My mother always told me there is no such thing as a stupid question. But in this case I am going to make an exception because when it comes to Social Security claiming decisions, this question really is stupid. After I tell you why I think its stupid I think you will agree. The stupid question that gets [...]
Many divorces don’t end well and the last thing a divorcee may want to do is help their ex-spouse, who they can’t stand, receive a bigger Social Security benefit. But in some cases, that is exactly what you should do, especially if your ex-spouse has the bigger benefit. If your ex-spouse has the bigger Social Security [...]
Sometimes it makes sense to claim a smaller benefit now and a bigger benefit later. There are several situations where this would be the case. Here's one example. A widow is approaching her Full Retirement Age of 66. If she claims her regular Work History Benefit at age 66, she will receive a monthly benefit [...]
Millions of married couples and divorced spouses are still qualified to use an incredible Social Security claiming strategy but don't know it. This incredible strategy could pay them up to $70,000 in extra Social Security income before they reach their 70th birthday. You read that right. I am not talking about living until age 90, [...]
Most married couples are either unaware of the Survivor Benefit and how it works, or they simply do not realize its importance. As a result, many married couples make a Social Security claiming decision that minimizes the size of the Survivor Benefit. After one spouse passes away, the surviving spouse will receive only one Social [...]
Number 6 In The 10 Bizarre Things About Social Security Series... As of April 30, 2016, retirees are no longer able to use the Social Security strategy known as "File and Suspend." Retirees and financial planners had used this strategy to help maximize their Social Security benefits. While this strategy is unfortunately no longer available to [...]
Number 5 In The 10 Bizarre Things About Social Security Series...Now this is a little bizarre. If you increase your Social Security income, shouldn’t your taxes go up? Not necessarily...Not only could your taxes go down, but you may be able to eliminate them completely. This has to do with the special way Social Security income is [...]
Number 4 In The 10 Bizarre Things About Social Security Series... Your Social Security statements show the benefit amounts you will receive at three different claiming ages; age 62, the earliest claiming age, your Full Retirement Age (assumed to be age 66) and age 70, the oldest claiming age. Well it turns out the benefit [...]
Number 3 In The 10 Bizarre Things About Social Security Series... The common belief about Social Security is that if you are in very poor health, you should claim your benefits as early as possible so you can receive the most amount of Social Security income as possible before you die. That makes sense in most [...]
Here's another bizarre thing about Social Security: Getting a divorce could substantially increase your Social Security income. This applies to someone who has been divorced and remarried. If your first marriage lasted at least 10 years before the divorce, Social Security allows you to claim a Spousal Benefit and a Survivor Benefit based upon the [...]