Last week I had a meeting with a couple and as you can guess, the main topic of discussion was when should he claim his Social Security benefits?   Liz retired and claimed on her own record last year and Jim will reach his FRA (66 & 8) this month and plans to retire in May.  The #1 concern that people always have when they retire is replacing their paychecks!  Jim’s SSA check would be $3,900/mo. now vs $5,200/mo. at 70 so as you can see Continue reading →

The number 1 question I’m always asked when it come to claiming Social Security is “When should I claim my benefits?”  My answer is simply “What’s your check out date?”  or a better follow-up question is “what is yours and your spouses Joint Check out dates?”  Since the surviving spouse inherits the greater of the two benefits, its of utmost importance if longevity runs in either side of the family to have the higher earning spouse delay until 70 before claiming. 2021 SSA Trustee Actuarial Continue reading →

  Over the holidays a former associate of mine from Lincoln Financial (an actuary by the way) asked me if I would write a review on his book that he had just published for sale on Amazon.  I said absolutely and it came a couple days later in the mail.  What a surprise when I opened the box and found a 9 pound, 859 page manuscript titled Another Day in Paradise – The Handbook of Retirement Income!  Truth be told, NO, I haven’t read the Continue reading →

It is official the WEP and GPO are no more, but before getting into how these changes impact mostly Teachers, Policeman and Firefighters lets first look at what they were. History of the WEP & GPO In 1977 Congress and the President approved a bill that would affect individuals who receive a pension from a job where they did not pay FICA taxes.  The individuals most affected were School Teachers, Fire Fighters and Policemen.  The purpose of the bill was to fix a flaw that Continue reading →

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 →