Category: Social Security

Savvy Social Security Planning

Savvy Social Security Planning

Posted By Lineweaver Financial Group
September 06, 2018 Category: Social Security, Financial Planning, Lineweaver

Savvy Social Security Planning: What Baby Boomers Need to Know to Maximize Retirement Income What you need to know before you apply for Social Security benefits. When should someone start collecting Social Security benefits? The answer is that there is no one "best age" for everyone and, ultimately, it is your choice. You should make an informed decision about when to apply for benefits based on your individual and family circumstances. We don’t know what the future holds, but Social Security is likely to continue as a source of some retirement income for baby boomers. From a planning perspective, any assumptions made about the impact of Social Security on retirement should be conservative. An individual’s full retirement age (FRA) is the age when he or she qualifies to receive the entire or "full" Social Security retirement benefit based on his or her earnings history. This age varies based on when he or she was born  Everyone who is qualified to receive Social Security retirement benefits can begin taking them as early as age 62 or delay up to age 70. Your monthly benefit amount can differ substantially based on the age when you start receiving benefits. If you decide to start benefits before your full retirement age, your benefit will be smaller but you will receive it for a longer period of time. At age 62, your monthly benefit is 25% lower than the benefit at full retirement age. (FRA)  If you decide to wait until your full ret

Elimination of Social Security Planning Strategies

Posted By Lineweaver Financial Group
January 07, 2016 Category: Newsletter, Social Security, Social Security Planning

If you plan on filing for Social Security in 2016 benefits, you need to be aware of these changes. At age 62, if someone is eligible, they are entitled to retirement benefits under Social Security, albeit a reduced benefit. Additionally, if they are married, they might be entitled to a spousal benefit based on their spouse’s retirement benefit.  If a person files for benefits from age 62 until full retirement age, it will be considered a deemed filing.  You were automatically deemed to have filed both for your retirement benefit and for a spousal benefit even if you didn't want to, at which point you must collect both the spousal and retirement benefits with Social Security paying only the larger of the two benefits. This deemed filing rule stopped immediately at one’s full retirement age, creating a loophole which allowed couples to utilize a strategy called file and suspend. File and suspend is a strategy used by married couples to simultaneously generate a benefit check from Social Security while deferring at least one of the couple’s retirement benefits into the future. Such practice allows married couples to take advantage of the deferral credits that increase Social Security retirement benefits by 8% per year after full retirement age and still get a Social Security benefit check each month. That loophole is rapidly closing. In October 2015, the House of Representatives passed a new budget bill which also contained language that chang

Time is ticking….. Less than six months to take advantage of two vital Social Security pay-out strategies

Time is ticking….. Less than six months to take advantage of two vital Social Security pay out strategies

Posted By Lineweaver Financial Group
December 07, 2015 Category: Social Security, Social Security Benefits, Retirement, Retirement Planning

  With the passage of the 2015 Budget Bill, two important Social Security claiming strategies called “File & Suspend” and “Restricted Application” are going away for everyone under age 62, whether you are in retirement or thinking about retirement.  Understanding these changes, and taking certain steps prior to this enactment, can mean thousands more in lifetime benefits for you, your spouse, and your family. The benefits of these two disappearing strategies are best explained in two common scenarios: Scenario #1 Your spouse collects her spousal benefit (50% of your full retirement benefit*) while you “File & Suspend” your own retirement benefits to age 70 to take advantage of Social Security’s higher Delayed Retirement Credit (i.e., SS increases 8% per annum after FRA). Scenario # 2 Your spouse files for early SS benefits at age 62. When you reach your FRA* you file a “Restricted Application” that entitles you to 50% of her projected full benefit, while deferring your retirement benefits to age 70 to take advantage of Social Security’s higher Delayed Retirement Credit (i.e., SS increases 8% per annum after FRA). What to do? If you are under age, 62, and plan to be in either category, or, are simply not sure how these expiring benefits could affect you and your spouse, we suggest you sit down with a qualified financial planner ASAP. Because is this case, time really is

Social Security Benefits Unchanged

Posted By Lineweaver Financial Group
November 23, 2015 Category: Social Security, Social Security Benefits, Retirement Planning, Retirement

No help for the middle class. Social Security Benefits Unchanged….Again While the politicians have their political debates promising the moon, the middle class has again taken it on the chin. There will be no cost of living increase in 2016 Social Security payments. In fact, this no-increase decision has only happened three times since 1975 – 2010, 2011 and now again in 2016.  In all the years since 1975 there have only been three years with no increase- 2010, 2011 and now again for 2016. The argument is that Cost of Living Adjustments (COLA) are designed to help recipients cope with inflation. But, while the real cost of energy has declined, and pushes the overall rate of inflation down, a number of everyday items has remained the same, if not increased. For example, when was the last time you saw a dozen eggs plummet in costs? The other difficulty of course, is we are living longer lives, partially due to medical advances, and what appear to be increasing expensive drug regimens. It is well-documented the cost of drugs shows no signs of abatement, and, it seems virtually everyday, there is a new miracle drug with a heavy advertising budget suggesting you talk to your doctor about them. For many, flat Social Security payments means another year of careful budgeting. For the more fortunate it may simply mean postponing a vacation or modifying the Christmas gift list. It may also be a time to see if we can review your portfolio, and come up with some add

General (40)
Newsletter (37)
Finance (19)
Economic Commentary (18)
Commentary (17)
Retirement (15)
Retirement Planning (14)
Letter From The President (14)
Economy (13)
Educational (12)
Portfolio (11)
Tax (11)
Financial Planning (11)
Healthwatch (10)
Lineweaver (10)
Market Commentary (8)
Taxes (8)
Blog (7)
Q3 (7)
Tax Planning (7)
Market (6)
Education Programs (6)
Health (4)
Bonds (4)
LFG (4)
IRA (4)
Estate Planning (4)
Social Security (4)
Tax Law (3)
Insurance (3)
2017 (3)
Diversification (3)
Interest Rates (3)
Market Review (3)
Trump (3)
Annuities (2)
Tax Scams (2)
Rising Interest Rates (2)
Annuity (2)
Investing (2)
HealthWatch (2)
Volatile Market (2)
Stocks (2)
Strategies (2)
Tax Cuts And Jobs Act (2)
Coordination (2)
Financial (2)
Real Estate (2)
Charity (2)
Economic Outlook (2)
Fraud (2)
Brexit Update (2)
Financial Strategies (2)
Investments (2)
2016 (2)
Election (2)
Social Security Benefits (2)
2019 (2)
High Income (2)
Q2 Newsletter (2)
Market Update (2)
Client Spotlight (2)
2018 (1)
Sell In May And Go Away (1)
Roth Conversion (1)
Quarterly Newsletter (1)
Screens (1)
Traditional Ira (1)
Congress (1)
Dementia (1)
Eye Strain (1)
Stock (1)
Financial Quarterback (1)
Sell (1)
Roth Ira (1)
Buy (1)
Cooking (1)
Q2 2019 (1)
James Lineweaver (1)
Market Outlook (1)
Tips (1)
Q1 (1)
New Years Resolutions (1)
Pro Football Hall Of Fame (1)
Financial Goals (1)
Anne Graffice (1)
Vacation Home (1)
Chad Roope (1)
David Baker (1)
Sring Cleaning Your Finances (1)
Exercising (1)
Keeping Your Mind Sharp (1)
Healthy (1)
Legal (1)
Wills (1)
Jim Lineweaver (1)
Statements (1)
Review (1)
2021 Outlook (1)
2020Q3 (1)
Medicare (1)
Medicare Supplements (1)
Your Retirement Playbook (1)
2020Q4 (1)
Markets Don\'t Pick Sides (1)
Sleep (1)
Healthy Living (1)
Eductional (1)
Probiotics (1)
News (1)
Awards (1)
Crain\'s (1)
Investment. Advisers (1)
Dividends (1)
Technology (1)
Education (1)
Planning (1)
College (1)
2020 (1)
Steps (1)
Credit Unions (1)
POA (1)
Pse (1)
Big Banks (1)
Savings (1)
Checking (1)
Banking (1)
Longterm Care (1)
Healthcare (1)
Elder Law (1)
Power Of Attorney (1)
Nutrition (1)
Charitable (1)
Donations (1)
End Of Year Taxes (1)
Tax Strategies (1)
Black Swan (1)
CARES Act (1)
Marital Trust (1)
Stimulus (1)
Vacation From Investments (1)
Distribution (1)
Bloodline Trust (1)
Roth (1)
Retiring (1)
Self Employed (1)
Business Owners (1)
Annuity Alternatives (1)
Life Insurance (1)
Dividend (1)
Bonds Ladder (1)
Policy (1)
Donor Advised Fund (1)
Retire Early (1)
Private Foundation Charitable Lead Trust (1)
Charitable Remainder Trust (1)
Growing Your Wealth (1)
REITs (1)
Risk Management (1)
Protection (1)
North Korea (1)
Conflict (1)
Lineweaver Wealth Advisors (1)
Legacy (1)
Retire (1)
Expense (1)
Gifting (1)
Retirement Tips (1)
Financial Advice (1)
Financial Advisor (1)
Social Security Planning (1)
Charitable Contributions (1)
Women And Money (1)
Service Day (1)
Harvest For Hunger (1)
Candidates (1)
Q1 2017 Newsletter (1)
Politics (1)
Fall 2016 (1)
Financial Health (1)
Holiday Planning (1)
Stockpile (1)
Holiday Gifts (1)
1st Quarter (1)
2016 Market (1)
Winter 2017 (1)
Mutual Funds (1)
Costs (1)
Trusts (1)
Markets (1)
New Tax Law (1)
529 Plans (1)
Charitable Giving (1)
Q2 (1)
New Website (1)
Bruce Motko (1)
Travel Tips (1)
Travel (1)
Drink Water (1)
Market Volatility (1)
Cryptocurrency (1)
Investment (1)
Bitcoin (1)
Advice (1)
Summer (1)
Q3 Newsletter (1)
In Laws (1)
Inheritance (1)
Trading (1)
Tariffs (1)
401(k) (1)
Tax Cuts (1)
Equifax (1)
Mark Sipos (1)
2017 Q4 (1)
Identity Theft (1)
Third Quarter (1)
Tax Cuts And Job Act (1)
Introducing (1)
Kids (1)
Grand Kids (1)
Jobs (1)
RMD (1)
Lose Weight (1)
Eat More (1)
Market Review 2017 (1)
Letter From The President New Years Resolutions (1)
Transfer Real Estate (1)
Defer Tax (1)
Top Financial Strategies Of The Wealthy (1)
Market Pullback (1)
Reallocation (1)
Pros And Cons (1)
+ Show More

Terms and Conditions | Privacy Policy | Disclosures

Lineweaver Financial Group ©
Powered by Virteom Logo Virteom