So Many Options! Aren’t You Glad We Got Married?

On todays show, Marc and Jim review a handful of situations married couples are encountering as they consider Social Security

Welcome to Situational Social Security, where we review situations that are unique to clients, and learn about how advisors are using Social Security knowledge in their practice.  Whether you specialize in Social Security already, or are interested in learning more, Situational Social Security is THE PLACE FOR YOU!!  For more details about our certificate program, or if you would like to be a guest on our show, please visit our website premierNSSA.com and leave us a message on the contact page.

3:50 - John is 66, and Joan is 45, and they are wondering if there are any benefits payable to their 10 year old son.  They were worried about filing for benefits prior to age 70 and not maximizing widow benefits. 

8:31 - Jim talks about the challenges getting in contact with the Social Security offices this year and what the best options are to receive assistance.

10:45 - Jim explains the term PIA(primary insurance amount) for our listeners as it is helpful to understand when reviewing these situations

11:39 - Joe’s PIA is $2,500, and Jane’s PIA is $0, which means she does not have 40 credits and is not eligible for her own Social Security benefits.  Both were born in 1954 and turned FRA in 2020.  Should Joe take is his benefits now to allow Jane to take a spousal benefit? Or should Joe wait until age 70 to maximize delayed retirement credits, hence maximizing the survivor’s benefit?  

15:45 - Sam was born in 1953, with a PIA of $2,500, and Joan was born in 1955, with a PIA of $1,500.  Since Sam was born prior to 1/1/54, they heard they might be able to take advantage of the restricted application strategy, but were not sure how to do so.

17:56 - Sid and Chloe are both age 68, their PIAs are both $2,000 per month, and they are wondering how they can use the 6-month retroactive benefit alongside a restricted application.  

19:55 - Betty’s PIA is $1,500, she turned 62 in January, her husband Albert’s PIA is $2,500 and is 65 years old.  They wondered if Betty should take her benefit early.

Tune in to find out!