Meet certain criteria and you may qualify to claim a benefit off an exspouses earnings record. Do you know the best social security claiming strategies. Mary beth franklin, cfp, expert on social security claiming strategies. A social security calculator that helps hedge your bets. There were two married couples, the rushers and the planners, with identical earnings records and investments. Social security is actuarially neutral on when to file, said leitner of financial advisory network. She has served as a senior editor to kiplingers personal finance and a syndicated. Maximize your money with kiplinger and napfa, december 2015. The rushers didnt read this book and during retirement, they ran out of money.
Mar 29, 2014 robert powells retirement portfolio five strategies to get the most social security published. When you claim social security can add thousands to your lifetime income. Once you reach age 70, increases stop, so there is no benefit to waiting past age. Five strategies to get the most social security marketwatch.
A simple way to maximize your social security money talks news. Nov 24, 2016 the final part of the book, part 4, has some other miscellaneous topics such as how to check your earnings records 4 page chapter 14, how social security is taxed 4 page chapter 15, how social security should affect your asset allocation 3 page chapter 16, and a few doover options 4 page chapter 18 like withdrawing an application. The center for retirement security was founded in 1989 by bob carlson as a research and collaboration vehicle for retirement finances, investments, taxes, and estate planning. Strategies to boost your social security these moves can increase lifetime benefits by thousands of dollars. The center for retirement security retirement watch. Test yourself on social security claiming strategies. How to optimize retirement benefits reichenstein and meyer may 2010, journal of financial planning social security.
Generally, when a person reaches the age bracket of 6065 years, they are considered for retirement posts which they can live life on their own terms. The following free calculators will help you decide. The social security withdrawandreapply strategy was first discussed on this blog almost 3 years ago. Thats because this federally insured program has the unique ability to protect us from a host of financial challenges, like market downturns, inflation, declining interest rates, and worries about outliving our money if we are blessed with longevity. If you find that you filed for social security too early, you have the option to withdraw your benefit application within a year and then file again for benefits later on. Test yourself social security claiming strategies kiplinger. Social security for dummies is the one guide you need to navigate the oftencomplex world of social security retirement benefits. All the information provided is based on current social security rules, benefits calculations, and payout promises of existing social security policy. Of all the calculators ive tested, this one was the easiest to manipulate. If youre approaching retirement and beginning to think about when and how to file for social security, its important to understand your options so you may feel confident in your claiming decision since benefit selection is a onetime opportunity. Secret ways to boost your social security kiplinger. It allows you to change your life expectancy and that of your spouse and see how the recommended claiming strategy may change. Most published on social security strategies in academic and professional journals coming soon journal to be announced medicare and tax planning for high income households.
Congress recently eliminated 2 lucrative social security claiming strategies for most americans. July 2018 journal of financial planning understanding the tax torpedo and its implications for. Her most recent book, maximizing social security retirement benefits everything you need to know to get the most out of complicated new claiming rules, has been updated to reflect changes in claiming strategies due to the bipartisan budget act of 2015. After you reach age 62, for every year you postpone taking social security up to age 70, you could receive up to 8% more in future monthly payments. Your social security payments are calculated using your 35 highestearning years in the workforce. Social security retirement benefits are based on your highest 35 years of earnings. How couples can maximize social security benefits kiplingers money power january 16, 2019 for married couples, claiming benefits is a household decision, not an individual decision, says paula mcmillan, a certified financial planner in greensboro, n. Take social security late, recommends a chorus of personal finance experts, notably including economist laurence kotlikoff. Dec 03, 2014 kiplinger has partnered with social security solutions to offer a tool to uncover the most advantageous time to start collecting your benefits. Get kiplingers trusted advice on social security, benefits, claiming strategies, spousal benefits, survivor benefits, file and suspend strategy, restrict an application strategy, earnings test. Submit your questions here and get free personalized financial advice on thursday, december 10, from 9 a. Social security will pay you a premium if you wait until 70.
Social security claiming strategies quiz kiplinger. We understand the nuances of social security, and we can help you determine your best strategy for collecting benefits in line with your retirement goals. Strategies to boost your social security kiplinger. The programs classified under the term social security differ from one country to another, but all are the result of government legislation and all are designed to provide some kind of monetary payment to defray a loss of or a deficiency in income. When i ask guests at our firms social security workshops how benefits are calculated, i rarely get a correct. The basic approach is relatively straightforward if you have been received social security benefits, you can choose to pay back all prior benefits received, and reapply at your current age, adjusting all future benefits to be anchored to that new starting age which means you may reduce. Award winning personal finance journalist mary beth franklin has become a sought after expert on maximizing social security benefits. Picking the right social security claiming strategy can help married couples ensure that each spouse receives the biggest benefits check possible.
After having sold tens of thousands of copies and becoming known as the authoritative source on social security claiming strategies, this book is now in its third. Mary beth franklin, cfp, expert on social security claiming. Strategies to boost social security benefits kiplinger. Jan 01, 20 strategies to boost your social security these moves can increase lifetime benefits by thousands of dollars. Kiplinger has partnered with social security solutions to offer a tool to uncover the most advantageous time to start collecting your benefits. However, the program is forecast to start running at a deficit in 2018, and that. Open social security is a free, opensource social security strategy calculator. Follow our road map to the best strategies for claiming your benefits and boosting your retirement paycheck. When planning for retirement, you must decide when you want to start collecting social security. Work with the experts who can help you personalize a strategy thats right for you. Robert powells retirement portfolio five strategies to get the most social security published. Aug 02, 2011 the pair also cowrote the book social security strategies. Retirementrevised guide to social security claimingv1.
How couples can maximize social security benefits kiplinger s money power january 16, 2019 for married couples, claiming benefits is a household decision, not an individual decision, says paula mcmillan, a certified financial planner in greensboro, n. Maximize your money with kiplinger and napfa, december. Mary beth writes regularly about the latest research and thought leadership on retirement income planning. Strategies for single people, for married couples, for survivors, for. Reliable information about the coronavirus covid19 is available from the world health organization current situation, international travel. The little black book of social security secrets, couples ages 6270. Mary beth franklin on avoiding big social security. For example, if you file at 62 and live until 82, youll get a smaller check for a longer period. As a source of guaranteed income, social security is a vital part of a. Social security for dummies by jonathan peterson, paperback. In fact, she literally wrote the book maximizing your clients social security retirement benefits.
It allows you to change your life expectancy and that of your spouse and see how the. When to take social security sooner rather than later. Social security is not inheritable, but your assets may be. Find the top 100 most popular items in amazon books best sellers. Oclcs webjunction has pulled together information and resources to assist library staff as they consider how to handle coronavirus. Social security shuts down withdrawandreapply strategy. Your 2019 guide to social security benefits the motley fool.
A social security calculator that helps hedge your bets the. Get more social security benefits with social security solutions. What you must know now to prosper in the coming meltdown of job security, pension plans, social security, the stock market, hou craig s. Married beneficiaries can claim benefits based on their own earnings record or choose to receive up to 50% of the amount for which their spouse is eligible at. March 20, 2015 in financial planning, social security, videos video by f2819644 social security tips for married couples kiplingers personal finance boost retirement benefits for you and your spouse with these strategies.
Smart timing of your social security benefit claim can boost retirement income significantly. Mary beth franklin has a longtime interest and expertise in retirement issues, social security, and taxes, with a background in the federal budget, international trade, and capitol hill as it affects personal finance. Her most recent book, maximizing social security retirement benefits. Social security strategies if you are divorced kiplinger. Get more social security benefits with social security. Kiplinger make more money and keep more of the money you make. Get kiplinger s trusted advice on social security, benefits, claiming strategies, spousal benefits, survivor benefits, file and suspend strategy, restrict an application strategy, earnings test. Submit your questions here and get free personalized financial advice on. Act now, retire secure later 9780990358862 by james lange and a great selection of similar new, used and collectible books available now at great prices. Sep 02, 2016 social security will pay you a premium if you wait until 70.
Listen to find out why so many people make big mistakes with regards to social security and how to get the most out of this valuable benefit. What you must know about social security kiplinger. There are plenty of situations where it makes sense to defer collecting your social security as long as possible. Try a social security calculator before claiming the balance. But there are still plenty of ways to boost the check thats likely to be a main source of income. The book also explains the nuts and bolts of filing a claim for benefits, the impact of work on benefits before full retirement age, and how social security benefits are taxed based on income. List of books and articles about social security online. But not everyone can wait most take it early so theres some tradeoffs. Making the most of social security requires some strategy to take advantage of the basic benefit rules, however. Her husband, bob, is collecting social security retirement benefits. Social security tips for married couples kiplingers. Check out resources to become a social security expert. A certified financial planner and author of the ebook, maximizing your social security retirement benefits, she explains how she transitioned from personal finance generalist to social security guru. Looking at two different social security strategies, one that preserves your assets and one that drains them, is something to consider.
Social security solutions software uses all the complicated social security rules to your advantage and gets you the most social security benefits possible. Selecting the right strategy for when to claim social security will pay off for years to come. Nov 30, 2015 the most important input for a social security calculation is your earnings history. Submit your questions here and get free personalized financial advice on thursday, december 15, from 9 a. Kiplinger today seven days a week, kiplinger today helps you profit and prosper with the best of kiplingers advice on investing, taxes, retirement, personal finance and much more. Maximizing social security benefits special report kiplinger. All the information provided is based on current social security rules. Sep 16, 2019 your social security payments are calculated using your 35 highestearning years in the workforce. Get kiplingers trusted advice on social security, benefits, claiming strategies, spousal benefits, survivor benefits, file and suspend strategy, restrict an. If you dont work for at least 35 years, zeros are factored into the calculation and reduce your. The 6670 social security strategy for married couples. Social security strategies for married couples kiplinger. Kiplinger get more social security benefits with social. Mary beth franklin, cfp, contributing editor, investmentnews, is a nationally known and frequently quoted expert on social security claiming strategies.
As the educational arm of retirement watch, the center for retirement security offers retirees and preretirees the resources needed to navigate the complex and ever. When should you start benefits and how to minimize longevity risk. To find that data, look under taxed social security earnings on your most recent social security statement. Get the benefits youve earned social security for dummies is the one guide you need to navigate the oftencomplex world of social security benefits. This decision can have a significant impact on your retirement income, so its important to have a strategy. Mar 29, 2016 take social security late, recommends a chorus of personal finance experts, notably including economist laurence kotlikoff. Secret social security strategies for advisers many financial planners are in the dark about ways to help clients boost their monthly government checks. The social security income planner provides an overview of several different preselected claiming strategies, or you can input your own strategy to see how it. Top best retirement planning books retirement is a stage in the life of a human being which is inevitable and will occur once the individual has completed their career span. Winter 2019 journal of retirement optimizing social security benefits is still complicated. Kiplinger is teaming up with the national association of personal financial advisors napfa, whose planners will answer questions about end of year tax prep and more.
Top 10 best retirement planning books wallstreetmojo. Kiplinger make more money and keep more of the money you. This book can help you collect larger social security checks. In fact, she literally wrote the book maximizing your clients social security retirement benefits, that retirement planning experts use to advise clients on social security. The little black book of social security secrets, couples. For a typical working couple this could be 35 to 40 years of data each 70 to 80 numbers total that must be keyed in correctly for accurate results.
The two best books on social security white coat investor. Maximize your money with kiplinger and napfa, december 2016. Kiplinger today seven days a week, kiplinger today helps you profit and prosper with the best of kiplinger s advice on investing, taxes, retirement, personal finance and much more. This guide will help you plan for and enjoy a financially secure retirement. That gives single beneficiaries a less compelling reason to postpone claiming benefits after full retirement age, says marc kiner, cofounder of premier social. Social security for dummies is indispensable for anyone who wants to get the best possible deal from social security and that means all of us, young and old, because everyone will need social security benefits in this era of disappearing pensions and dwindling savings. Kiplinger is teaming up with the national association of personal financial advisors napfa, whose planners will answer questions on holiday money concerns, yearend tax planning and more. Best strategies to boost your social security benefits. This updated edition offers clear guidance on when to claim benefits, how much you can expect to receive, where to find.
Kiplinger retirement planning experts show you how to maximize your 401k plan, select topperforming investments, get the most from social security, protect your estate, ensure affordable topnotch health care. For many of us, social security is the lynchpin that holds our retirement plans together. Out of the 32 million retirees who collect social security benefits, rothenhoefer. This updated edition offers clear guidance on when to claim benefits, how much you can expect to receive, where to find social security calculators, and so much more. The pair also cowrote the book social security strategies. Comparing the 2 leading social security calculators can i. The final part of the book, part 4, has some other miscellaneous topics such as how to check your earnings records 4 page chapter 14, how social security is taxed 4 page chapter 15, how social security should affect your asset allocation 3 page chapter 16, and a few doover options 4 page chapter 18 like withdrawing an application. Building wealth financial pros across the country share best practices and fresh tactics to preserve and grow your wealth. Your age when you collect social security has a big impact on the amount of money you ultimately get from the program. Best social security strategies for married couples thinkstock by sandra block, senior editor from kiplinger s personal finance, january 2015. How to optimize retirement benefits, 3rd edition perfect paperback march 1, 2017.
297 127 205 1289 80 1430 934 516 434 1374 1107 251 147 1035 468 1039 253 788 514 154 1574 348 790 1010 1101 959 1525 735 1083 832 673 23 1132 454 430 790 583 1381 1195 1352 621 74