Social Security Maximization - 2 Examples
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- เผยแพร่เมื่อ 29 ม.ค. 2025
- Welcome to today's Cardinal lesson! In this session, we thoroughly examine Social Security maximization, exploring key terms like Full Retirement Age (FRA) and crucial decisions impacting your retirement income. Understanding when to start your Social Security benefits-from age 62 to 70-can significantly impact your financial future. Join us as we discuss real case studies and strategies to help you make informed decisions tailored to your unique situation.
Questions? Email us at Hans@CardinalGuide.com, call us at (919) 535-8261, or visit our website at cardinalguide....
Show Notes: cardinalguide....
H E Scheil & Associates doing business as Cardinal Advisors holds an insurance license in all 50 states and DC. Listed below is the license # in each individual state. Alabama 675461, Alaska 100118081, Arizona 1800012348, Arkansas 100104794, California 0K32569, Colorado 464622, Connecticut 2463129, Delaware 1119857, DC 2887040, Florida L087124, Georgia 159539, Hawaii 445296, Idaho 507076, Illinois 100333675, Indiana 721739, Iowa. 1002056691, Kansas. 272705345, Kentucky 738674, Louisiana 614407, Maine AGN249408, Maryland 100048542, Massachusetts 2006645, Michigan 0104206, Minnesota 40411912, Mississippi 15016382, Missouri 8325733, Montana 100126008, Nebraska 100224332, Nevada 1007341, New Hampshire 2315847, New Jersey 1557889, New Mexico 1800010640, New York 1382342, North Carolina 1000092550, North Dakota 2000136230, Ohio 1028975, Oklahoma 100190853, Oregon 100237062, Pennsylvania 589318, Rhode Island 2309277, South Carolina 1907911784, South Dakota 10017719, Tennessee 2252224, Texas 1963111, Utah 513447, Vermont 1038574, Virginia 129027, Washington 864498, West Virginia 100107166, Wisconsin 100192273, Wyoming 27517
Tom & Hans, another great video. I’ve used multiple SSA calculators to maximize our benefits and the answer for both my wife and I was to wait to 70. What the online calculators I’ve found have failed to take a more holistic view with consideration of the “second to die” feature of SSA for couples. I now know to start my wife’s benefit retro a few months to her full retirement date and hold off on my benefit to 70 as planned. Thanks for the great advice.
@@Paul-GrnHil Paul. Thanks much for the support! Tom and Hans. We are on a plane heading to San Diego for training with Ed Slott
Thanks for the great perspective on this. It seems that this calculation gets more complicated when you consider income taxation. I'm already past full retirement and am drawing significant SS. My wife is 62 and can get a modest benefit. But if we start her's now, the additional income will raise my IRMAA premium for Medicare AND will cut our Affordable Care Act subsidy for her health insurance. Lot's of moving pieces to find the sweet spot...
Nice vid guys
Quick question, what is significant retirement savings?
I guess much more than the national average.
So much that they don't need to start SS earlier than age 70. So their retirement savings can be a buffer till they claim SS when they want too.
How can I stop the deduction for Medicare part B from my SS Income.
"significant retirement savings" was a useless statement, it is meaningless without some context. Is $3 million significant?
It would depend on your situation. …. I would say it would be above $500,000 investable assets probably more.
Great video guys, but what happens if the government doesn't fix the financial stability of the SS program? Do you still recommend waiting until 70 with the thought of getting a reduction from a larger number versus getting the reduction from a smaller number. How does that scenario change the break-even calculation?
If Social Security was delayed until 70, which parts of Medicare can be applied for at age 65? If only Part A, how would insurance play into it while 'waiting it out' and living on retirement savings? Thank you for the great information!
@@CarylAdams You can start Medicare Parts A and B at 65 without Social Security
You send a a check in for your part B monthly at age 65 if you’re not drawing Social Security.
Nice Video. I kind of wonder how a more holistic view of these folks retirement changes if: We make the savings at $750K and this is in a regular IRA. They want to optimize their spending rate to a reasonable probability of success. Roth conversions may make the plan more efficient along with any other tax management strategy. I recently reviewed my open social security report and I wondered how that might change if it considered Roth conversions and such tax implications. Thanks,
How Can I stop deduction for Medicare part B from my SS Income.
@@sujathadesilva3064 1 800 Medicare
After you turn 65 that is your portion that you pay for insurance for part B
@@sujathadesilva3064 The only way to stop the deduction is to dis-enroll from Medicare Part B. You don’t want to do that