Max Your Social Security Survivor Benefit
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- Опубліковано 20 жов 2023
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In this video, we delve deep into the complex world of Social Security survivor benefits, providing you with all the vital information you need to maximize this often overlooked financial resource.
We'll answer questions like:
How much is my Social Security survivor benefit?
How do I qualify for my Social Security survivor benefit?
How do I apply for my Social Security survivor benefit?
How do I maximize my Social Security survivor benefit?
Whether you're a surviving spouse, dependent child, or even parent, this comprehensive guide will ensure that you're equipped with the knowledge to make informed decisions about your future financial security.
We cover the various eligibility requirements for Social Security survivor benefits, including age, relationship criteria, and marital status. We'll explore the different types of benefits available, such as monthly benefits, and the key caveats and provisions.
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ABOUT ME
I’ve always been passionate about personal finance, investing, real estate, and helping people find the freedom to live their life with purpose. But when my dad died in 2015, I tried to help my Mom find an advisor to sort out her finances. Instead of a helping hand, I found an industry of financial advisors dominated by glorified salespeople working on commission - pushing products that were not in my mother’s best interest. Or advisors with minimums that shut-out all but the ultra wealthy. Disappointed with the options, I took matters into my own hands and launched Foundry Financial, a wealth management firm with transparent pricing that specializes in helping provide clarity around money - so you have the confidence to make smart decisions.My goal is to help a million people retire without worry!
📅 THE BASICS OF RETIREMENT PLANNING
Retirement planning has several steps, with the end goal of having enough money to quit working and do whatever you want. Our goal is to help people master retirement and retire without worry.
Step 1: Know when to start retirement planning. When should you start retirement planning? The earlier you start planning, the more time your money has to grow. That said, it’s never too late to start retirement planning. Even if you haven’t so much as considered retirement, don’t feel like your ship has sailed. Every dollar you can save now will be much appreciated later. Strategically investing could mean you won't be playing catch-up for long.
Step 2: Figure out how much money you need to retire, The amount of money you need to retire is a function of your current income and expenses, and how you think those expenses will change in retirement.
Step 3: Prioritize your financial goals. Retirement is probably not your only savings goal. Lots of people have financial goals they feel are more pressing, such as paying down credit card or student loan debt or building up an emergency fund.Generally, you should aim to save for retirement at the same time you're building your emergency fund - especially if you have an employer retirement plan that matches any portion of your contributions.
Step 4: Choose the best retirement plan for youA cornerstone of retirement planning is determining not only how much to save, but also asset allocation. It can make a massive difference in your retirement plan.
Step 5: Select your retirement investments. Retirement accounts provide access to a range of investments, including stocks, bonds and mutual funds. Determining the right mix of investments depends on how long you have until you need the money and how comfortable you are with risk. It’s often helpful to talk with an adviser to discover the right mix of stocks and bonds.
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⚠️ "DISCLAIMER:⚠️This is not financial or investment advice. This Channel is meant for EDUCATIONAL AND ENTERTAINMENT PURPOSE only. None of this is meant to be construed as investment advice, it's for entertainment purposes only. #retirementplanning #retirement #passiveincome
Anyone have a guess as to what's the best strategy for maximizing your survivor benefit?
Wonderful video! I'm a widow hoping to retire next year at 65 when I can collect a state pension. There's so much to figuring out retirement and social security! It was so good to have you confirm what I've pieced together. My strategy will be to collect my husband's SS when I turn 65, then collect my own when I turn 70.
Thank you. Glad it was helpful. It’s such a complicated topic.
? I thought a surviving spouse cannot receive an amount exceeding the full retirement amount, excluding the additional payout by primary delaying until 70 to collect? Only the beneficiary qualifies for the extra funds beyond Full retirement age. Yes or no?
To clarify, I waited until my fra to begin receiving benefits and my spouse started receiving hers at age 62. If I pass and she waits until her fra to collect survivor benefits would she get my full amount or would it be reduced because she took hers early?
Great question. She can swtich to a survivor benefit and receive your full benefit. Taking her benefit early wouldn't impact her survivor benefit.
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