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 →

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 →