As we come to the conclusion of another year, I was pondering what topic would be most appropriate?  I came to the realization that it was 50 years ago this month that I graduated from the University of Wisconsin – Whitewater and embarked upon my career path.  Seems like only yesterday that I moved to Oshkosh, Wi and attempted to stake out my career selling life insurance with Northwestern Mutual.   2 years later, I’d find myself starting with Bache & Co and then onto EF Continue reading →

It’s that time of year where we see what the upcoming changes are for Social Security in the coming year!  So let’s see; 2.5% COLA in 2025 – by the way COLA adjustments affect all folks claiming or not. Maximum Earnings subject to FICA taxes – $176,100 up from $168,600 Earnings Test for those who claim prior to FRA – $23,400 up from $22,320 – thus if one claims prior to FRA you lose $1 in benefits for every $2 one earns above that amount. Continue reading →

  This week I’m attending 2 funerals of fellow parishioners at my church.  Helen was 72 and Ron was 73 and both were totally unexpected and sudden.  This made me contemplate what another friend and bible study companion always states during his morning prayer,  “Thank you Lord, for another day not promised”.  No truer words can be spoken and reminds me of the importance of living in the moment! What’s your check out date? Now does this mean one should claim Social Security ASAP and Continue reading →

This past month I came across an interesting case that I thought might be of interest to you!  I have a gentleman whom I will call Gordon who was born in December of 1962, his wife Daphine was born in November 1984, thus we have a 22 year age difference!  Now at 1st glance one might correctly assume that Daphine will outlive Gordon, thus his waiting until age 70 to claim his Social Security benefits would be most logical since she would inherit the greater Continue reading →

I read an interesting article the other day in regards to Lottery Winners, did you know that 90% of Winners take the lump sum vs the monthly installments / 30 year annuity?  Taking the lump sum basically reduces the publicized Jackpot by 50% or more, but then you have to pay income taxes on the 50% that you received, so a $2 Million lottery prize could net an individual $650,000 – $700,000 or less based upon state and local income taxes.  Besides that, we’ve all Continue reading →

In the past month I’ve attended 2 funerals and in both cases the Social Security claiming decisions they made are most definitely worth exploring! Case #1 – My mother passed away on June 24th at the ripe young age of 97 ½!  Mom suffered from dementia and required nursing home assistance over the past half a dozen years.  She lived a full and rewarding life and is in a much better place with all her loved ones who predeceased her especially my dad who died Continue reading →

In all of my presentations and consultations I ask the question about prior marriages.   When there are potential claiming opportunities as it relates to claiming Social Security, I leave no stone unturned.  Many people are unaware of the fact that if you were married and your spouse dies or if you were married for at least 10 years (consecutive) and the marriage ended in Divorce you may be eligible to receive benefits based upon their earnings record! Survivorship Benefits Once you’ve been married for 9 Continue reading →

    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 →