Spouse, and Survivor Benefit level along with concrete examples to help you navigate through this complex issue so you feel confident when it's ready to file for your Social Security Benefits.Here is What You'll Learn: 3 Stages & Strategy OptionsDeciding when is a good time to collect Social SecurityStrategy 1: Benefit Options for CouplesDiscuss and evaluate available options to determine when to file for benefits.Options: 3 Stages for filingStage 1: Filing EarlyStage 2: Full Retirement Age (FRA)Stage 3: Delayed CreditsStrategy 2: Survivor Benefit OptionsWhy do Survivor benefits work best if one spouse is expected to outlive the other.Some general rules to keep in mind
In episode 158 of Financially Simple, Justin takes a look at when you should start claiming on your Social Security. As retirement approaches, you might feel like claiming on your Social Security early or even take early retirement; or you might decide to keep working at your business and make the most of your Social Security once you do reach retirement age. Justin goes over some considerations you should have before deciding one way or the other. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ARTICLE TRANSCRIPT: BLOG: Minimizing Negative Tax Implications When Selling a Business TIME INDEX: 01:08 - When Should a Business Owner Start Social Security? 02:23 - The Three Ages of Social Security 02:33 - Full Retirement Age 03:48 - Early vs. Delayed Benefit 06:09 - Taxation of Early Benefit 08:09 - Claiming on Your Spouse's Early 10:03 - The Key Thing to Consider 12:09 - What is the Latest You Can Take it? 13:01 - Why is it Such a Big Deal? 14:23 - A Case Study for the Analytically-Minded 18:24 - So When Should You Start Collecting Social Security? 19:29 - When Should you Take Social Security at 70? 20:41 - Wrap Up _______________ USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter Determining Your Eligibility and Estimated Benefits Income Taxes and Your Social Security Benefit Best Age for Social Security Retirement Benefits Should You Take Social Security at 62? _______________ BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements. Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List. The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration. This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
What do you do if you filed for Social Security benefits too early? In this video I will share with you three things you can do to improve your Social Security benefit, even if you already filed. 1. Stop your benefit and pay back what you received. Now you can only do this in the same year you filed, be advised. Before the 2015 changes you could repay all your benefits, interest free, even if you took those benefits years prior. Those days are over now. 2. Stop your benefits to begin receiving the increases each year you delay taking them up until age 70, Say you are 64 and started your benefits at 62. Because you took your benefits before your Full Retirement Age of 66, your Social Security payment was reduced by 25% of your Primary Insurance Amount (PIA). However, if you stop your benefits now, you can still receive increases of 8% each year until you decide to start the benefits up again. No big deal. Of course, if you do this, you'll need to ask where the income will come to replace the Social Security benefit you no longer receive. Just keep that in mind. #3. My favorite strategy is to stop your benefits AND go back to work. This strategy could double your winnings because the extra year of work may replace a lower earning year in your Averaged Indexed Monthly Earnings (AIME)calculation. Remember your AIME is based on your top 35 years of earnings. Let's say you have a couple years in your AIME when you were making 20k as a dishwasher. Well if you now you get a job selling cellphones or whatever and make 90k in commissions, not only have you lopped that 20k year off your AIME but you've replaced it with 90k! On top of that because you're no longer receiving benefits you're taking advantage of the 8% a year increase on your total benefits. A win/win/win scenario here, if you ask me. Moral of the story: If you took benefits too early, don't fret. There are ways you can "fix" what you've done and be better off for it. https://money.usnews.com/money/retirement/social-security/articles/2018-02-09/what-to-do-if-you-filed-for-social-security-too-early --- Support this podcast: https://anchor.fm/josh-scandlen-podcast/support
If you were born before January 2, 1954 you are the LAST cohort to ever be able to file a Restricted Application. This means you could literally receive tens of thousands of dollars more in Social Security benefits than someone born January 2, 1954 or later. When President Obama signed the Bipartisan Budget Act of 2015, many "loopholes" of Social Security were eliminated. Mainly the ability to file a restricted application and receive Spousal benefits all the while allowing your own benefit to increase with Delayed Earnings Credits. Here's the language directly from the Social Security Administration: The loophole allowed some married individuals to start receiving spousal benefits at full retirement age, while letting their own retirement benefit grow by delaying it. Those days are over now..unless you were born before January 2, 1954. You can STILL apply for your Spousal benefits once you hit Full Retirement Age (66) and allow your benefits to increase each and every year until you reach 70. In this video, I use our fictitious couple, Bob and Jane, to show you EXACTLY how this works, Folks, if you qualify for this "loophole" you'd be crazy not to consider how you could benefit. Talk to the Social Security Administration...Now. Or talk to a professional advisor. Or better yet, talk to both! --- Support this podcast: https://anchor.fm/josh-scandlen-podcast/support
I can't begin to tell you how many times I receive an email where someone is concerned about their Social Security benefit being wrong. They look at their statement and see that they'll receive say $2,000 at FRA but when they calculate the numbers themselves they don't come up with anything close to that. Then they'll see Youtube videos and other blog posts saying "Your Social Security statement is WRONG!!!" And without understanding they'll simply believe what they see, hear or read. This is not good because it leads people to stay in their crappy, old job for many more years than they should, solely due to ignorance. So, let's look at how Social Security benefits are actually calculated. I've talked a million times to Sunday on the AIME (Averaged Indexed Monthly Earnings) numbers. You take your top 35 years of earnings, INFLATE THEM as per Social Security's guidelines) add them up, and divide by 420. That is your AIME. But your AIME is NOT your benefit amount. Your benefit amount is your PIA, which is a fraction of your AIME. To figure your PIA you take your first $895 of AIME and times by .90. You take the next amount, up to $5397 and times that by .32. Any amount above $5397 times by .15 and that is your PIA, the amount you'll receive at your FULL RETIREMENT AGE. So, let's say you're looking at your statement and see you only made $16k in 1984. You're like "Oh no. My benefit is going to be small because I wasn't make very much back then." You'd be wrong! That $16k is the same as $50 in 2017. If you made nothing but the average wage, $50k in 2017 numbers, your benefit would be $1950 at your Full Retirement Age. Not too shabby if I do say so myself. Especially if you have NO DEBT! https://www.ssa.gov/oact/COLA/AWI.html https://en.wikipedia.org/wiki/Average_Indexed_Monthly_Earnings ================================= GET ALL MY LATEST BLOGPOSTS: https://heritagewealthplanning.com If you like what you see, a thumbs up helps A LOT. It tells YouTube that people are engaged and so the Youtube algorithm will show the video to others who may be interested in the content. So, give me a thumbs up, please! Don't forget to SUBSCRIBE by clicking here: https://www.youtube.com/channel/UCSEzy4i9xrKPoaU9z0_XbmA?sub_confirmation=1 Contact me: Josh@heritagewealthplanning.com GET MY BOOKS: Both are FREE to Kindle Unlimited Subscribers! The Tax Bomb In Your Retirement Accounts: How The Roth IRA Can Help You Avoid It https://amzn.to/2LHwQpt Strategic Money Planning: 8 Easy Ways To Put Your House In Order https://amzn.to/2wKGi50 PODCAST: https://itunes.apple.com/us/podcast/josh-scandlen-podcast/id1368065459?mt=2 http://heritagewealthplanning.com/category/podcasts/ LET'S SOCIALIZE! Facebook: http://Facebook.com/heritagewealthplanning Linkedin: https://www.linkedin.com/in/joshscandlen/ Quora: https://www.quora.com/profile/Josh-Scandlen Google +: https://plus.google.com/u/1/108893802372783791910 --- Support this podcast: https://anchor.fm/josh-scandlen-podcast/support
You're thinking of retiring at 60. You wonder what the consequences will be on your Social Security benefits. By special request from a subscriber I show you EXACTLY what will happen. I even show you some of my very own Social Security numbers. Don't tell anyone though! The net result is that if you have a pension, say you are a firefighter, or a governmental employee, and can hang it up at 60. Should you continue to work for the next 6 years or so until your Full Retirement Age? Well, in my example I show you how by doing so you could net an extra $500 a month at Full Retirement Age. --- Support this podcast: https://anchor.fm/josh-scandlen-podcast/support
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