Jan 19, 2014|
Automatically Generated Transcript (may not be 100% accurate)
Good Saturday Austin. Broadcasting from the top thirteen seventy studios you're listening to a financial wise with your host -- that Blackburn. Social Security has over 2000. Separate rules governing its benefits wow listen to financial life. To get the facts on Social Security Blackburn and her financial life specialty has also been featured weekly on K view so stay tuned. And she brings the same healthful life changing information just talk radios listening audience. Here's your host and Suzanne Blackburn. Happy new year Austin it -- at Blackburn back with you on financial wise what a year it's going to be. We have plans for financial -- to do some very. Good informational shows for you that you need a piece of paper and -- frankly. To take notes on financial wise we would be your premiere radio show where you're getting the facts that you can use to protect yourself. With all financial planning. Now today's segment is very unique. We're going to be talking about Social Security. A Social Security. Let me tea. There's over 2000. Separate rules. That govern its benefits. Wow and it has hundreds and thousands of explanations. As well. I mean they really some of these jobs completely justified in that deal you can go on the web site and literally stay there for days. And thousands of different scenarios based on you and -- thousand years you know. It's pretty crazy so I didn't try to narrow it down some common things. So you can take those facts and make some decisions for your life talk about users nightmare wow. Forbes article there's 144 Social Security secrets. All baby boomers and millions of -- recipients need to know is a great article I want a reference that one. I'm gonna give you a few tips. In taking your Social Security on these next two shows. -- fuel listened today and next week you're gonna be armed with some good facts so when you go in there. You'll know exactly what to do now. Before you get into Social Security -- between the ages of was safe safety in sixty you really need to sit down with the financial planner. And if nothing less. Do a retirement analysis I cannot stress how important that is you don't hear anything I say today. You've got to know what your income is what you're algo is how all that's gonna flown retirement. What inflation rate in taxes are going to be how your Social Security's going to be taxed. We are living longer and you've got to take all those variables into consideration. When you turn on. Your benefits. Are Social Security. So if you don't do a good financial plan before you walking and -- get to know what's the right time. It it you just kind of haphazardly doing this. So nobody's gonna take control -- that you've got to do it so call me. At 5122159030. And that capstar financial. And our website is www. Capstar financial dot com. Now one thing I would offer -- day before getting to these 44 secrets by Forbes. These real neat secret is if you're calling office we will send you a -- security decisions book it's a great book. It's what when -- clue how. All the facts on social security and it's it doesn't give you any real advice it just lets you understand so when you walk in there you know what you're doing. Everybody needs that okay so call the office 5122159030. And give that to you. Now on today's show I wanna get into these serious problems. Now on average today's seniors are living longer you know that we're living longer that's no new information. But with that says if you turn it on early. In your ears and just some of the facts and so security. Your full retirement age is either 66. Or 67 depending on when you were born. And your retirement. You know -- roughly not on the top rough numbers. If you take it early you're losing about 30% a year full benefit so full benefits start -- full retirement age which is he is innocent either 66 -- 67. Now when you take full benefits. One of the things that you have the option to do is suspend them. And then if you stop that. Then what you can do is start to get an increase. Of 8% per year. Which is really nice you know bill they'll give you that 8%. So that's you know it's called -- start stop start benefit. Now -- like I said if you're 62. And you've RD started it. And your full retirement age of 66 Elissa you've taken it full for the here's you can actually stopping -- at 66. And that means you suspend the benefits. Until seventy if -- can wait that long you'll actually get a 32% increase in benefits when you started again at seventy. Now here's some of the things that I see as a financial planner and -- -- we manage a lot of money we take care of a lot of seniors and I can tell you some facts that I share with every single person walks and number one. Social securities -- use it or lose it deal if you start taking it. Then you know that's great you get the benefit. But if you suspend -- you are you don't take it yet and you're eligible 62 analysts say you don't wait until 66 and you passed away. Your family can't -- backing get those dollars. So it's -- use it or lose it system okay. The other thing that I wanna make sure that you know. Isn't that back in the day when they started this there was something like fifty workers for every one recipient and the life expectancy table of a recipient was 65. So they weren't expected to take the benefits for very long now. As you know these big push -- did you wait wait wait don't take it that's fine but be aware that where the point where there's only two workers. For every one recipient. And -- If you look at -- sheet that comes to -- until security about midway down right after the benefit page it says in bold letters. -- have the money available to pay 75%. Of the benefits up until 2032. So you know it's it's no mystery. Then it's running out of money so you know those are things that you really need to take into consideration. So the value of your nest -- it you've got outside of so security is gonna played significant role in -- to take so security when I sit down with many folks. I'm looking at their lifetime. Of income when they leave work. Because all of a sudden this bucket of money that was accumulating. Assets accumulating money. In the stock market or however you're growing your assets becomes a big used in a bucket of income. Now that income. Has to make babies. That that bucket of money has to make babies so that when you start there would drop process of that. It it's not diminished so that you run out of money later in life right. Will your Social Security check. It's not going to necessarily keep up with inflation taxes all those things as you get older. So if you delay it and you're getting an 8% increase each year you know that's all part of financial planning of looking at when do we start that. So again I want you to call my office 512215. 9030. Call -- financial. Ask for Macy's at -- let's sit down and do a full financial analysis of where you are for your income planning. I mean doesn't that make sense before each use wind to start one of the most critical income streams of your life. Please if you don't hear anything else you've got to do something like that put together an income plan. My office again this five point 22159030. Now. When this should you drug benefit let's get down to just some brass -- and let's look at this in 2013. For retirement ages I said was 66 for anyone born. In 1943 year earlier -- born in 1960 years later it's 6070. One of the other two of your ages you're 66 full retirement age of 67. You have to have worked at least ten years forty credits. Of quarters to just don't know why they use all his fancy language is worked ten years and you get your Social Security check. Let's get it down simple simple simple. So with -- work up to full retirement age. And don't miss any thing then you know obviously it's gonna be a bigger check but if you can wait. Then you get 8%. Benefit on that a little bit more on that check every single year that you wait at the maximum pay up for any beneficiary. Is 2513. Dollars per month. To see you know that maximum have you reached it obviously need to know that. So that might be a phone call others to contact the Social Security Office you can go on the website www. -- security dot gov. Or just call their phone number. I did this recently with the client and they do require you to have your birth certificate when you walk in it's not even know who you are not a copy an original. All right you don't believe that with them. Many people say we'll just mail -- in not to Scully and it's one of the most important decisions that you're gonna make in your life folks. Now we're gonna take a break and we're gonna come back in a minute show you a couple of tips that will help you so you know how to. Calculate your Social Security but then again I'm Susan Blackburn and remember some folks are financial eyes and -- Are otherwise. Come on back. Contrary to what you've. Heard there is such thing as a complimentary lunch. It serves up in valuable financial advice for you it's a lunch and learn hosted by Suzanne Blackburn with Ken -- financial. As the unbiased financial condition you've seen on TV TV and heard on the talk radio thirteen seventy billion financial life show. Susan Blackburn is a specialist of retirement planning. During her complimentary lunch. You'll learn -- managing money is harder these days. Kind of making keep more money in volatile times what strategies are low risk and high return. How to avoid probate and attorneys' fees and how to create income streams that you can't help list. Reserve your place today for the complimentary lunch and learn Monday February 3 register by calling 5122159. -- thirty. Five when June 2159. B 34 on -- capstar financial dot com. It's your money protected. Investment advisory services offered through global financial private capital Pelosi and it's easy registered investment advisor. Welcome back to financial lives. -- your hosts who said Blackburn. Sorry folks it's Tuesday at Blackburn we're back and we're talking about anything Harry complicated topic. I asked my producer said it did -- get this he understood camera and saying. You're like well yeah but it's just complicated. You've got to sit down with someone and have a face to face call my office 512. 2159030. Come on in the office there's no obligation will have a cup of coffee. And we'll really get down to brass tacks on what are you more benefits. -- -- -- -- Now I'm gonna talk about spousal benefits if you're married and let's talk about what what are the options with a married couple. Okay. Now. Here's the thing that I want you know no matter what age you begin taking Social Security your payout will receive an automatic annual. Cost of living adjustment. Compared to -- to the Consumer Price Index now. There is a little caveat to that may get tissue that you a couple of got chance. You know Medicare. Is an insurance is built into Social Security you'll pay a premium. So let's say your benefits 121000 a year you're gonna pay 3400 dollars for that. Medical insurance called Medicare it's gonna come out there so. In general terms I I've had clients Communist has to say only got -- -- They're lowering my Social Security no no no they're not hot -- so security. They gave you a 3% increase on your cost of living but then they took 4% on the increase in the cost of the Medicare. So it looks like she got in deep crease but did you see Mickey Mouse and around because it's paying for some stuff all right. Now let's talk about how a couple. Can maximize their planned. For takings of security. There is something called spousal benefits. So let's say you're working. And you've got the higher earner and then we've got the lower earners else. All right so. So security benefits are determined. That your work history in earnings obviously -- need to know which one of EU law. Has the higher earner and it's a higher for the bigger check right. So when the spouse has the option you can both take your check or there is an option called -- council. Payout which is 50%. Less. What the higher earner gets so if your spouse is -- get a check let's say yeah. Three and I can't take that much and she using -- number 2000 a month and you're just 500 a month. You could take half of the York husbands who he gets a he gets a thousand you get 500. And delayed. Taking yours. And by delaying taking yours again remember you get that 8% per annum. Increasing years all right because if you both took it -- 62. Then you're both getting that roughly 30% decrease in it's a reduction in the retirement benefit is 62. So that is a common sense way that couples can get. Benefits and delay in order to receive a higher benefits. In reality the sometimes the opposite can be true. If you've got equal earners you know or if somebody dies in the meantime and you missed it remember what I told you to use it or lose it scenario. So my goodness is that this complicated. Cup now. Once you reach full retirement age. You know. You can apply for even a restricted benefit they -- your spouses -- earnings as long as it earners already receiving benefits even if you are the higher earner. You money instead so security restrict your benefits to your -- earnings which means you're entitled to 50% of that benefit. And again delayed retirement credits remember that term. DRC. You can delay that all the way up until age seventy. At which time you can switch on your benefit. Because after that it's not available there is no benefit for delaying beyond seventy you just reason money. Okay. So well okay so in order for the lower earning spouse. To collect benefits based on the higher earnings history you know higher earners history. The higher earner must have already applied to him of that thing I told Jeff. You've got your spouse with a higher earnings. And then you take 50%. They will have had to start. Their benefits so again scenario planning here. If they're under retirement age. Then you're gonna get it reduced. You know they're taking. A 30% last year 50% of theirs is going to be 30% less so it's it's all around better to wait. Gang but if you do you know if you need it didn't take hits in I'm not a big fan. Because. Here's -- here's some underlying things that I wanna speak about people in this age category. You know when people retire I want him to have been joy to their retirement. You don't want to wait we have these huge income streams coming in when you can't walk and you can't get on the cruise line. Cook. I want you to DL all the travel and goes -- grandkids. -- RV got beautiful and stuff. So okay sometimes we've got away in lifestyle choices well. And also if if you're not as healthy as you should be delaying it -- -- does that really make sense I mean I have clients that delay delay delay. And then they dropped dead. So I mean it's just not good. I know that's not in my pretty she's looking at me funny. So -- but I want you to get the delay retirement credits but I also want you to have a good quality of life. All right we only get to live now. So file in suspend is one way that you can do that -- what I talked about with the higher earner and then spouse reach reach full retirement. And they take your retirement and in the spouse that is the -- in the lower -- takes 50%. And then they wait and they take it later so. Couple of things about the delay retirement credit again it is something that you get 8% per year the credit stops when she reached 7 PM mentioned that. The spouse may drug benefits while the higher earner is accruing to delay benefit credits. And so that's something I want to make sure the understand. Now let's talk about divorced spouses. If you were a couple and then you divorced you eligible for your divorced spouses. Spousal benefit let's talk about that even number one you need to be -- have been married to them or at least ten years. Before you divorced. So I mean that's just affect you got to have at least ten years in that marriage no matter how it was you gotta be there. Either one of the spouses can qualify for the Social Security benefit age 62. On the other works other person's work history. Even if the higher earning X has not applied for benefits yet as long as. The ex spouses album eligible for them. And they've been divorced for at least two years as the other caveat he'd have been married for ten years and divorced for at least two years. OK. And once -- X out three marries. You're no longer eligible to receive that benefit based on the first -- work history OK. So. Just keep that in mind now let's talk about widowed. If it -- spouses passed away. All right and which age. -- -- higher earners now supplied for Social Security benefits that's very important. Since the surviving spouse is entitled to the higher. Of his or her the deceased spouse benefit so let me put that in plain English lord that's a mess. If your spouse dies you get the higher of the two review period that's just a way that works. So if you're both receiving benefits and what have you guys. Whoever dies just know that the higher number is the one -- days a lower number goes away. Okay. Now the higher earners can increase the survivor benefit by waiting to receive benefits until age seventy. So that's something that he can be he can wait on that wow this is a lot of information folks. One of the things that I really want to stress and I can't stress that enough is how important it is to sit down where they post retirement planner. And a retirement specialist. OK if you hear one thing I seen today. Listen to this sit down with the retirement specialists it's going to do an analysis of your income planning into retirement. I mean we you sit down with a broker or someone that can manage your money guess what they're doing their won a little about the money. If you're working with a retirement specialists. They're gonna help you with income planning call me at 512. 2159030. Let's teacher income plan in place. I'm Suzanne Blackburn and please remember. Some folks -- financial eyes. And the rest are in otherwise. -- cases. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Investor advisory services offered through global financial broke Capitol Hill seem SEC registered investment budget. Welcome back to financial lives. -- your home Suzanne Blackburn. We're back -- sees it Blackburn this as a hot topic. There's so much information. As I said when -- started there's over 2000. Separate rules governing Social Security benefits. Hundreds and the houses of the explanations as well. There's all these acronyms it is a mess call my office and we'll go over this now. If you've started taking Social Security we can still sit and plan. Because you can delay and remembered get additional credits have -- Social Security increase if you don't need it. So you know we're always here free of cancer financial and we will assist you -- in new anyway we can't on -- come planning. You've got to calculate that it retirement income these facts are still critical. To know about all the different buckets that you've got your 401 k's your higher raise the Social Security questions. Spousal benefits will benefits. All these things how is the stuff tax that's what next week's going to be about deploying our. Taxation. Is gonna come up we have got two or three shows that we're gonna do just on taxes and tax tips. As a matter of fact we are going to have some retirement game changer is coming up so please join me you know retirement sounds great. But then you start to think and then you really think are you gonna run out of money. Even think about the less market downturn and how vulnerable argue. Are you worried about in my storms -- where if you get too sick to take care of yourself house my spouse can make it what if -- passed away. What if I don't have enough. What about inflation taxes. Expenses. OK we worry about it all I can see it just. You know worried and then some -- my clients are out playing golf they don't care they're worried because they're leaving that to me that's what they have a retirement specialists -- So if you come to my meeting we're gonna talk about change in the game we want your retirement to be like a second childhood without parents. OK so register call me at five point 22159030. We've got one in January. It's actually two nights at the gumbo steak and seafood Tuesday the 28. Our Wednesday the 29 at 630. It's on the web site. And www. Capstar financial dot com. And again Tuesday the twentieth of January winds in the 29 at 630 in February. We got first Monday lunch and learn -- That's among -- Monday February 3. Twelve to one and then march the third twelve to one of those are wonderful game changer he got to be armed folks. We pro active in your retirement. And guess what we've got. You know a lot of my associations. I I'm so wonderful. About getting really educated good people surrounding me to help you. I can tell you that the feather in my cap. Is that we find wonderful CPAs and attorneys. Experts and long term care to an assist you. As I don't know how to do it all there's no limit -- had to do it all you don't want that guy you want someone that surrounds themselves with Smart people. So we've got some tax hit Tuesday's. We're gonna have some meetings in our offices. That we're gonna have coming up soon so look for us on the web site tax hit. Tuesday's. Go to catch our financial dot com for more information and register -- around the corner. And next week we're gonna talk about how is Social Security tax. Lord have -- Are why this has been a great shown time worn out I -- you are -- took some notes call me and remember folks. Some folks -- financial lines and the rest are otherwise I'm CNET Blackburn and talk Phoenix. Who individual tax legal investment advice is -- advisory services offered through global financial private capital. LLC and SEC registered investment advice global financial private capital. He has no affiliation with the news agencies represented here. The views expressed not necessarily reflect the views of global financial private capital global financial crisis capital. It makes no representation or warranty is about yet. Liability completeness or timeliness of the content and do not recommend or endorse any specific information contained area. Insurance services and products offered through capstar financial LLC extra insurance and annuity product guarantees -- subject to claims paying ability of the issuing company any comments regarding safe and secure investments in guaranteed income streams referred only to the fixed insurance products. They cannot return. Anyway to securities or investment advisory products global finance. Shall private capital LLC in capstar financial LLC or an affiliated companies. Contrary to what you've heard. There is such thing as a complimentary lunch. It serves up in valuable financial advice for you it's a lunch and learn hosted by Susan Blackburn with can't start financial. As the unbiased financial -- you've seen on TV TV and heard on the talk radio thirteen seventy billion financial -- show. -- Blackburn is a specialist on retirement planning. During her complimentary lunch you'll learn -- managing money is harder these days how to make and keep more money in volatile times what strategies are low risk and high return. How to avoid probate and attorneys' fees and how to create income streams that you can't help list reserve. Your place today for the complimentary lunch and learn Monday February 3 register by calling 5122159. -- thirty. Five when June 02159. B 34 on minding capstar financial dot com. It's your money protected. Investment advisory services offered through global financial private capital Pelosi and it's easy registered investment advisor.