You generally will need the following information and documents. The tables and graphs featured in the book are worth their weight in gold. Seriously though, you should read at least one of these two books at some point in your life. Marriage changes a lot of things, including how you should consider claiming social security benefits.
Feb 12, 2019 social security benefits are calculated based on the 35 years in which you earn the most. Feb 16, 2015 one day while playing tennis, social security expert larry kotlikoff informed paul solman about a strategy for maximizing the benefits that he and his wife were eligible to collect. It covers just about any social security claiming scenario you might encounter, from child benefits to whether youre a divorcee, parent, retiree, spouse, or survivor. Jun 04, 2017 married couples have 81 ways to claim social security. Aug 27, 2019 there are three ways to apply for social security benefits online, in person at your nearest social security office, and over the phone.
Heres how to maximize your benefits published sun, jun 4 2017 11. This is the first step to developing a basic understanding of how your social security benefits work. They paint a very exact picture of how 401ks, pensions, and working after taking benefits. Maximize your social security benefits and retirement income. How to maximize your social security benefits consumer. Johns wife beth is 58 and made substantially less than john over the course of her career, so her monthly social security benefit will be much lower. Strategies for maximizing your social security benefits. Maximizing social security posted on june 24, 2015 july 26, 2015 by david ott its a little hard to believe, but i read more and more in the popular press about maximizing social security benefits. One day while playing tennis, social security expert larry kotlikoff informed paul solman about a strategy for maximizing the benefits that he and his wife were eligible to collect.
Though you probably wont be able to live off them entirely, social security benefits are a valuable addition to your retirement income. To get all the social security you deserve, read a book that. Couples guide to maximizing social security benefits. But the book offers different strategies to maximize your benefits depending on your marital status, age, earnings, and financial needs. More than 11,000 widows and widowers who are now on social security could have had higher benefits if someone had bothered to tell them about their claiming. By the social security administrations count, the full benefit for retirees born in the period 1943. So, if you work off the books, those earnings wont increase your eventual social security benefit. Maximizing your social security benefits opus wealth. How married couples can maximize their social security benefits.
Mar 03, 2015 one thing you probably do know about social security is that you can claim retirement benefits any time between age 62 and 70 and the longer you wait the bigger your monthly benefit the check. The first book is mike pipers social security made simple. With the number of older americans filing for bankruptcy on the rise, here are three books to help you understand retirement and what is driving the social security debate. Nov 22, 2016 couples guide to maximizing social security benefits published tue, nov 22 2016 8. The ideal question is when should i and my spouse claim our social security benefits. Maximizing your social security benefit suzanne porske. A certified financial planner and author of the ebook, maximizing your social security retirement benefits, she explains how she transitioned from personal finance generalist to social security guru. Maximizing your social security benefits isnt easy, especially since there are hundreds of rules governing payments alone. Of course, it is possible for people who have not worked to receive social security benefits, too. Not content just to publish one of the most useful books on social security. Apr 01, 2020 all this maximizing social security mumbojumbo is aimed at folks now nearing retirement age. Maximize my social security was developed by boston university economics professor larry kotlikoff.
Learn the secrets to maximizing your social security benefits and earn up to thousands of dollars more each year with expert advice that you cant get anywhere else. Maximizing social security acropolis investment management. Today, larry has 12 secrets to maximizing your social security benefits under the new rules. In this article, i want to tell you about four ways you can maximize your social security paymentsand i bet youll find theres at least one you werent aware of. Order your copy of mary beth franklins, maximizing social security retirement benefits a guide for financial advisers and consumers about how this critical source of. A social security calculator can help you run some of the numbers yourself. Income matters 5 maximizing social security income. Maximizing your social security benefits can mean the difference between retiring secure for life vs. Navigating social security income can be complicated, but there are strategies to maximize your social security benefits. If you have a social security question, tom margenau has the answer.
Selecting the right strategy for when to claim social security will pay off for years to come. They can give you an indepth analysis of the best time to claim benefits. How to maximize your social security benefits the motley fool. How and when to apply for social security retirement benefits.
John is turning 68 next month and hasnt claimed his social security benefits yet. Social security maximizing madness, by tom margenau. In the meantime, the couple can still enjoy receiving the social security benefits of the lowerearning spouse. This paper is designed to give you an overview of the critical factors that relate to your benefits. They still are in most states, but the federal government began taxing them in. For many americans, social security serves as the foundation of their retirement income plan, and it needs to be managed just like any other asset. Social security for dummies learn how to qualify aarp. Most folks approaching retirement think they know how to maximize their social security benefits and theyre wrong. Want to know how to navigate the forbidding maze of social security and emerge with the highest possible benefits. Thats a big deal, as social security income is critical to most. When to apply for social security retirement benefits. Social security retirement benefits used to be incometax free.
Mary beth writes regularly about the latest research and thought leadership on retirement income planning. New free book can help you collect larger social security checks. But as always, i suggest talking to your financial adviser to determine the best maximizing strategy for you. Maximize your social security benefits and retirement. Read below to learn how you can make sure youre getting all the benefits you deserve. If you dont work for at least 35 years, zeros are factored into the calculation, which decreases your payout. Between maintaining your comfortable lifestyle and staying in the house you love vs. Larger spousal benefits if you claim social security at 70. John plans to wait until age 70 to claim his social security so that not only. How to get whats yours from social security pbs newshour. Aug 11, 2018 with the number of older americans filing for bankruptcy on the rise, here are three books to help you understand retirement and what is driving the social security debate. We like maximize my social securitys easytouse tools and reports. Maximize my social security when should i take social. Approach social security armed with knowledge about how the system works, and youll be more likely to maximize your benefits.
This is the third post in a threepart series that discusses important considerations regarding social security benefits and strategies for incorporating them into your retirement plan. The two best books on social security white coat investor. Kotlikoff has applied his economics background to create a new flavor of financial planning with the focus on optimizing. William fairfield warren professor of economics, boston university. Plus, a satirical novel imagines a wacky social security based scenario. There are free tools available to optimize your social security benefits. Top 5 social security books social security intelligence. Mary beth franklin, cfp, expert on social security claiming. How to maximize your social security benefits aarp. Heres a book to help you maximize your social security benefits. Here she offers you her social security expertise with 7 insider tips for getting the most from social security. How to maximize social security benefits for your household.
Couples guide to maximizing social security benefits published tue, nov 22 2016 8. Jun 01, 2018 not understanding all your social security survivor benefits can cost you thousands. If you dont work for at least 35 years, zeros are factored into the. When is the best time to claim social security benefits. Pick the right social security benefit timing for you. Maximizing your lifetime social security benefits as a. The claimandsuspend strategy also known as file and suspend provided a way for married couples to maximize benefits received over a lifetime.
You may file for disability benefits as soon as you become disabled and be aware that it can take a while to make your case. In addition to being the author of maximizing social security benefits and an acknowledged expert on the subject, she is contributing editor at investmentnews, a leading publication for financial advisors, and an award. There are good decisions you could make about social security and bad ones, and sometimes the difference between the two can cost you a significant amount in lifetime benefits. Married couples have more options for claiming social security than single people. Find out your best plan when we welcome andy githmark on wednesday, october 30th at 6. This is a must read for anyone who will soon be making a decision on when to file for their social security benefit. Find the top 100 most popular items in amazon books best sellers. Get whats yours has been revised and updated to reflect new regulations that took effect on april 29, 2016. Mike piper is the author of the book social security made simple.
Social security will reduce benefits in about 2033. Its a short read but it hits the surface of a lot of topics within social security. A breadwinner could file for social security at full retirement age but immediately suspend the claim, potentially allowing a spouse to begin collecting spousal benefits while the suspended. A widow or widower whose spouse waited until 70 to file for social security is entitled to the full amount the deceased was getting including the delayed retirement credits so long as the surviving spouse has reached full retirement age. Her most recent book, maximizing social security retirement benefits everything you need to know to get the most out of complicated new claiming rules. New free book can help you collect larger social security. Strategies for maximizing the guaranteed income you cant outlive. It is the nations premier tool for maximizing your lifetime social security benefits. Hell be taking a short break from this column for the rest of the month and will return to answer. Tony does an excellent job explaining in simple terms how anyone can maximizing your social security benefits. Award winning personal finance journalist mary beth franklin has become a sought after expert on maximizing social security benefits.
Dependent family members may file for auxiliary benefits based on the record of a disabled worker. However, its an outstanding tool, which is why were including it. Keep in mind that you should always discuss financial matters with a licensed professional before taking action. Check your paychecks and tax documents to ensure you are. The ideal time is probably in your early sixties, but if youre curious, you could muddle through one or both of them before then. Mary beth franklin points out that social security isnt static and there have been some major changes in recent years. Comparing the 2 leading social security calculators can i. Indies honorable mention award 2018reference books.
How to maximize your social security benefits consumer reports. Your 2019 guide to social security benefits the motley fool. I tested 2 free social security retirement calculators, and heres what. Limra research shows, in almost half of 65yearold couples, one spouse will outlive the other by 10 or more years. Nov 30, 2015 maximize my social security is offered by economic security planning, inc. The 35 year strategy if you possibly can, you need to work for at least 35 years to maximize your social security benefits. Part one is about 27 pages and speaks in clear and concise terms about how benefits are calculated and how you qualify for them. Its important to calculate spousal benefits before choosing your social security benefit. The social security retirement guide is a free online resource designed to help americans understand the different options available when filing for retirement benefits. May 23, 2018 this is the third post in a threepart series that discusses important considerations regarding social security benefits and strategies for incorporating them into your retirement plan. Her most recent book, maximizing social security retirement benefits everything you need to know to get the most out of complicated new claiming rules, has been updated to reflect changes in claiming strategies due to the bipartisan budget act of 2015. Social security benefits are calculated based on the 35 years in which you earn the most. If you like following concepts, be sure to listen to franklins interview with steve chen, founder of newretirement, for even more great ideas for maximizing your benefits 1 claiming at 62 means a big reduction in retirement income. How to maximize your social security benefits the motley.