FINANCIAL INSIGHTS Share on facebook Share on twitter Share on linkedin Share on email When investing in a highly politicized climate, tune out the political noise and focus on the fundamentals. Focusing on the fundamentals while political investing is the real driver of investment returns. Mark Twain once said, “Never
Two Vital Social Security Strategies
First and foremost, Social Security protects against longevity risk. Social Security may be the most misunderstood element in your financial plan. This can result in:
- Taking Social Security at the wrong time
- Not taking advantage of Social Security strategies
- Not understanding Social Security availability
According to the Social Security Administration, 72% of current recipients receive reduced benefits because they started benefits too early. Financial planners can show you how to delay Social Security payments, and in some cases, receive a 98% increase in your Social Security payments.
Download our Social Security Optimization Report to get your custom report with quick tips to maximize benefits, and minimize taxes.
Two Favorite Social Security Strategies
1. File and Suspend Application
The higher-earning spouse files for Social Security retirement benefits at full retirement age. The lower-earning spouse also files for spousal benefits based upon the earning records of the higher-earning spouse (up to 50%). Higher-earning spouse then withdraws his/her Social Security application and repays any benefits received (period limited to one year). Even though the higher-earning spouse withdraws his/her application, the spousal benefit continues!
2. File and Switch
Lower –earning spouse files for own Social Security retirement benefits (as early as age 62). Upon the retirement of the higher-earning spouse (as late as age 70), the lower-earning spouse applies for spousal benefits (as much as 50% of the higher-earner’s rate), assuming the spousal benefits are higher!
When financial planning for divorcee’s, it is important to know that if you have been married for at least 10 years, you are eligible for spousal benefits!
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FINANCIAL INSIGHTS Share on facebook Share on twitter Share on linkedin Share on email We are all aware that substantial changes are on the horizon when it comes to financial planning. Specifically, when it comes to retirement income planning. Whether it is taxes, inflation, the national debt, or the market,
FINANCIAL INSIGHTS Share on facebook Share on twitter Share on linkedin Share on email The roles women play in the workplace, in their families and with their finances are rapidly evolving. Women across generations are taking an increasingly active role in financial decision-making and preparing for retirement, including the planning,