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Category: Social Security Benefits

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

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