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Social Security Case Study and Webinar

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Marc Kiner
Marc Kiner

Good Sunday morning to all,

I trust all is well.  Still lot of snow on the ground in Cincinnati.  Air feels a bit warmer than in the past.  Spring is just weeks away!

I want to share the attached case study.  In this case study, option 1 provides Steve and Chloe the largest SS benefit over their lifetimes of $589,129.  This case study is unique as Steve is subject to the Windfall Elimination Provision and the Government Pension Offset as Steve worked for the government and is receiving a public employee pension.  Let's disect option #1:

Steve files for his benefits at age 66 in May, 2015 and receives $779 per month.  

Chloe files a restricted application at age 66 in November, 2019 and receives spousal benefits of $389.

In November, 2023 Chloe files for benefits on own work history, (age 70) increasing her benefit by the Delayed Retirement Credits of 32%.  Her benefit has increased from $2,048 to $2,703.

Attached are all of the SS claiming options for Steve and Chloe.  Please call (513-351-5707) or e-mail me at mkiner@mypremierplan.com with any questions.

Advisors must think "outside the box" when helping clients decide when to begin Social Security benefits.  Waiting to age 70 is generally just part of the strategy resulting in the maximum benefits.  Advisors must understand how to incorporate the "File and Suspend" and "Restricted Application" strategies to help their clients.

Don't miss out on the opportunity to help your cliens when you meet during tax season.

Please join us for our monthly National Social Security Advisor webinar Monday from 3-4 (ET).  We will discuss articles in the news along with case studies, answer advisor quesions and hot topics in Social Security.  We will also discuss the NSSA Advisor of the Year Award!  ust click on this link - https://attendee.gotowebinar.com/register/5953801942952777217

 

Have a great day!

Regards,

Marc Kiner, CPA, NSSA, Social Security Group Moderator

 

Download Attachment (Options_for_February_newsletter.pdf)

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