Savvy Social Security Planning
What Baby Boomers Need to Know to Maximize Retirement Income
E-SEMINAR - THE BABY BOOMER'S GUIDE TO SOCIAL SECURITY
Welcome to our "one stop" information resource page on this critically important topic for those approaching retirement. This resource page deals specifically with the topic of Social Security Benefits. After being told for years that Social Security is "going broke," baby boomers are realizing that it will soon be their turn to collect. But the decisions you make now can have a tremendous impact on the total amount of benefits you stand to receive over your lifetime.
Learn the answers to your questions:
- Will Social Security be there for me?
- How much can I expect to receive?
- When should I apply for Social Security?
- How can I maximize my benefits?
- Will Social Security be enough to live on in retirement?
By reviewing this information, you will learn:
- The 5 factors to consider when deciding when to apply for benefits
- When it makes sense to delay benefits -- and when it does not
- Why you should always check your earnings record for accuracy
- How to estimate your benefits
- How to coordinate benefits with your spouse
- How to minimize taxes on Social Security benefits
- How to coordinate Social Security with your other sources of retirement income
E-Seminar - Social Security for Baby Boomers - 2012 UPDATE
E-SEMINAR - THE BABY BOOMER'S GUIDE TO SOCIAL SECURITY
REFERENCE TOOL - THE BABY BOOMER'S GUIDE TO SOCIAL SECURITY
The above materials covers the following topics:
- What baby boomers need to know about Social Security?
- What is Social Security?
- What are the benefits of Social Security?
- How you become eligible for Social Security.
- How your retirement benefit is calculated.
- When you may begin receiving Social Security benefits.
- What if you apply between the ages of 62 and 65?
- What if you apply between the ages of 66 and 70?
- How COLAs affect Social Security benefits.
- How spousal benefits are calculated.
- How divorce affects Social Security beneifts.
- How widowhood affects Social Security beneifts;
- How benefits are taxed.
- How to Apply for Social Security Benefits.
- What about Medicare?
- What about Social Security Reform?
Social Security Benefits Calculators
SSA Quick Calculator
This calculator is accessible on the Social Security website at:
http://www.ssa.gov/planners/benefitcalculators.htm
SSA Detailed Calculator
The SSA Detailed Calculator is an application that you download to your computer:
http://www.ssa.gov/OACT/anypia/anypia.html
WEP version of the SSA Online Calculator
If you receive pensions under non-Social Security-covered jobs, such as civil service. Don’t forget the Windfall Elimination Provision, which reduces Social Security benefits.
The WEP version of the SSA Online Calculator is at:
http://www.ssa.gov/retire2/anyPiaWepjs04.htm
GPO version of the SSA Online Calculator
The Government Pension Offset may reduce spousal benefits for spouses who are receiving pensions from non-Social Security-covered jobs. This will allow you to incorporate pension information. Your benefit estimates are especially important because the amounts shown on their annual statements or the SSA Retirement Estimator do not factor in reductions for the Windfall Elimination Provision or Government Pension Offset.
The GPO version of the SSA Online Calculator is at:
http://www.ssa.gov/retire2/gpo-calc.htm
Simple Breakeven Calculator
EXAMPLE WORKSHEET (review this first) / BLANK WORKSHEET (use this)
This basic calculator helps you decide when to apply for Social Security benefits. It allows you to run two scenarios— apply earlier and receive a smaller amount, or apply later and receive a larger amount. The calculator shows the age you must live beyond in order for delayed benefits to produce a higher cumulative amount. This calculator is designed for simplicity and does not take into account investment returns if benefits are invested.
Retirement Spending Breakeven Calculator
EXAMPLE WORKSHEET (review this first) / BLANK WORKSHEET (use this)
This calculator assumes the client has personal assets in addition to Social Security. If the client retires sometime between the ages of 62 and 70, should he apply for Social Security immediately and leave the personal assets invested, or should he draw from the personal assets first and wait to apply for Social Security in order to build delayed credits? A year-by-year run shows how much of each year’s spending need is met by personal assets vs. Social Security. The objective is to determine which strategy (early or later filing) requires the least amount to be drawn from personal assets to meet the same spending need.
Reinvest Breakeven Calculator
EXAMPLE WORKSHEET (review this first) / BLANK WORKSHEET (use this)
This calculator is designed for high-income clients who will not need Social Security to meet living expenses. If their intent is to invest their monthly benefits, should they apply early and get those benefits invested as soon as possible, or should they delay their application in order to receive a higher benefit? At varying return assumptions, the calculator shows the year-by-year results and cumulative totals so you can see the crossover point, or breakeven age, at which delaying benefits produces the higher total amount.
Spousal Planning Calculator
EXAMPLE WORKSHEET (review this first) / BLANK WORKSHEET (use this)
One of the most challenging aspects of Social Security planning is coordinating spousal benefits, especially when the spouses are of different ages. This simple calculator allows you to enter each spouse’s age and respective benefit amount, along with the projected COLA, and see a year-by-year run of your combined benefits and the cumulative total. Six identical worksheets allow you to try out several scenarios (wife applies at 62, husband applies at 66; wife applies at 66, husband applies at 70, and so on), so you can see what their combined benefit would be in 2010, 2011, 2012, etc.
