Social Security

Without the appropriate financial advice, it is quite possible that you are not maximizing the benefit available to you through Social Security. The posts and articles in this section discuss the finer point of Social Security benefits and claims processes.

Do the Social Security File and Suspend and Restricted Application changes impact you?

Posted by on Mar 25, 2016 in Financial Focus, Retirement Planning, Social Security

In November, Congress decided to eliminate both the option to file and suspend your application and the option to file a restricted application. Fortunately, they are not closing the door on these options immediately, giving people who qualify for these benefits the opportunity to decide what they would like to do. If you qualify, filing and suspending your application requires action on your part before April 29, 2016. The file and suspend option allows you to file your application and then suspend it, allowing your benefit to continue to grow, while at the same time allowing your spouse to...

Read More

Inflation Adjustments for Social Security

Posted by on Nov 14, 2013 in Financial Focus, Social Security

The Cost-of-Living Adjustment (COLA) for Social Security benefits will increase 1.5% in 2014. COLA began in 1975 in order to safeguard Social Security and Supplemental Security Income benefits from inflation and is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, calculated by the Bureau of Labor Statistics in the Department of Labor. With this increase, two other inflation adjustments will be made. For those working, the maximum taxable earnings will increase to $117,000, which means amounts earned over $117,000 will incur the Social Security payroll tax....

Read More

Retirement Planning : Social Security Optimization

Posted by on Jul 16, 2013 in Financial Focus, Retirement Planning, Social Security

Retirement age has finally come for many within the baby boom generation. Whether that be a young boomer retiring early at 58, a 62 year old retiring simply because she is finally eligible for Social Security, a 66 year old “hanging it up” because he is eligible for his work pension, or a 69 year old who is simply ready to call it quits. All of these retirees have a very important decision to make, and a decision that many are making without enough thought. That is: when to start Social Security benefits? Contrary to what many believe, retirement age and Social Security age should not always...

Read More

Maximizing Social Security Survivor Benefits

Posted by on May 24, 2013 in Financial Focus, Social Security

Mary Beth Franklin is a highly regarded financial expert and editor for several industry publications including Kiplinger. In this short video she provides a quick primer on how to maximize Social Security Survivor Benefits. As a widow or widower, many people forget that you are left with a few different Social Security income options. One important takeaway is to distinguish between your own retirement benefit and the survivor benefit. These are two separate benefits, and although you may not take them simultaneously, there are ways to maximize your lifetime benefit with careful planning....

Read More

Social Security Goes Mobile

Posted by on May 21, 2013 in Financial Focus, Social Security

Social Security Goes Mobile Smart phone and tablet users now have access to a revamped Social Security Administration website. They retooled their site to cater to the growing population of internet users using smart phones. According to their study, 6% of their visitors were viewing the Social Security site on a smart phone, and that number is growing fast. In another study among smart phone users ages 18-44, an astonishing 79% look at their phones within 15 minutes of waking up in the morning. While we don’t believe the Social Security Administration website will get much traffic from that...

Read More