Please forward this newsletter to your family and friends as an informative tool for retirement planning!
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Spousal Benefits
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 The staff at Service First hopes you had a happy and healthy holiday weekend. This month I am writing about Social Security topics that I have received in abundance recently. The first topic is spouse benefits.
In 2009, Social Security allowed spouses to take benefits at the lower spouse rate and let their own build up.
Read on for more details.
It's YOUR retirement. Stay informed,
Lloyd
LloydWatnik.com   |
Truth About Spousal Benefits
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In 2009, Social Security allowed spouses to take benefits at the lower spouse rate and let their own build up.
People have been sending me articles by "experts" giving limited or inaccurate advice. This option can only be received if you are Full Retirement Age (FRA). Currently FRA is age 66 (for people born between 1943 and 1954) and have not gotten a reduced benefit on their own Social Security record.
The wage earner, on who's record you will receive this benefit must also be FRA and have never received a reduced benefit. If you receive your own benefit beyond age 66, you get a bonus of 8% per year (.75% per month) for each year (month) you delay your own benefit until age 70. At 70, there are no additional increases for postponing your SSA benefits on your SSA record.
Is this a good deal? In many cases it is if you meet the above
qualifications. SSA has on line calculators to help you figure the
benefits and make the best choices. The calculators are at the following
web site: http://www.ssa.gov/estimator/
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Reduced Benefits
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The
other popular question is if I took reduced benefits, can I return them
and then apply for my higher benefit later on or my spouse benefit. The
answer is ABSOLUTELY YES! Should I? In most cases I would not do it.
It
takes about 11 years to recover and start making a profit. This does
not include potential profits from investing the money in broad based
mutual funds or similar investments as recommended by your financial
adviser.
If you withdraw your claim at 66, make sure you state that you
are not withdrawing your Medicare claim. The withdrawal is for
retirement benefits only. Use the above calculator site to figure what
is best in your own instance.
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Contact Me With Questions!
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Those of you who have attended
my seminars in the past can contact me for help with making the
decision. As you know, you have access to me anytime. I am glad to help
and there is never a charge.
Please tell your friends and co-workers that I am still conducting seminars! I have gotten calls and
emails from people who have been told I am retired or disabled. Neither
is true! People have seen my picture and name on another web site and
thought I would do the course. It is, also, not true.
I work exclusively
for Service First, the speakers bureau division of Befitting Service. The seminars and materials provided are better than
ever, and your questions will always be answered without charge.
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