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Planning Social Security Retirement?  We use Social Security Calculator to get maximum benefits.
 
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Are you getting ready to begin your Social Security Benefits? Are you uncertain which filing strategy will get you the maximum Social Security Benefits? A Maximum Social Security Report will help you understand your options and detail the best way to file for Social Security Benefits that may provide you with the most income to you and your spouse.
Views: 106621 Steve Miller
[Webinar] Maximizing Your Social Security Benefits Under New Rules
 
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Millions of people receive Social Security benefits, but many are unaware of exactly what benefits they are entitled to, as well as how much. Understanding what benefits are available to you can help reduce financial hardship and better plan for your future. Significant changes have been made to Social Security policies in the last couple of years. Joe Anderson, CFP® leads attendees through a webinar to show how to you can craft your Social Security strategy in light of the recent changes. Agenda: - Calculating your Social Security benefit - When to take your Social Security benefit - Spousal benefits - Survivor benefits - Children's benefits - Social Security claiming strategies - Social Security changes - The future of Social Security If you would like to schedule a free assessment with one of our CFP® professionals, click here: https://purefinancial.com/lp/free-assessment/ Make sure to subscribe to our channel for more helpful tips. IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, Inc. A Registered Investment Advisor. • Pure Financial Advisors Inc. does not offer tax or legal advice. Consult with their tax advisor or attorney regarding specific situations. • Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. • Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. • All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. • Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
Maximizing Social Security Retirement Benefits
 
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5 minute lesson on Social Security Retirement Benefits FREE ANALYSIS https://www.martinsenequitygroup.com/
Views: 17947 Lane Martinsen
Should I Defer My Social Security Payout?
 
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Learn to budget, beat debt, & build a legacy. Visit the online store today: https://goo.gl/GjPwhe Subscribe to stay up to date with the latest videos: http://www.youtube.com/user/DaveRamseyShow?sub_confirmation=1 Welcome to The Dave Ramsey Show like you've never seen it before. The show live streams on YouTube M-F 2-5pm ET! Watch Dave live in studio every day and see behind-the-scenes action from Dave's producers. Watch video profiles of debt-free callers and see them call in live from Ramsey Solutions. During breaks, you'll see exclusive content from people like Rachel Cruze, and Chris Hogan, Christy Wright and Chris Brown —as well as all kinds of other video pieces that we'll unveil every day. The Dave Ramsey Show channel will change the way you experience one of the most popular radio shows in the country!
Views: 68572 The Dave Ramsey Show
Video: How To Calculate Social Security Benefits
 
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For more Social Security information, visit my website at http://socialsecurityintelligence.com It’s important for you to understand how to calculate Social Security benefits. Sure, the Administration will perform this calculation for you, but if you understand the process used you may be able to spot errors and fix mistakes before it's too late. Here's how to calculate your benefit amount in 4 easy steps.
Views: 201004 Devin Carroll
GOP Quietly Passes Bill To Gut Medicare, Medicaid & Social Security
 
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Help us cover the political revolution: http://www.patreon.com/TYTNation With the nation's attention rightly fixated on President Donald Trump's horrific treatment of immigrant children, House Republicans on Tuesday quietly unveiled their 2019 budget proposal that calls for $537 billion in cuts to Medicare, $1.5 trillion in cuts to Medicaid, and four billion in cuts to Social Security over the next decade in an effort to pay for their deficit-exploding tax cuts for the wealthy. "It's morally bankrupt, patently absurd, and grossly un-American," the advocacy group Patriotic Millionaires said of the GOP's budget proposal, which calls for $5.4 trillion in spending cuts from major domestic programs." https://www.commondreams.org/news/2018/06/19/morally-bankrupt-after-tax-cuts-richest-house-gop-unveils-54-trillion-attack-nations?utm_campaign=shareaholic&utm_medium=facebook&utm_source=socialnetwork Shop at Amazon & support TYT Nation! http://ow.ly/LAKHU Like Our Facebook Page! http://www.Facebook.com/TYTNation Subscribe to our Network Partner: The Young Turks. http://www.youtube.com/theyoungturks http://www.tytnetwork.com
Views: 174056 TYT Nation
🔴Social Security Says these People Will Not Receive Retirement Benefits
 
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Social Security Says these People Will Not Receive Retirement Benefits! 85.6% of the retired 65 and older receive Social Security. The average Social Security Benefit is $1,404.00 in 2018 However, there are some folks that will not be eligible to receive Social Security Benefits. 8 Reasons Retirees will not be able to Receive Social Security Benefits. Almost all retirees in the United States do receive Social Security benefits when they retire. But those who have spent little time in the U.S. workforce, whether due to care giving or working abroad, may not qualify. Some government workers are also not eligible. With luck, people who do not qualify for Social Security retirement benefits have another form of safety net they can count on, whether it’s a government pension, benefits from their home country or a family member who supports them financially.  1. Certain Immigrants Over 65 Retired folks who immigrate to the United States will not have earned the 40 U.S. work credits they have to have to be eligible for Social Security income.  In most situations, immigrants arriving after they are retired come to the United States on family visas and they are counting on those family members for financial help.  2. Self-Employed That Pay No Taxes If you have no record of paying into the system, you’re not going to get payouts from it. In order to qualify for benefits if you are Self-employed, you have to pay both the workers portion and the employers portion of the Self-employment tax. The tax is calculated and paid each year when these workers file their federal tax returns. Those who don’t file tax returns don’t pay Social Security taxes, unlike employees whose employers withhold and remit their Social Security taxes from each paycheck. 3. Government Employees Who Don’t Pay Social Security Taxes Federal government employees hired before 1984 may have been grandfathered into the Civil Service Retirement System (CSRS), which provides retirement, disability and survivor benefits. These workers don’t have Social Security taxes deducted from their paychecks and aren't eligible to receive Social Security benefits unless they’ve earned benefits through another job or a spouse. State and local government employees, such as those who work for a state or local government agency – including a school system, college or university – will not receive Social Security benefits if they do not pay Social Security taxes 4. Certain Legal Immigrants Workers who haven't earned at least six US credits, however, can’t receive payments under totalization agreements. Legal immigrants who have earned 40 Social Security work credits in the United States are eligible to receive full US Social Security benefits. 5. Retirees that Move to Certain Foreign Countries U.S. citizens who travel to – or live in – most foreign countries after they retire can usually still receive Social Security benefits. But if that country is Azerbaijan, Belarus, Cuba, Georgia, Kazakhstan, Kyrgyzstan, Moldova, North Korea, Tajikistan, Turkmenistan, Ukraine, Uzbekistan or Vietnam, the government can’t send you Social Security payments. 6. Certain Divorced Spouses Divorced spouse that never worked and did not pay into the Social Security system will not receive benefits if the their marriage lasts fewer than 10 years. The spouse that did not work won’t be eligible to claim Social Security benefits from their former spouse’s earning record. Instead, they’ll have to accumulate enough work credits on their own or rely on the earnings record of a new spouse. 7. Workers with Too Few Social Security Credits A minimum requirement to collect Social Security retirement benefits is performing enough work to earn 40 Social Security credits. Roughly, 40 credits equals 10 years of work.   If you earn the federal minimum wage of $7.25 an hour, you’ll need 179.3 hours of work to earn 1 credit toward Social Security. By working just 15 hours a week at this wage, you’ll earn the maximum credits per year. That means even those who work part time so they can attend school or care for a child – or those who work part time because they can’t find full-time work – can earn Social Security credits without too much trouble. A spouse that is 62 and has never worked and is married to a spouse that is 62 and is collecting social security, can receive half of what the spouse is earning. 8. Workers Who Die Before Age 62
Views: 389 Wisdom Investor
Understanding the Basics of Social Security - Thought Leaders
 
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In the first segment, Steve and Tom introduce you to the basics of Social Security. For most Americans, Social Security is their only retirement plan. Understanding the basics of its benefits is crucial for every retiree. In the second segment, Steve and Tom continue outlining the basic benefits of Social Security. For more information on the topics discussed on this show just go to www.tomhegna.com Syndicated financial columnist and talk show host Steve Savant interviews popular platform speaker and best selling author Tom Hegna. Tom has several books on Amazon.com: Playchecks & Paychecks, The Retirement Masters and Don't Worry Retire Happy from his PBS Special. The Thought Leadership Series features some of the top minds in the financial industry and is sponsored by CreativeOne, an agent development organization. www.creativeone.com https://youtu.be/KGouenapvCw
Views: 2686 CreativeOne
Income Taxes & Your Social Security Benefits
 
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Social Security Administration website is a HUGE source of free information you should be reviewing regularly when it comes to your benefits. www.ssa.gov In this video we review their page on taxation of your Social Security benefits. https://www.ssa.gov/planners/taxes.html Familiarize yourself with the term "Combined Income". Most financial planners use the term "provisional income" but they mean the same thing. Take ALL your taxable income, add your tax exempt interest and half your Social Security benefit and that will give you the number to determine what your tax will be on your benefits. ================================= 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 vide 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 GET ALL MY LATEST BLOGPOSTS: http://heritagewealthplanning.com/blog/ 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
How do I calculate my Social Security Benefit
 
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Coffee.Couch.Questions. Episode #3 Today's question comes from Tim. He and his wife want to retire at age 62, but don't want to start drawing benefits until he is 70 and she is 66. How does he calculate his Social Security benefit since he is not drawing in the same year that he retires? To download the free ebook "Top 7 Investor Mistakes" just click here: http://retirementplanningmadeeasy.com/investor-mistakes It is impossible to get an exact calculation. This is because Social Security doesn't know what the cost of living adjustments will be between now and when Tim and his wife begin drawing. Here is the link to Social Security's site with the PDF that shows how benefits are calculated for year 2016: https://www.ssa.gov/pubs/EN-05-10070.pdf If that link ever comes down, I have saved the PDF on my website here: http://retirementplanningmadeeasy.com/wp-content/uploads/2016/04/Social-Security-Calculation.pdf Also, Social Security may be estimating what his earnings will be up until age 66. These estimates may be based on past earnings history. So if Tim quits work at 62 and Social Security was estimating that his future income was going to keep going up and thus increase his Social Security benefit, this could affect how close his estimated benefit is. This should have too big an impact though. Also, keep in mind that Social Security is going to use your highest 35 earning years (adjusted for inflation). So if you don't have 35 years, they will put $0's in as placeholders for the remainder. So if you have less than 35 years of earnings, Social Security may have been assuming that you were going to work up until 66 (and thus get a full 35 years in). Thus, if you quit working before getting those 35 years in, your actual benefit may be less than what Social Security was estimating. So keep this in mind if you don't yet have 35 years of earning history by age 62. Hope that helps. To download the free ebook "Top 7 Investor Mistakes" just click here: http://retirementplanningmadeeasy.com/investor-mistakes To read the full article with this video click here: http://retirementplanningmadeeasy.com/how-do-i-calculate-my-social-security-benefit/ Disclosures: Investment Advisory Services offered through Retirement Wealth Advisors Inc. (RWA) a Registered Investment Advisor. Retirement Planning Made Easy / Tri-State Financial Group and RWA are not affiliated. Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision. This information is designed to provide general information on the subjects covered, it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Retirement Planning Made Easy / Tri-State Financial Group and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney. Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurer. Any comments regarding safe and secure investments, and guaranteed income streams refer only to fixed insurance products. They do not refer, in any way to securities or investment advisory products. Fixed Insurance and Annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by Retirement Wealth Advisors Inc.
How To Maximize Social Security Benefits (Part 1 2018)
 
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#1. Make sure your earnings record has been recorded correctly. #2. If you have zero in your earnings record, every year you work will increase benefits. #3. Coordinate your benefits with your spouse. #4. MINIMIZE taxes! #5. Take advantage of your TWO Standard Deductions ================================= If you like what you see, a thumbs up helps A LOT. 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 GET MY BOOK: Strategic Money Planning: 8 Easy Ways To Put Your House In Order It's FREE if you're a Kindle Unlimited Subscriber! https://amzn.to/2wKGi50 GET ALL MY LATEST BLOGPOSTS: http://heritagewealthplanning.com/blog/ PODCAST: https://itunes.apple.com/us/podcast/josh-scandlen-podcast/id1368065459?mt=2 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
Canadian Old Age Security Pension Plan
 
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This is a Video I worked collaboratively with Xuan Zhang for WoodGreen Community Services http://www.woodgreen.org/ Vectors by: http://www.freepik.com/ and http://www.lanrentuku.com/
Views: 9172 Ray Huang
Social Security Spousal Benefits (Case of Bob and Jane)
 
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Social Security Spousal Benefits care confusing. In this video, we examine how Social Security Spousal benefits work and when you should apply for them. First, spouses will receive the greater of their own Social Security benefit or 50% of their spouses, whichever is more. However, did you know some divorcees can also receive spousal benefits on their ex??? Click here for this video: We introduce our fictitious couple, Bob and Jane. For simplicity, we have Jane not working, for an income, and Bob working full time. We show what Bob's AIME is, as well as his PIA. And then we show what Jane's benefit will be based on Bob's PIA. (See why it's so important to understand how AIME works? Bob's AIME affects not just his benefit but also Janes!) Here is the video on understanding AIME. https://youtu.be/hRuiUbXD6Rs The max spousal benefit Jane can receive is 50% of Bob's PIA. Remember, it's 50% of his PIA, nothing else matters to Jane in regard to her spousal benefit. However, if Jane takes her spousal benefit early, before her Full Retirement Age (FRA), she will have her spousal benefit reduced. In this case, we have Jane retiring at 64 thus her benefit will be 41% of Bob's PIA. So, Jane starts with a maximum of 50% of Bob's PIA and depending on when she claims, that 50% benefit can be reduced. But remember, Jane's spousal benefit can NEVER be more than 50% of Bob's PIA! So, it makes absolutely no sense at all for Jane to wait beyond her FRA to claim her Spousal benefit. She gets no benefit in delaying her spousal benefit beyond FRA. You MUST remember that folks. If you are the spouse and someone says you can get earnings credits for delaying taking your spousal benefits beyond your FRA, please run, don't walk, away from whoever is telling you this! (On a side note, for those of you born before Jan. 2, 1954, you are the last cohort that can file a restricted application and I have a video on that here. What that means is you can file for your spousal benefits and allow your own benefit to increase with delayed earnings credits. Again watch my video to learn more. Born Jan. 2 1954 or later? Sorry, this no longer applies for you.) It's critical to account for your Spousal Benefit in your retirement plan. If you are not, you are overtaxing your investment portfolio in your analysis which may lead you to make an error in your decision making. ================================= If you like what you see, a thumbs up helps A LOT. 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 GET MY BOOK: Strategic Money Planning: 8 Easy Ways To Put Your House In Order It's FREE if you're a Kindle Unlimited Subscriber! https://amzn.to/2wKGi50 GET ALL MY LATEST BLOGPOSTS: http://heritagewealthplanning.com/blog/ PODCAST: https://itunes.apple.com/us/podcast/josh-scandlen-podcast/id1368065459?mt=2 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
How Your Spouse Earns Social Security Survivors Benefits
 
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Social Security Survivor benefits; We review the specific document from the Social Security Administration that discusses Survivor benefits. Below we're going to post verbatim highlights from the document... You definitely want to read this yourself. There is A LOT going on here. So think this through before doing anything rash. It's very important: "You cannot report a death or apply for survivors benefits online. We should be notified as soon as possible when a person dies. In most cases, the funeral home will report the person’s death to us. You should give the funeral home the deceased person’s Social Security number if you want them to make the report. If the deceased was receiving Social Security benefits, you must return the benefit received for the month of death and any later months. Who receives benefits? Certain family members may be eligible to receive monthly benefits, including: A widow or widower age 60 or older (age 50 or older if disabled); A surviving divorced spouse, under certain circumstances; A widow or widower at any age who is caring for the deceased’s child who is under age 16 or disabled and receiving benefits on their record; An unmarried child of the deceased who is: Younger than age 18 (or up to age 19 if he or she is a full-time student in an elementary or secondary school); or Age 18 or older with a disability that began before age 22. If you are the widow or widower of a person who worked long enough under Social Security, you can: receive full benefits at full retirement age for survivors or reduced benefits as early as age 60. If you qualify for retirement benefits on your own record, you can switch to your own retirement benefit as early as age 62. If you remarry after you reach age 60 (age 50 if disabled), your remarriage will not affect your eligibility for survivors benefits. A few other situations: If you already receive benefits as a spouse, your benefit will automatically convert to survivors benefits after we receive the report of death. If you are also eligible for retirement benefits (but haven't applied yet), you have an additional option. You can apply for retirement or survivors benefits now and switch to the other (higher) benefit at a later date. For those already receiving retirement benefits, you can only apply for benefits as a widow or widower if the retirement benefit you receive is less than the benefits you would receive as a survivor. If you became entitled to retirement benefits less than 12 months ago, you may be able to withdraw your retirement application and apply for survivors benefits only. If you do that, you can reapply for the retirement benefits at a later date when they will be higher. Surviving Divorced Spouse If you are the divorced spouse of a worker who dies, you could get benefits the same as a widow or widower, provided that your marriage lasted 10 years or more. Benefits paid to you as a surviving divorced spouse won't affect the benefit amount for other survivors getting benefits on the worker's record. If you remarry after you reach age 60 (age 50 if disabled), the remarriage will not affect your eligibility for survivors benefits. If you receive benefits as a widow, widower, or surviving divorced spouse, you can switch to your own retirement benefit as early as age 62. This assumes you are eligible for retirement benefits and your retirement rate is higher than your rate as a widow, widower, or surviving divorced spouse. In many cases, a widow or widower can begin receiving one benefit at a reduced rate and then, at full retirement age, switch to the other benefit at an unreduced rate." https://www.ssa.gov/planners/survivors/ifyou.html#h3 ================================= 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 vide 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 GET ALL MY LATEST BLOGPOSTS: http://heritagewealthplanning.com/blog/ 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
Social Security Survivor Benefits
 
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We learn about Social Security survivor benefits and how this impacts the Social Security claiming decision.
Views: 18959 NYLCRI
Restricted Application Social Security (2018)
 
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Folks, 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! https://joshscandlen.com/born-jan-2-1954-not-miss-social-security-opportunity-born-jan-2-1954-later-miss-sorry/ https://www.ssa.gov/planners/retire/claiming.html https://faq.ssa.gov/link/portal/34011/34019/Article/4267/Can-I-restrict-my-application-for-benefits-and-apply-only-for-spouse-s-benefits-and-delay-filing-for-my-own-retirement-benefit-in-order-to-earn-delayed-retirement-credits
Should I Draw Social Security At Age 62 or 66 or 70
 
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If you've ever wondered, "Should I draw Social Security at age 62 or 66 or even age 70?" then here is one of the biggest factors you need to know about when it comes to the Social Security rules. To download the free e-report "How To Avoid Annuity Traps" just click here: http://retirementplanningmadeeasy.com/annuity-traps The difference between the best and worst Social Security claiming strategy can be over $100,000 of lifetime benefits. That's a lot of money on the table. So here is one important factor that affects your Social Security benefit. It has to do with your age. If your full retirement is 66 then here is how drawing early or later will affect your benefit. 62 - 75.0% 63 - 80.0% 64 - 86.7% 65 - 93.3% 66 - 100.0% 67 - 108.0% 68 - 116.0% 69 - 124.0% 70 - 132.0% It's important to know how your age affects your benefit. But there are also some subjective factors to consider as well. You may want to draw early if: - Willing to sacrifice higher income later, for lower income now - You can’t stand your job - You do not expect to live a long time - You are afraid Social Security will not be around in the future You may want to delay drawing Social Security until later if: - Willing to sacrifice present income for a larger income in the future - You have longevity in your family - You are still working - You want to maximize the benefits for your spouse after you are gone To download the free e-report "How To Avoid Annuity Traps" just click here: http://retirementplanningmadeeasy.com/annuity-traps Best of luck! Chris Hammond Disclosures: Investment Advisory Services offered through Retirement Wealth Advisors Inc. (RWA) a Registered Investment Advisor. Retirement Planning Made Easy / Tri-State Financial Group and RWA are not affiliated. Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision. This information is designed to provide general information on the subjects covered, it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Retirement Planning Made Easy / Tri-State Financial Group and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney. Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurer. Any comments regarding safe and secure investments, and guaranteed income streams refer only to fixed insurance products. They do not refer, in any way to securities or investment advisory products. Fixed Insurance and Annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by Retirement Wealth Advisors Inc.
Taxes On Social Security - How NOT To Pay Them
 
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Taxes on Social Security benefits can be very frustrating. Especially for people who don't have a huge income to begin with. However, you're going to have to pay them, regardless of how you feel. In this episode, we walk you through chapter 3 of my book The Tax Bomb In Your Retirement Accounts where you can see how the taxes on Social Security are derived. Once you figure that out, we show you how to AVOID them, with the Roth IRA, of course! ================================= 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 vide 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 GET ALL MY LATEST BLOGPOSTS: http://heritagewealthplanning.com/blog/ 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
Top 5 Social Security Strategies To Maximize Benefits
 
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Top 5 Social Security Strategies To Maximize Your Retirement Benefits - http://youtu.be/vK3hHN85GVI Here's Your Complimentary E-book - Social Security Income Maximization Guide - http://americasretirementincome.com/social-security-income-maximization The Road To Higher Income In Retirement Begins here. In this video we will discuss in detail the Top 5 Social Security Strategies used today to maximize your lifetime benefits. ----- Caution: Our Road to a Comfortable Retirement may be filled with many risks. Along the way, we will also show you some of the "caution" signs to watch out for when using these strategies. ----- Make sure you stay tuned to the end of this short video. We will be giving to everyone a Complimentary copy of our Social Security Income Maximization Ebook that covers all these Social Security Claiming Strategies. So, let’s get started. ----- Our Top 5 Social Security Strategies For Maximum Benefits include: Single - Married – two different strategies Divorced Widowed ----- How many of you watching this are gonna turn on your Social Security Income at 62? Because; • it ain’t gonna be there • our government is broke • or maybe because “It’s your money and you want it now?” ----- Let’s get to The Top 5 Social Security Strategies For Maximum Benefits ----- Strategy #1: Social Security Benefits If You Are Single Maximize Lifetime Earnings One of the easiest ways to increase your lifetime Social Security benefits is to maximize your earnings record. Remember, your benefits are determined by taking your highest 35 years of earnings, including zeros. Max Factor: Make More Working = Earn More Lifetime Benefits Choose the Best Date to Retire As you can see in the chart to the right, the longer you wait to collect, the higher your lifetime income will be. Your choices are: Begin at 62 = 70-75% of your PIA Begin at FRA = 100% of your PIA Begin after FRA = 8% Delayed Credits up to the age of 70. At age 70, your benefit = up to 132% of your PIA. Max Factor: The Longer You Wait = Earn More Lifetime Benefits ----- Strategy #2: There are two different social security strategies if you are married. The first strategy we will discuss is the Social security spousal benefit called file and suspend. --- The File and Suspend Strategy allows you to collect 1/2 of your spouse’s benefits amount at your own full retirement age --- Let’s review How this strategy works For example: Let’s say John’s Social Security Benefit is $2,200 And, Mary’s Social Security Benefit is $300 – Maybe Mary stayed at home with the kids while they were in school, or just worked part-time. By taking one half of John’s benefits at full retirement age, Mary’s spousal benefit is now $1,100, which is much higher than her own $300 benefit. ----- Proceed with caution though, here are some important spousal benefit rules: As mentioned previously, a spouse at Full Retirement Age can get full spousal benefit which is 50% of other spouses benefits. Benefit is reduced if started earlier between the ages of 62 & full retirement age. One spouse must claim their benefits or, file & suspend their benefits at full retirement age for the other spouse to collect the spousal income benefit. ----- A common question I get asked is, What if I file and suspend and my health changes before I reach age 70? And What if the market crashes again like a few years ago? ----- The answer: If you file and suspend your social security benefits, you can change your mind, anytime prior to receiving your benefits. You can then request a lump sum payout of your social security benefits back to the original date of suspension. This comes in handy when you encounter unforeseen health or financial problems. ----- Strategy #3: The Second Married Strategy is The Restricted Application At your Full Retirement Age, you may restrict your application to half of your spouse's full retirement age benefits. Strategy #4 is The Social Security Survivor’s Benefit. It is very important for a couple to plan ahead to maximize the surviving spouse’s lifetime income benefit. Strategy #5 is the Divorcee Benefits. Let’s look at John and Mary now that they have divorced. In Closing: We covered in this video the Top 5 Social Security Strategies to Maximize Your Benefits In Retirement. Thank you for staying to the end of this short video. We hope this video was informative. Please subscribe to our channel America’s Retirement Income below to receive the most up-to-date retirement income planning information. Also, click the link below this video to get your complimentary copy of our Social Security Income Maximization E-book. ----- Visit us on the web at www.americasretirementincome.com. America's Retirement Income Brian Neff CEO and Chief Investment Officer http://americasretirementincome.com/ Facebook: https://www.facebook.com/AmericasRetirementIncome
3 Social Security Secrets You Probably Don't Know
 
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Social Security is an essential part of most people's financial planning for retirement. But many people don't know everything they should about the Social Security program. In the following video, Dan Caplinger, The Motley Fool's director of investment planning, looks at three Social Security secrets that few people know. Dan points out that only 70% of the program's 57 million beneficiaries are retired workers, with disabled workers, survivors, and dependents making up the remainder. He also notes that some state and local government workers don't participate in Social Security, instead having their own separate pension plans. Dan concludes with a reminder that divorced spouses can claim benefits under an ex-spouse's work history under certain circumstances, as long as they were married 10 years or more and meet other requirements. Investing made simple: The Motley Fool's essential guide to investing is now available to the public, free of cost, at http://bit.ly/1atRpHZ. This resource was designed to cover everything that new investors need to know to get started today. For your free copy, just click the link above. Visit us on the web at http://www.fool.com, home to the world's greatest investing community! ------------------------------------------------------------------------ Subscribe to The Motley Fool's YouTube Channel: http://www.youtube.com/TheMotleyFool Or, follow our Google+ page: https://plus.google.com/+MotleyFool/posts Inside The Motley Fool: Check out our Culture Blog! http://culture.fool.com Join our Facebook community: https://www.facebook.com/themotleyfool Follow The Motley Fool on Twitter: https://twitter.com/themotleyfool
Views: 50913 The Motley Fool
Social Security Part 3 - Collecting Your Benefits
 
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http://lethemonfinancial.com/retirement-planning/social-security/ Social Security Part 3 - Collecting Your Benefits In this video I am going to discuss: When you can collect your benefits When should you collect your benefits Working while collecting Social Security and How your benefits may be taxed Starting to Collect. Basically you have 3 options of when you can start collecting your Social Security benefits. You can collect a reduced benefit as early as age 62. You can collect your full benefit at your full retirement age or you can increase your benefit by delaying past your full retirement age, to as late as age 70. Collecting your benefits early If you choose. Anyone can begin collecting Social Security Benefits as early as age 62. However, your benefits will be reduced by a different percentage depending on when your full retirement age is. So, for example, if your full retirement age is 66 your benefits will be reduced by 25% if you start collecting at age 62. Important to note, is that this is a permanent reduction in your benefits. Your benefits will not jump up when you reach full retirement age. Also, as we'll review later, this will also permanently affect the amount your spouse would get as a survivor benefit. What if I collect at 63? What if I want to start collecting at 63? Well, its usually pretty easy to find information about how much you would get if you started to collect at 62 or 66. But what if you retired at 63 or 64 or 65? Well, the good news is, that Social Security does have a formula to calculate this, however, the bad news is just like most things the government does, they don't make it very easy. So here is there formula. They will reduce your full retirement age benefit by 5/9's of 1% for every month you collect early for the first 3 years, and 5/12's of 1% for every subsequent month. Got that? I know its a little confusing. Remember you can go to the Social Security website to use their calculator. Delaying benefits beyond FRA Another important thing to know, is that you don't have to take your benefits right away when you reach full retirement age. In fact for some people there can actually be a significant advantage to delaying your benefits. Depending on the year you were born, you will get an increase to your full retirement age benefit for every year that you don't take a payment. and it's pretty good. If you were born in 1943 or later, Social Security will increase your payment by 8% for every year that you delay. When to start collecting So obviously there are some very important considerations in deciding whether to collect early, wait until full retirement age, or delay your benefits. Here are a few things to keep in mind. First of all, do you need the money? Are you actually retiring? Your health and family history of longevity The age and health of your spouse Whose benefits will your spouse collect? Do you plan to work more before you reach full retirement age? A lot of people want to know what happens if they continue to work after they begin collecting benefits. If you are collecting benefits prior to your full retirement age, you can earn up to $14,160 with no reduction in your benefits. But, your benefit will be reduced by $1 for every $2 that you earn above that limit. In the year you reach full retirement age, they are a little more liberal with the earnings limits. In this year, you can earn up to $37,680 without a reduction. If you go over, your benefit will be reduced by $1 for every $3 that you exceed that limit for the months prior to reaching your full retirement age. Working beyond FRA In the month that you reach your full retirement age, there is no limit as to how much you can earn. There is no reduction to your benefits. One more thing. If you choose to work while collecting Social Security, you will lose all of the FICA tax collected from your paycheck. Unless you really need the money, it probably doesn't make a lot of sense to collect social security while your still working.
Views: 3919 Money Evolution
How to maximize Social Security benefits - Let's Get Down to Business
 
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Maximizing Social Security benefits is the end game in retirement planning. Delaying benefit until age 70 can significantly increase the monthly payout. But not everyone can delay their benefits due to poor financial or health conditions. For married couples where there's a disparity in earnings, "file and suspend" may be an option to consider. When you reach full retirement age (FRA) the higher earner files, but suspends their benefits until age 70. While the other spouse (at their FRA), in turn, can receive the spousal benefit. This is just one of the opportunities to maximize Social Security benefits. Tom describes some sales scenarios to dramatize the impact of optimizing benefits. Syndicated financial columnist and talk show host Steve Savant interviews author, platform speaker and PBS television media guest Tom Hegna, CLU, ChFC, CASL. This is episode 3 of 5 in the series, Managing Social Security Benefits, America’s #1 Retirement Plan. Tom's books: Paychecks & Playchecks, Retirement Income Masters and Don't Worry, Retire Happy. https://youtu.be/gBaM4elDmv8
Views: 10865 Ash Brokerage
Social Security For Divorcees (Married More Than 10 Years?)
 
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Maybe the best financial planning I've ever conducted is working with ex-spouses in planning for their retirement. I can't tell you how many ex's do not understand the benefits they are entitled to off their ex-spouses record. And once they are made aware of this opportunity, it's like a dark curtain is lifted and a whole world of new opportunities opens in front of them. For instance, I had a client who lived in Pennsylvania. She had been married many years to a high-income doctor. But, as is this case with 50% of marriages, they divorced. My client wanted out of the relationship as quickly as possible and turned out, in hindsight, she didn't hold out for as much as she probably should have. And now, as retirement approached, she was worried how she was going to pay for everything. She was especially worried about if she had a long term care need and would have to have her daughter care for her. It was very important to her to have Long Term Care Insurance policy. But it was out of her reach given her limited retirement income. So, here comes ole Josh. And I simply asked her, "were you married more than 10 years?" "Yes," she replies. "Do you plan on getting remarried anytime soon?" "Nope." "Were you making much money when you were married?" She chuckled at this. "Hardly! I was taking care of the kids. So I had NO INCOME!" Light goes off over my head. She needs to march down to the Social Security Administration office and see if she can qualify for a spousal benefit on her Ex-hub's record. "But what if he says no?" She asks me. "Doesn't matter, because he will NEVER KNOW! Has NOTHING to do with him." Long story short, she qualifies for an additional $300-$400 a month or so on his record. That was almost the EXACT cost of her Long Term Care Insurance policy too. So, it was a win/win for her. She felt a bit more vindicated in not holding out for more assets from her divorced husband. And she was able to get more income to cover an insurance policy she wanted. Will this happen all the time? Of course not. Does it happen enough, though, that it's worth pursuing? Absolutely! It's YOUR money too! Oh, by the way, did you know if you're a widow you will likely pay MORE in taxes even though you have LESS income? Yup. Watch this video: https://youtu.be/ab-x2Nn_Uhw Oh, it doesn't stop there. How about paying more in Medicare B and D premiums too? Yup. https://www.youtube.com/watch?v=i2zqvKUXbZk Oh, how about Social Security taxes too? Yup! https://www.youtube.com/watch?v=azafbEGUitI https://blog.ssa.gov/ex-spouse-benefits-and-you/ https://www.ssa.gov/OP_Home/handbook/handbook.15/handbook-1510.html ================================= If you like what you see, a thumbs up helps A LOT. 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 GET MY BOOK: Strategic Money Planning: 8 Easy Ways To Put Your House In Order It's FREE if you're a Kindle Unlimited Subscriber! https://amzn.to/2wKGi50 GET ALL MY LATEST BLOGPOSTS: http://heritagewealthplanning.com/blog/ PODCAST: https://itunes.apple.com/us/podcast/josh-scandlen-podcast/id1368065459?mt=2 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
The BEST Age to File for Social Security
 
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https://socialsecurityintelligence.com | What is the best age to file for Social Security? It can seem confusing so here's a few things to think about.
Views: 553506 Devin Carroll
Retire at 55 - What Happens to Your Social Security
 
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By a subscriber request, yesterday I did a video on what happens to your Social Security when you retire at 60. https://youtu.be/x2siQPG1d9c That video got me thinking...a lot actually. In fact, I woke up at 4:30 with numbers crunching in my head. Yes, I'm an odd bird indeed. But yesterday's video was huge for me. Because it showed me proof that working an extra few years in some crappy old job you hate simply is not worth it, at least when it comes to the extra benefits you'll get from Social Security. In fact, what I showed is that if you work an extra 5 years or so, you'll get an extra $500 a month in benefits. Which may sound nice. But when you think about it like this a full job, 40 hour work week, equals 2080 hours of labor a year. Thus to work an extra 12,000 hours for an additional $6,000 year of benefits, just doesn't seem like a good tradeoff to me. In pure numbers way you live 20 years in retirement. Because you worked that extra 6 years you were able to capture an extra $6k a year in Social Security benefits. $6k a year times 20 years = $120,000, $120k is the extra amount you'll gain from Social Security for working an extra 12,480 hours. If we divide $120,000 by 12,480 hours we get an hourly wage of $9.61. And that doesn't even include the time spent commuting getting up in the morning etc. Is it worth it? Especially at a job you hate??? I don't see it. So, I crunched the numbers for someone thinking the same at 55. Again, I just don't see it. Now, if you like your job, hey, more power to you. Or if you have debt and need the cash, you probably need to stay put and not go raise chickens full time in the backyard. But the amazing thing about having no debt is that if you can't stand what you're doing for work... QUIT!!! Do something you love. You'll be happier, more productive and maybe, just maybe you'll make more income. I don't know about the last part, but if you're just staying on for Social Security money in the future, this video will show you why that's a huge mistake. ================================ 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 vide 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 GET ALL MY LATEST BLOGPOSTS: http://heritagewealthplanning.com/blog/ 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
🔴 The new 2018 Social Security Numbers
 
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Social Security Document: http://bit.ly/marathonss In this week's episode, I am going to give you the 2018 earnings numbers for Social Security taxes, the COLA adjustment, and the maximum payment from Social Security. As well as some other numbers about Social Security you should know.. Knowing the numbers can help you plan for a number of things throughout the year, especially if your income exceeds the limits and you stop paying the 6.2% Social Security Tax. Stay tuned for few tips on what to do. This is the PG&E Retirement show brought to you by Marathon Retirement Planning Join us LIVE every Monday at 11 am PST Replays available on YouTube Subscribe to the show to get alerts. The PG&E Retirement Benefits Show is hosted by Dan Leonard of Marathon Retirement Planning Ph: 925-726-401K eMail: Dan@MRPPFG.com Calendar Link: https://calendly.com/marathon/pge *Marathon Retirement Planning is an independent investment advisor and not affiliated with PG&E
Having a Retirement Plan that Integrates with Social Security  - Right on the Money – Part 2 of 5
 
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Sub Headline: In Retirement Planning, Everything Is Correlated Synopsis: Sir Isaac Newton’s Third Law of Motion has been distilled down to a simple axiom, “to every action there is an equal and opposite reaction.” Money in motion has a similar financial counterpart related to the science of physics. When you receive income, you’ve become the great prime mover. You’ve put money in motion. You’ve initiated a cascading domino effect that may have multiple tax ramifications, especially for Social Security benefits in retirement. Content: You just can’t put money in motion without determining its overall impact on your tax bill. Why? Because in retirement, every dollar matters. It’s surprising most people will plan for a 30-day vacation, but not plan for their 30-year retirement. Learning the basic rules of economic engagement can help you keep more of your hard-earned money. Watch the interview on retirement planning with Tom Hegna, popular platform speaker, retirement expert and best selling author. Tom has two retirement books entitled Don’t Worry Retire Happy and Paychecks and Playchecks. Tom has also hosted the PBS Special, “Don’t Worry Retire Happy.” The U.S. tax system is the most integrated and convoluted tax trap ever created from the vain imaginations of men. Almost every type of income imaginable is purposely correlated to capture the most tax revenue, especially in retirement. A good retirement course of action is going to manage taxes as a key strategy to put more money in your pocket. Some seniors believe municipal bond income is the way to reduce their tax bill. But with one retiree, the quest for tax-free income from his municipal bond holdings resulted in multiple taxable events. That senior’s portfolio was inordinately rich in municipal bonds. The “psychonomics” revealed his utter hatred for taxes. Sadly, some of his municipal holdings were treated as preference items and triggered the alternative minimum tax. One bond actually appreciated and triggering a capital gain tax. But all of his municipal bond income was includable for Social Security, resulting in an ordinary income tax on his benefits. Everything is correlated. So before you put money in motion, determine the tax ramifications first. Keep in mind almost every form of income is includable in the Social Security provisional income test. As a result, many seniors pay ordinary income tax at the second Social Security tier, but not income from a Roth IRA, reverse mortgage or policy loans from a non-modified endowment life insurance contract. It is conceivable with certain deductions and exemptions, simultaneous income from Social Security benefits, Roth IRAs, a reverse mortgage and policy loans from a non-modified endowment life insurance contract can all be distributed tax-free. That’s money in motion in its most efficient use, i.e., more money in your pocket. Nationally syndicated financial columnist Steve Savant interviews Tom Hegna, popular platform speaker, retirement expert and best selling author. Tom has two retirement books entitled Don’t Worry Retire Happy and Paychecks and Playchecks. Tom has also hosted the PBS Special, Don’t Worry Retire Happy. (www.rightonthemoneyshow.com) https://youtu.be/LZKj7-QROW8
How to optimize Social Security benefits for survivors & divorcees - Let's Get Down to Business
 
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Survivorship benefits can play a huge role in the lives of survivors and there are some significant options currently available to consider. The surviving spouse could take survivor benefits immediate at age 60 or older. The surviving spouse could also take their own benefit at age 62 and at age 66 switch to her survivor benefit. Tom brings up a third optimized strategy that may increase the payout substantially. There are three keys things to know about Social Security to make easy to determine what course of action to take to maximize your benefits. You need to know your benefit, the survivor benefit and spousal benefit. You may be able to collect on your ex spouse if you were married 10 years, been divorced at least 2 years and not currently married. Each scenario, or combination of scenarios, needs to be weighed to maximize survivor benefits. Syndicated financial columnist and talk show host Steve Savant interviews author, platform speaker and PBS television media guest Tom Hegna, CLU, ChFC, CASL. This is episode 4 of 5 in the series, Managing Social Security Benefits, America’s #1 Retirement Plan. Tom's books: Paychecks & Playchecks, Retirement Income Masters and Don't Worry, Retire Happy. https://youtu.be/zKSDpJRpo60
Views: 10452 Ash Brokerage
Coordinating Social Security Spousal Benefits
 
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Register for the Understanding Your Retirement Benefits Live Stream Event! http://moneyevolution.com/understanding-social-security-yt I'm going to be talking about Social Security spousal benefits. This video is part of a little series I put together all about Social Security. So if you missed any of the other videos, be sure to check those out. I'm going to put some links here in the description for this video so you can check those out after you finish watching today. Also, we have a Social Security guide that's available on our Free Resources section of moneyevolution.com, and I'll put a link here in the description for that guide as well. Social Security spousal benefits. If you're married, as you probably know, you may be entitled to Social Security spousal benefits even if you never contributed to Social Security yourself. Your spousal benefits are actually equal to up to 50% of your spouse's primary insurance amount at your full retirement age. So just to kind of refresh there, your primary insurance amount is the amount that you're eligible for at your full retirement age. If you decide to, you can collect those spousal benefits early, but they will be reduced. So for example, you can take spousal benefits as early as age 62, but you're only going to get 35% of your spouse's primary insurance amount, and then that adjusts a little bit upwards every year until it maxes out at age 60, where you're eligible for up to 50% of your spouse's primary insurance amount. This by the way is for people whose full retirement age is age 66. If your full retirement age is 67, these numbers will be a little bit lower for anybody that's full retirement age is 67. So as a married couple, there is some opportunity to coordinate your benefits and maybe maximize the benefits between you and your spouse with a couple of different strategies. Unfortunately, there were a couple of rule changes that went into effect as part of the Bipartisan Budget Act of 2015, so some of these strategies have either been eliminated or are in the process of being phased out. And primarily, those two strategies are the file and suspend strategy and the filing of restricted application strategy. If you haven't seen it, I've got a video where I get into all the details on those two strategies, as well as how the Bipartisan Budget Act affected the ability to be able to use those strategies. So let's talk a little bit about some of the best ways that we might be able to coordinate our Social Security spousal benefits. And to do this, we're going to use a couple of hypothetical examples here.
Views: 21570 Money Evolution
How Will The NEW RULES For Social Security Affect Your Retirement Plans?
 
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Social Security has special age rules for retirement—by starting your benefits at Full Retirement Age or older gives you more money each month for life. If you’re younger, you’ll receive less each month. Making this decision is huge. But now there’s new rules: The Bipartisan Budget Act of 2015 changes certain benefits. Click here for The FERS Blueprint Online Retirement School: https://www.fersblueprint.com This poses a problem for some /CSRS employees or retirees who were counting on the old rules. This causes a financial obstacle because now you may end up withdrawing extra money from your TSP unexpectedly. Sam and Jane were relieved to figure out a way to maximize their Social Security benefits. They planned to use a combination approach. At his Full Retirement Age, 66 and 2 month, Sam planned to file and suspend his benefit. Then at 70, he planned to start collecting his maximum Social Security—or if he chooses at an earlier date, he could request to reinstate his benefit back to suspension date and get a lump sum payment. At her full retirement age, Jane plans to collect Sam’s spousal benefit. Then, at 70, she would switch to her maximum benefit. They were pleased with this strategy. But when Sam and Jane heard the news that Social Security was changing—they worried how this new law would affect their retirement plan. They kept watch by visiting Socialsecurity.gov and finally, Social security released guidelines. They realized that this law does change their retirement plan. First, file and suspend rules have changed. As of April 30, 2016, if you file and suspend your retirement benefit, your spouse and/or dependent adult child CAN NO LONGER collect any benefits on your record during suspension. And there is NO reinstatement lump sum privileges. If you’ll be 62 on or after January 2, 2016, the spousal rules have changed, too You will receive will receive either 100% of your own social security benefit OR a spousal benefit—WHICHEVER is greater! This is a permanent election—you cannot change to your own benefit at a later date. But there is a grandfathered period—meaning the old rules will still be in effect if you meet certain criteria. If you’ve reached FRA or older and you file and suspend your social security benefit on or before April 29, 2016, you’ll be able to follow the old rules for File and Suspend. You’ll be able to file and suspend your social security benefit and your spouse or dependent adult child can collect benefits on your record. And if you were born on or before January 1, 1954, you’ll be able to follow the old rules for Spousal benefits. If you elect social security at full retirement age or older, you can select your own benefit or spousal benefit and you can change to your own benefit at age 70. Visit www.ssa.gov for complete details. ` This tutorial was brought to you by FERS Blueprint™ Online Retirement School. The FERS Blueprint is an educational division of The Monroe Team, Inc. DUNS Number: 032 057260. CAGE Code: 735L3. NAICS Code: 611710 Educational Support Services. Woman-owned, small business. The FERS Blueprint is not affiliated with, endorsed or sponsored by the Federal Government or any US Government agency. The FERS Blueprint is educational only. No specific financial, retirement nor tax advice is being offered. The material presented is as current as possible, but is necessarily generalized. Facts and opinions are based on research and experience, but are not endorsed by the Federal Government. It is recommended to consult with your personnel office and/or the Office of Personnel Management (OPM) Retirement Office, Thrift Savings Plan, Social Security, Medicare, Internal Revenue Service, your legal, tax and/or other advisor(s). © 2017. The Monroe Team, Inc. All rights reserved. No part of this process may be reproduced in any form or by any means whatsoever without written consent from the publisher. Made in the USA. Project Prepare2Retire and other trademarks and service marks in these materials are owned by The Monroe Team, Inc.
Social Security Part 5 - Survivor Benefits
 
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http://lethemonfinancial.com/retirement-planning/social-security/ Social Security Part 5 - Survivor Benefits Check out all of our videos on our YouTube Channel at http://www.youtube.com/user/lethemonfinancial/videos Like us on Facebook at http://www.facebook.com/pages/Lethemon-Financial/208420089176958 Call 248-731-7829 Lethemon Financial, Bloomfield Hills, MI William G. Lethemon III, owner of Lethemon Financial Bloomfield Hills, MI Let's talk about survivor benefits. If something happens to either you or your spouse, the survivor, will be entitled to receive the higher of the two Social Security Benefits. But they would lose the smaller of the benefits. This can be a pretty significant loss of income, that a lot of people don't really think about. The survivor benefit is always based on the actual amount your spouse was getting at the time they died. As opposed to spousal benefits which are based off the full retirement age amount. Survivor benefits can be collected as early as age 60 with a 28.5% reduction. However, the survivor benefit will always be at least 82.5% of your spouses Primary insurance amount. Here are a couple of other beneficiaries that can collect off your benefits. Your Ex-Spouse and your unmarried child. Your ex-spouse: You can collect off of your ex spouses benefits as long as - You are at least 62 years old - Were married for at least 10 years - You were divorced at least 2 years ago - Your not currently married - and your not entitled to an equal or higher benefit based on your own work record or someone else's - The benefits that you would be entitled to are exactly the same as if you were still married. Your un-married child is entitled to receive 50% of your primary insurance amount as long as they are under 18 or under 19 and still in high school. Changing your Mind: What if your watching this and you think that you should have done something different. Or maybe your retirement plans changed and you decide to go back to work. Can you change your mind. Yes. You can file what is called a withdrawal of application form with the Social Security Administration, state your reason for the withdrawal, and if they approve it, you can repay all the money you have received so far, and then delay your benefits and refile at a later date. A lot of people were using this as an interest free loan from the government, then in December of 2010, they got smart and changed this rule. Now, in order to file a withdrawal of application, you must do it within 12 months of when you got your first check, and you can only do it once in your life. It may not be too late if you want to do something different. One last thing, how to apply for your benefits. You can apply online at www.ssa.gov and use their online Social Security benefits application. You can call Social Security at 1-800-772-1213 or you can go into a social security office to apply in person. You can find a list of offices on their website to find one thats close to you. Its also a good idea to schedule an appointment. Remember, you need to be at least 61 and 9 months old to apply for benefits, you should apply no more than 4 months before the month that you want your benefits to start. If you're already 62 or older, you may be able to start your benefits in the month that you apply. Lastly, even if you are not going going to start collecting, be sure to at least sign up for Medicare before your 65th birthday. If you don't you may get penalized. Obviously there is a lot to think about. Social Security can be a great addition to your retirement. And a cornerstone to your retirement income. For years you have paid into this system, now its finally your turn to get something back. Let's make sure you maximize it. If you have questions, or if you would like us to run a social security analysis for you call our office. Even if its late at night, early in the morning or on a weekend, leave us a message, and someone from our office will call you the next business day. I look forward to talking with you.
Views: 8684 Money Evolution
Pension & Social Security Income Reporting
 
03:20:51
Lecture Content This lecture covers the reporting of income from retirement plans, education accounts and social security income. Topics Covered * Overview of Form 5498 IRA Contribution Information * Discussion of Form 1099R and distributions codes * Use of Form W4-P Withholding Certificate for Pension or Annuity Payments * Overview of the different kids of retirement plans taxpayers may participate in * Using Form 8606, Nondeductible IRAs, to figure the taxable part of a distribution from an IRA * Traditional IRA to Roth IRA conversions * Roth IRA to traditional IRA recharacterization * Inherited IRAs * Loans from pension and annuity plans * Additional tax owed on certain early distributions from retirement plans * Exceptions to additional tax on early distributions from retirement plans * Additional tax on certain distributions for education accounts * Additional tax on excess contributions to certain accounts * Required minimum distributions * How to complete Form 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts * Calculating the taxability of annuity income with the Simplified General Rule * Lump-sum distributions * How to report partially taxable distributions from IRAs * Instructions for Social Security Form SSA-1099 Benefits statement, Form RRB-1099 Tier I Railroad Equivalent Benefit statement, and Form RRB-1099R Tier II Railroad Retirement Benefits statement * Form W-4V social security Voluntary Withholding Request * How to calculate the taxability of social security income using the social security benefits worksheets * Taxation methods to apply to lump-sum social security payments * Special deductions relating to social security benefits income and repayments Terms of Use or Enrollment Pacific Northwest Tax School's course materials and teaching techniques are valuable proprietary information of Pacific Northwest Tax School, and all such information is subject to copyright, including written, recorded, internet based as well as all other electronic media. Each Student agrees that she/he will use the information only for purposes of education and training; and as a condition of enrollment, that they will not disseminate the information to any third party and will treat the materials as confidential information of Pacific Northwest Tax School. As a condition of enrollment, Students pledge not use any information in any competitive fashion, including to create or derive competitive materials. Students further agree that any breach of these terms and conditions shall cause the school irreparable harm, entitling Pacific Northwest Tax School to injunctive relief, as well as any other remedy that may be available at law or equity. Students shall have twelve months from date of enrollment in any continuing education course, to successfully complete the course and receive their Certificate of Completion.
Introduction to Social Security Planning
 
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In this introductory video on Social Security Planning, Mark Smith explains some basics of the system and the need to plan for claiming benefits. Included is a recommendation for how pre-retirees can make sure their Social Security benefits are being properly accumulated.
When to Take Social Security Retirement Benefits
 
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This educational video discusses at what age should a person begin to take retirement benefits.
Views: 82703 TheSocialSecurityGuy
Retire at 60 - What Happens With Social Security?
 
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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. BUT! I think you should look at it another way. To work an extra 6 years to gain an extra $6,000 a year doesn't seem like a good trade-off to me. Well, unless you really enjoy your job, or desperately need that extra cash. Think about it like this. A 40 hour work week is 2080 hours of labor a year. To put in an extra 2080 hours for 6 more years is 12480 hours lost to work. Say you live until 86, or 20 years after you reach full retirement age of 66. $6000 times 20 years = $120,000. So that 12,480 hours earned you all of $120,000 in extra benefits or $9.61 an hour. Not a good tradeoff, in my opinion. Especially when there are tons of other things you could be doing to make $9.61 an hour. Youtube videos. Raise chickens out back and sell the eggs. Play weekends in a bluegrass band etc. Stuff you enjoy! Or donate your labor to help your grandkids. Something. So, I leave it up to you to figure out the best way to spend your years after 60 years old. But if you have a pension already, it's just hard for me to see that extra $500 a month is going to make a huge difference in your life. No pension and lots of debt? A ENTIRELY different story, of course. But it's for you to decide. Here's the spreadsheet link. http://heritagewealthplanning.com/tax-and-social-security-spreadsheets/ ================================= 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 vide 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 GET ALL MY LATEST BLOGPOSTS: http://heritagewealthplanning.com/blog/ 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
Social Security Benefits: AIME, PIA, FRA, DEC,....HUH? (2018)
 
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Your Social Security benefit is based on your Primary Insurance Amount (PIA). Your PIA is based on your Average Indexed Monthly Earnings (AIME). However you can reduce or increase your PIA by retiring before or after your FRA (Full Retirement Age). Having fun yet? And it gets better. The longer you wait to apply for benefits after your FRA the more Delayed Earnings Credits (DEC) you will get. So, to wrap it up in simplest terms, if you wait beyond your FRA, you'll receive DEC's that will increase your benefit above your PIA, which was derived from your AIME! Whew! Clear as mud, right? Okay, but while this is funny, in a silly way, these acronyms are no joke. They literally will affect you for the rest of your life and potentially even your surviving spouse's life as well. So having an understanding of these terms and how they affect you is critically important. Your PIA is simply the amount of Social Security benefit you will receive when you file for benefits at your Full Retirement Age. Let's say you were born before 1955. Your FRA is 66 years old. If you file for benefits at 66 you will receive 100% of your PIA. If you file for benefits before 66, you will receive a reduced benefit, reduced as much as 25% if you file at the earliest age of 62. If you file for benefits at age 70, you will receive 32% more benefits due to the Delayed Earnings Credits. To make it simple. If your PIA amount is $1000 a month, you will get $1000 at 66, $750 if you file at 62 and $1320 if you file at 70. In other videos we will discuss strategies to maximize your benefits. But in this video the goal was just to give you an understanding of how Social Security benefits work and the acronyms that are involved. https://www.ssa.gov/policy/docs/ssb/v74n4/v74n4p21.html
FERS Federal Benefits: Planning for Retirement
 
01:09:54
The objective of this presentation is to identify options, eligibility, and calculation of Federal retirement benefits for the purpose of equipping employees with the knowledge required to make competent decisions regarding their annuity, Thrift Savings Program, and Social Security.
Social Security Retirement Benefits | Financial Terms
 
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Watch more How to Understand Personal Finance Terms videos: http://www.howcast.com/videos/491848-Social-Security-Retirement-Benefits-Financial-Terms Social Security Retirement Benefits are a great benefit and they make up the sole source for most retirees' income. So, let me explain a little bit. I mean, you often might take a look at your paycheck or see a Social Security or FICA tax that's on there and that money is going to a future promise of benefits for you when you retire. Basically, this is the government's way of providing some type of retirement income to most individuals. And, the amount that you're going to get from Social Security is based on your highest 35 years of working. So, they're looking at your income every year that you're working, and when you build up enough credit, or enough work experience, you're eligible for a future promise of benefits. Now, Social Security has a full retirement age. And it's between 65 and 67. That's the age when you can collect your full retirement benefit amount. But, here's the catch: you can collect it early if you want,as early as 62 and you can get a reduced amount. Or you can wait until you're 70 and collect more money. So, every one of you watching has to make this choice. When do you want to collect Social Security? And let me try to give you an example, just to put some context around it. If I told you today that you could collect at age 65, $1500 a month for the rest of your life, or if you wanted to collect it early, you could get $1200 a month. So, what would you like? Do you want $1200 a month starting at age 62 or do you want to wait and get $1500 a month at age 65 or 66 for example? And, you have to make that decision based on your reasonable assumptions. How healthy you are. Whether you need the money to live on in retirement. Because, ultimately, none of us has that crystal ball to know exactly what the right decision is. But this is the decision that all of you will be faced. So, what should you do? Number 1: Get a copy of your Estimated Benefits from Social Security and you can do that from the Social Security website. You may also have actually received those green forms in the mail around your birthday each year that kind of shows you your benefits. Number 2: Make sure all the earnings is correct. Sometimes there are errors that need to be corrected. Number 3: As you get closer to retirement, really take a good assessment of when you can retire and when collecting your Social Security benefits fits in with your overall retirement plan. Those are the basics of how Social Security works and as it gets closer, you really want to pay close attention to where that's going to fit in with your overall retirement plan.
Views: 2111 Howcast
Chapter 12: The Divorced Spouse Benefit
 
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Learn about the benefits that an ex-spouse can receive and why! Please subscribe today and follow me on social media! Facebook: https://www.facebook.com/MISTERSocSec/ Twitter: https://twitter.com/MISTERSocSec/
Views: 12674 Mister Social Security
Have More Retirement Income By Using The 35 Years of Social Security Rule
 
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Did you know that Social Security will look at your 35 years of highest earnings when determining your Social Security benefits? To download your free ebook "How To Avoid Annuity Traps" just click here: http://retirementplanningmadeeasy.com/annuity-traps A lot of people think Social Security just looks at your last 10 years of earnings. But that's not so. They will look at the 35 years in which you had the highest earnings. But what if you don't have 35 years of earnings? Let's say you only have 30 years of earnings. They will factor in zeros to determine your average earnings that your benefits will be based on. Zeros can bring down your average pretty quickly. So if you don't have 35 years of earnings, you may want to consider continuing to work until you do have 35 years of earnings. This would keep those zeros out of your calculation when they determine your Social Security benefit. And ultimately help you have more income retirement so you can enjoy the things that are important to you, like traveling, spending time with family, and donating to causes you believe in. Disclosures: Investment Advisory Services offered through Retirement Wealth Advisors Inc. (RWA) a Registered Investment Advisor. Retirement Planning Made Easy / Tri-State Financial Group and RWA are not affiliated. Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision. This information is designed to provide general information on the subjects covered, it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Retirement Planning Made Easy / Tri-State Financial Group and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney. Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurer. Any comments regarding safe and secure investments, and guaranteed income streams refer only to fixed insurance products. They do not refer, in any way to securities or investment advisory products. Fixed Insurance and Annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by Retirement Wealth Advisors Inc.
How Social Security Benefits are Calculated
 
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This explains how an individuals Social Security benefit is calculated on a basic level. This is the basis for every alternative filing technique. Visit LearnSocialSecurity.com to access a full Social Security training course.
Views: 11711 Craig Price
Continue to Work to Increase Social Security Benefits?
 
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Social Security benefits are a HUGE resource for most retirees. Unfortunately, I think most under-value the benefits of Social Security, especially when it comes to taxation. However, as much as I love Social Security benefits, I don't think it is worth it to continue in some crappy old job under the idea you're going to get a mass increase in your benefits at retirement. Simply run the numbers and you'll see the amounts are minimal. Now, if you don't have the 35 years that are counted towards your Averaged Indexed Monthly Earnings(AIME) every extra year you have an income WILL increase your benefits to some degree. You are replacing a 0 in one of the 35 years with a positive number of whatever your income was. But again, will that make a HUGE difference? Hard to tell. But it would defeinitely be worth it to understand how the system works so you can make an informed decision. ================================= 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 vide 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
Can I Collect My Ex-spouse's or Deceased Spouse's Social Security?  🤔
 
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As if Social Security isn't confusing enough!" There are many different strategies out there for collecting social security from either your deceased spouse or from your ex-spouse. Some straightforward, some not so much which is why we created this Weekend Wisdom video. Let us know what you think! Education is the Key to a Successful Financial Future" Subscribe today so you don't miss an update! https://www.youtube.com/channel/UClwtLInqEcotvIiZ5ABHYIQ ⏱To schedule an appointment just click the link: https://meetme.so/MichaelLoftus ✅✅ CREATE A FINANCIAL PLAN: https://www.loftuswealthstrategies.com/financial-plan Share this video with a friend: ✉️ If you have questions or would like to see a video on a certain topic email us at mgates@lwsde.com 📈 Charts courtesy of https://stockcharts.com/ Loftus Wealth Strategies Michael P. Loftus http://www.loftuswealthstrategies.com/ Check us out on social media! ✅ FACEBOOK - https://www.facebook.com/loftuswealth... ✅ TWITTER- https://twitter.com/mpllws ✅ LINKEDIN - https://www.linkedin.com/in/mloftus28 FEAR & GREED http://money.cnn.com/data/fear-and-gr... Equipment we use for Videos 📷 Canon EOS Rebel T6i SLR Camera 18-55mm f/3.5-5.6 Lens http://amzn.to/2xYB2qN 📷 Canon EF-S 24mm f/2.8 STM Lens http://amzn.to/2AigBq0 📷 Canon EF 50mm f/1.8 STM Lens http://amzn.to/2AghAam ✅ RODE VideoMic Studio Boom Kit http://amzn.to/2hCM0Mh ✅ Zoom H5 Handy Recorder Kit http://amzn.to/2AgIBdX ✅ Neewer NW759 7Inch 1280x800 IPS Screen Camera Field Monitor http://amzn.to/2zgSpX3 ✅ Neewer CN-160 LED Dimmable Ultra High Power Panel Video Light Kit: http://amzn.to/2zbkoFy
Views: 17297 Wealth and Wisdom
3 Ways to Maximize Your Social Security Benefits | Investing Sense
 
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Learn how to maximize your social security benefits https://goo.gl/frV9Qe There’s a lot to consider when planning for retirement. How to maximize your social security should be at the top of your list, especially if you are planning to retire in the next 5 years. Social Security is the only retirement income source that could last the rest of your life, so it’s important to get your claiming strategy right. But many investors end up making social security claiming decisions without having a plan in place. This could mean missing out on hundreds of thousands of dollars in retirement income. Before you claim benefits, you need a blueprint for how Social Security and ALL your investments will work best together to fund the lifestyle you want in retirement. This is critically important – and requires planning. At The Mutual Fund Store®, we work with clients to determine a Social Security claiming strategy that’s revolves around your goals. In fact, those goals are the first things we look at when we meet with people, and we do that so we can start to figure out your chances of achieving them. Working with a registered investment adviser can help you figure out what things you change now that can help you increase the probability of meeting your retirement goals. We like to refer to this with our clients as “probability of success.” Whether you’re 40, 50, 60, or 70, your advisor should have a retirement plan for you that focuses on just that.
Views: 6400 Financial Engines
Social Security, SSI, and Medicare - What you need to know about these vital programs in ASL
 
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http://www.socialsecurity.gov/ Social Security, SSI, and Medicare - What you need to know about these vital programs in American Sign Language Social Security presents a video in American Sign Language with essential information to help you understand the benefits offered under our Retirement, Disability, Survivors, Medicare and Supplemental Security Income programs. We hope you find the information provided in the video useful. After viewing the video please complete the American Sign Language Video Survey. Your input is important to us. It will help us as we move forward in meeting the needs of the deaf and hard of hearing community. http://www.socialsecurity.gov/survey/aslvideo.htm
Social Security Age 62, 66, 70 - Medicare Age Start - IRA Age 70 Mandatory Withdrawal (IRA RMD)
 
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Here are the 7 ages you should know for your retirement and the impact these milestones have on your retirement. Learn the 8 Steps to Organize & Optimize Your Financial Life: http://bit.ly/OrganizeAndOptimize. Scott Weiss is a Fee-Only Certified Financial Planner. Subscribe to my channel: http://bit.ly/scottweisscfp ******************************************** Learn more about working with Scott at Weiss Financial Group Here: http://www.weiss-financial.com ******************************************** Subscribe to my blog: http://www.mahopacmoney.com ******************************************** Get Social -------------------------------- LinkedIn: https://www.linkedin.com/in/scottgweiss Facebook: https://www.facebook.com/WeissFinancialGroup Twitter: https://twitter.com/_scottgweiss ******************************************** Video Notes: ---------------------- AGE 55 Can Make Withdrawals Without 10% Penalty if Retired At age 55 you can withdraw from your 401(k) or 403(b) plan without the 10% penalty if you retire or get fired. Also, if your employer offers a pension you may be eligible for full retirement benefits, if you meet the plan requirements. AGE 59 1/2 Can Make Withdrawals Without 10% Penalty This is an important age to remember. Once you turn 59 ½ you can withdraw money from IRA’s and deferred annuities without paying the 10% penalty for early withdrawal. AGE 62 Can Start Reduced Social Security Benefits This is another big year. At age 62 you can start receiving Social Security benefits. However, keep in mind your benefits will be reduced since you will not have reached full retirement age. The other thing is that at age 62 you may be eligible for full pension benefits if applicable to your situation. AGE 65 Qualify for Medicare Benefits This is when you qualify for medicare benefits. Also, with most pension plans you become eligible for your full benefits. AGES 66 & 67 Eligible for Full Social Security Benefits Ok, I have two ages here. But, they are pretty much for the same thing so I lumped them together. At age 66 you become eligible for full social security benefits, if you were born between 1943-1954. Everyone born after 1954 follows this table: AGE 70 Your Social Security Benefits Max Out Once you hit 70 you should start collecting your social security benefits if you haven’t already done so because your benefits will be maxed out. Waiting to collect benefits until age 70 can actually be a great strategy if you are trying to max out social security benefits or are concerned about longevity. AGE 70 1/2 Must Start Your Required Minimum Distributions (RMD’s) Finally, age 70 ½ . When you turn 70 ½ you will be required to start withdrawing specified amounts from your 401(k)’s and IRAs. This is called your Required Minimum Distribution or RMD for short. You must begin these withdrawals once your turn 70 ½ but you actually have until April 1st of the year following the year you actually turn age 70 1/2 . I know, confusing right? Let me give you an example. Let’s say you turn 70 ½ in January 2016, you will need to take your RMD by April 1st, of 2017. Now, you can take it in 2016 but you don’t have to. Going forward, every year after your first RMD you will be required to take the distribution buy December 31st. That’s a lot to remember so check the show notes for all the details. Source: --------------- 1. Planning Retirement Income (https://www.amazon.com/Planning-Retirement-Income-Kenneth-Morris-ebook/dp/B005BGBVNI/ref=sr_1_1?ie=UTF8&qid=1479079470&sr=8-1&keywords=planning+retirement+income) Disclosure: ------------------- Weiss Financial Group is a registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser, tax professional, or attorney before implementing any strategy or recommendation discussed herein. Insurance products and services are offered through individually licensed and appointed agents in all applicable jurisdictions. The advisers at Weiss Financial Group are not attorneys of a law firm but can provide guidance to the client’s other professionals. Leave me a comment to ask any question or contact me through my website if you'd like to see if I can help you.
Views: 27663 Scott Weiss, CFP
Introduction to Social Security Retirement Benefits
 
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Introduction to Social Security But before I get into the ins and outs of various retirement accounts, let's take a look at Social Security, the one retirement plan that almost everyone qualifies for. Social Security is more than a retirement program First, remember that there are many aspects to the Social Security program. In my tape on introductory personal finance, I discuss the disability and life insurance Social Security provides to workers, so in this tape I'll focus on the retirement aspects of Social Security. Copyright 1997 by David Luhman
Views: 11580 SocialSecurityHop.com
Taxes in Retirement Planning: What You MUST Know! (2018)
 
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Retirement Income Planning is critical for soon-to-be and current retirees. Because it is so important you MUST get as specific as you can for YOUR situation. This means not relying on rules of thumb. Or financial planning concepts that are somewhat dated. Or generalizations of the tax code. In this video, I dissect a recent article in the Atlanta Journal- Constitution where the author completely misses the mark with his analysis of the tax consequence a hypothetical retired couple will pay. Because of this error, the couple will engage in part-time employment to generate income when in fact under current tax law they would not need to do that. In fact,, with proper tax planning, this couple could have used the time they spent working part time in order to do something maybe more meaningful. So, in this article, the author has the couple paying a 17.22% tax rate on gross income of $100k which includes $42,000 of Social Security. This GREATLY over states the taxes these folks will pay, nearly by a factor of 3! Under the new Trump tax bill, each taxpayer has a standard deduction of $12,000. So, immediately, this couple's taxable income drops to $76,000. For a married couple with taxable income below $77,000 means they are in the bracket. But it gets better for them. Social Security is much more tax-favorable than straight ordinary income. Depending on your PROVISIONAL INCOME a significant amount of your Social Security will escape taxation. Unfortunately, by heeding the author's advice and working part time, this couple will pay tax on 85% of their Social Security benefits. This is the maximum allowed by law and actually increases their taxes by 50% as compared if they did not work! Does that extra income from working give them more needed disposable income though? NO! The author states they need roughly $83k a year to live comfortably in retirement. He puts them in a 17.22% tax bracket and lo and behold, $100k of gross income nets them the $83k they need. But in reality, by NOT working, they have $88k of gross income, pay about $5k in taxes and still net the $83k! Also, this assumes their investment income is ALL taxed as ordinary income rates. What if were long term capital gains (LTCG) and/or qualified dividends(QDI)??? In this case, there would be a good chance NONE of that investment income is taxed at all because of the favorable tax treatment for those in the 12% and lower brackets on LTCGs and QDI. Remember if you are in the 10% and 12% tax brackets, (that means your TAXABLE INCOME is below $77,000 MFJ) you pay 0, yes I said 0, in tax on capital gains and income! So, it's even likely that I am over-estimating this fictitious couples tax simply because I don't know from where their investment income derives. Either way, on the basis of NOTHING ELSE other than the new Standard Deduction rules we know, for a fact , this couple will only be in the 12% MARGINAL tax bracket. This means, the first $19k is taxed only at 10% and the next $58k of TAXABLE INCOME is taxed at 12%, unless some of that income is LTCGs and QDIs then that portion is taxed at 0. So, what does all this mean for you??? You've got to know the true nature of your taxes. Taxes are one of the largest, if not THE largest, expense retirees have. If we overestimate taxes by such a significant amount we are risking the clients will be too conservative in their spending and not fully enjoy their beginning stages of retirement. The last thing we want to happen is for a widow to have more money in her accounts than she knows what to do with being disappointed because she and her late husband didn't do more, out of worry of running out of money. ================================= If you like what you see, a thumbs up helps A LOT. So, give me a thumbs up, please! Don't forget to SUBSCRIBE by clicking here: https://www.youtube.com/channel/UCSEz... GET MY BOOK: Strategic Money Planning: 8 Easy Ways To Put Your House In Order It's FREE if you're a Kindle Unlimited Subscriber! https://amzn.to/2wKGi50 GET ALL MY LATEST BLOGPOSTS: http://heritagewealthplanning.com/blog/ PODCAST: https://itunes.apple.com/us/podcast/j... LET'S SOCIALIZE! Facebook: http://Facebook.com/heritagewealthpla... Linkedin: https://www.linkedin.com/in/joshscand... Quora: https://www.quora.com/profile/Josh-Sc... Google +: https://plus.google.com/u/1/108893802...