Over the past 4 months, we’ve discussed and summarized The Who, The What and The Why, this month we will delve into the question that is first and foremost in most people’s minds as it relates to claiming Social Security which is WHEN!  While speaking last week at the Dallas CPA Convergence Conference, my simple response to the When is “Tell Me Your Check Out Date” and I’ll tell you when to file.  Since we don’t know, nor would we really want to Continue reading →

Over the past 2 months (see archives Back9Pro.com) we’ve discussed the WHO and the WHAT, this month we’ll delve into the WHY Social Security is such an important aspect of Retirement Income Planning.  In 2023 the average Social Security check was $1,657 for an individual and a couple’s average was $2,753 per month.  On average most of my client’s Social Security checks or projected checks would be approximately $3,700 for an individual and $5,300 per month for a couple.  Which makes sense, since almost 100% Continue reading →

  Last month (see archives Back9Pro.com) we discussed the WHO, as promised this month we’ll discuss the What, in other words how much can I expect to receive and how is it calculated.  What many folks don’t understand is that Social Security takes your highest 35 years of earnings, indexes it to inflation to determine your AIME (Average Indexed Monthly Earnings).  Once they determine your AIME they then go to the formula below which determines your PIA (Primary Insurance Amount) or in laymen’s term your Continue reading →

Last December,  I spoke at TXCPA conferences in San Antonio, Dallas and Houston.  The Topic of my talk was the 4 W’s of Social Security – Who, What, Why & When.  In May I’ll be addressing CPA’s in Houston, Dallas and Galveston, the topic will be The 4 W’s of Social Security 2.0 – Maximizing Benefits – Minimizing Contributions.  I thought it might be of interest to you, to dive into each of the 4 W’s over the next several newsletters to better appreciate and Continue reading →

As we start a New Year, many Americans will make a life altering financial decisions that they will have to live with for possibly several decades.  The decision as to when to claim Social Security benefits is at the forefront of that decision!  Since this is an irrevocable (1 year mulligan) decision it is wise to practice the carpenter’s rule (Measure 3x – Saw once). Case Study Yesterday I met with a couple to discuss Retirement Income Planning, specifically Social Security claiming options and thought Continue reading →

Over the past 2 weeks I’ve had the distinct honor and pleasure to speak at the TXCPA Society meetings in San Antonio, Houston and Dallas.  All three sessions were extremely well attended and the audience was truly engaged in the messaging of WHEN and HOW to claim Social Security benefits.  The one overriding issue is why wait and what is the breakeven period of waiting vs claiming early? One of my slides was titled the 3 Stages of Retirement Go Go Years Slow Go Years Continue reading →

Recently I’ve read several articles discussing the falling life expectancy and several clients have asked if that changes my recommendations as it relates to delaying Social Security!  Let’s take a look at Life Expectancy within the USA; From what age is life expectancy measured? Almost every calculation of life expectancy comes from the time of birth!  Now if your 65 years old, Congratulation’s you’ve successfully navigated a lot of the stupid moments and decisions of your youth and avoided a lot of accidents and illnesses Continue reading →

This past week I went with several friends up to Marble Falls for a couple days of golf, whiskey drinking,  card playing and steak eating camaraderie.  Over one such session, the topic of Social Security arose and two of the guys mentioned that their financial advisors recommended that they wait no longer than Full Retirement Age (67) in their cases to claim Social Security benefits.  When quizzed they both mentioned that they were told it made no sense from a dollar and cents perspective to Continue reading →

One of the more interesting and challenging questions many WOMEN have is not only when should they claim their own benefits, but what benefits can they claim if they are Divorced – Widowed – Remarried? This applies to men as well, but for this case study I’ll use a recent female client and I’ll call her Alissa; Alissa DOB is 10/16/58 which means she will be 65 next month.  Her PIA (Projected Benefits) is $2918 @ FRA (66 & 8 months).  She thought she was Continue reading →

Over the past 10+ years I’ve had the distinct pleasure to work with several thousand individuals and couples, in helping them determine when and how to claim Social Security benefits.  No two people are alike and thus cookie cutter advice is unacceptable!  According to the Social Security Administration there are over 8,000 claiming strategies available for couples and more than 2,700 separate rules on claiming benefits.  Thus, there is no room for over the counter software, unresearched recommendations or prejudicial decisions when it comes to Continue reading →