Yes. What happens when politicians decide to eradicate Social Security, and how likely do you think it is, given the number of them crowing about it now?
Sadly the spousal benefits changed. It use to be you could take the higher spouces benefit and wait to get yours at a later date and get a higher amount from your own. Switching from spouces to your own. So now if you choose your spouces, yits a final done deal. This kicked in last year or a few years ago, i can't remember exact year.
Great Video! I have a question that I can't seem to find the answer to anywhere. I am married and my spouse is collecting disability benefits. We are both approaching retirement age in a few years. Assuming my spouse will still be collecting disability benefits when I retire, will my current estimated benefit according to social security, be "in addition" to my spouses disability benefit, or will it be reduced if I start claiming benefits at 62? thanks..
Regarding working another year - look at your earnings history. Identify the highest 30 years. If you will make more the next year than the lowest of those 30 years, working may increase your benefit. Note that old years are adjusted (multiplied) by the Average Wage Index, so the greater the difference and the more recent the lowest year, the more likely the next year will increase your benefit. Dont' count on much, even if you'll be maxing out the benefit tax level.
Definitely not working extra years, especially with previous earnings being indexed. If you’re looking at retirement, you already aren’t all in on your job. Get out early!
It is my understanding that if you file early for SS, once you reach FRA you can then suspend SS and continue to earn delayed retirement credits until you restart your benefits. And you do not have to pay back any benefits already received.
@@Sylvan_dB No that is something different. I think that had to do with one spouse filing for spousal benefits then the other spouse suspending. This is suspending after FRA. It’s allowed
I've got a question. I'm 40 well social security benefits be around when I retire? What about my kids? My question is really should I plan to not have a social security or do you think it will be there in some way shape or form?
@@foundryfinancial I will! I found your channel a little bit ago and fell in love with it. All the other financial channels show how to invest but no one shows how to actually plan for retirement and use those investments funds. Keep up the good work!
Why don’t you tubers incorporate the date on their videos? Seems like no brainer when it is the one fact we all want as we assess the relevance of what we’re watching. Please time stamp all future videos.
Any questions that I missed?
Yes. What happens when politicians decide to eradicate Social Security, and how likely do you think it is, given the number of them crowing about it now?
Good overview. I think SS wages are indexed for inflation first, then the top 35 are used - as opposed to reversed as you stated.
I was just trying to generally explain how it works, but you are correct.
@@foundryfinancialThis may help anyone who wants to calculate their benefit themself and check what SS reports.
Kevin I helped my wife's friend get spousal benefits. They had no idea they existed! Also folks have a Bitcoin allocation!!
Sadly the spousal benefits changed. It use to be you could take the higher spouces benefit and wait to get yours at a later date and get a higher amount from your own. Switching from spouces to your own.
So now if you choose your spouces, yits a final done deal.
This kicked in last year or a few years ago, i can't remember exact year.
Great Video! I have a question that I can't seem to find the answer to anywhere. I am married and my spouse is collecting disability benefits. We are both approaching retirement age in a few years. Assuming my spouse will still be collecting disability benefits when I retire, will my current estimated benefit according to social security, be "in addition" to my spouses disability benefit, or will it be reduced if I start claiming benefits at 62? thanks..
What factors do see that impact whether someone makes an emotional decision vs a 'let's see the math' decision around filing age?
Regarding working another year - look at your earnings history. Identify the highest 30 years. If you will make more the next year than the lowest of those 30 years, working may increase your benefit. Note that old years are adjusted (multiplied) by the Average Wage Index, so the greater the difference and the more recent the lowest year, the more likely the next year will increase your benefit. Dont' count on much, even if you'll be maxing out the benefit tax level.
Definitely not working extra years, especially with previous earnings being indexed. If you’re looking at retirement, you already aren’t all in on your job. Get out early!
It is my understanding that if you file early for SS, once you reach FRA you can then suspend SS and continue to earn delayed retirement credits until you restart your benefits. And you do not have to pay back any benefits already received.
That is outdated information. Known as "file and suspend" it was ended in 2016 by a 2015 budget bill.
@@Sylvan_dB No that is something different. I think that had to do with one spouse filing for spousal benefits then the other spouse suspending.
This is suspending after FRA. It’s allowed
@@Sylvan_dB this is the POMS related to the new rules
secure.ssa.gov/apps10/poms.nsf/lnx/0202409100
secure.ssa.gov/apps10/poms.nsf/lnx/0202409100
This is the poms referencing what I am talking about
Nicely done thank you!
I've got a question. I'm 40 well social security benefits be around when I retire? What about my kids? My question is really should I plan to not have a social security or do you think it will be there in some way shape or form?
I just did a whole video on basically this question. But, the short answer is: yes. Although you should watch the video for more color on that answer.
@@foundryfinancial I will! I found your channel a little bit ago and fell in love with it. All the other financial channels show how to invest but no one shows how to actually plan for retirement and use those investments funds. Keep up the good work!
@bobmatrix1 thanks!
Is this for Canadians?
Just USA, you don’t want my advice on Canadian retirement. :)
Why don’t you tubers incorporate the date on their videos? Seems like no brainer when it is the one fact we all want as we assess the relevance of what we’re watching. Please time stamp all future videos.
Every single UA-cam video has a time stamp.