Category Archives: Tom Clark

Part 5 : Tom Clark, Social Security Expert, with Audio – Clarity on How Retirement Benefits are Earned – Dispelling likely incorrect information we have all heard!

In Part 5, from our  Social Security Event earlier this year, Expert, Mr. Tom Clark, continued with the meat of Social Security, Retirement Benefits …. that Social Security Provides. Part 1 Here , Part 2 Here , Part 3 Here, Part 4 Here, and Direct Audio Here on our site for your viewing/listening pleasures:

 

How Social Security Retirement Benefit(s) are Earned

Dispelling the myths…. (Was that too dramatic?) … Enjoy

  • After 40 Years of Teaching/Working as an Expert in Social Security Benefits … “Everything/Common knowledge I hear about how benefits are calculated is Wrong” … Says Clark
  • Retirement Benefit are based on your highest 35 years earnings – NOT YOUR LAST 3, 4 OR 5 – Break In – Cannot count the times we have read or heard that incorrect statement
  • Wage inflation adjustments are used to calculate your beginning benefit- not CPI (Consumer Price Index) which is used for the annual increase in monthly Social Security Benefits once commenced
  • Wage Inflation is much greater than CPI or we would not have had an increase in standard of living over the years
  • Starting monthly benefits being counted from the higher Wage Inflation calculations versus CPI means current/future Social Security Retirement beneficiaries will receive more than prior, older beneficiaries – Possibly an accidental inflated benefits mistake paying too much in the future, according to Clark
  • Earnings are Wage adjusted until age 60 – All post 60 earnings are included at regular value
  • Taking the highest 35 years, Wage inflated prior to 60 and actual benefit after 60 while still working will create your monthly Retirement Benefit

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Click Here for Direct Link to All Parts Audio Posted on our Special Social Security Page

Have a Great “Clarifying Social Security Retirement Benefit Calculations” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents

Part 4 Social Security Expert Tom Clark -In 1983 they raised full retirement age, will they do that again in the future? Very Interesting Answer

Given a few of the statistics that occurred during our Social Security event, it was very interesting to hear Mr. Tom Clark almost emphatically refute the fact that Social Security full retirement age would possibly be raised in the future.

What’s interesting is, it’s not for the reason one might think – saving money!

Will they Raise Full Retirement Social Security Age Again?3-20-19 - Invitatation to SS Info Event with Tom Clark_Page_2

Since Social Security is a social program and is not ONLY retirement benefits but disability benefits as well …. by listening to the audio Mr. Clark quickly explains an increase in the full retirement age likely would do little to no good from a cost standpoint. Clark even quotes a study with slight disbelief  that raising the rates over age 68 would do no good anyway – no matter, what happens is it’s a declining margin by increasing the full retirement age..

The short audio is very interesting have a listen:

Multiple Audio for Different Devices – Mr. Tom Clark – If first does not work, click next file – all are same audio, just different formats:

Wave

MP3

OGG

 

As a last resort – Click Here for Direct Link to Audio Posted on our Special Social Security Page

Have a Great “Very Unlikely to Raise Full Retirement Age” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents

Part 3 : Tom Clark, Social Security Expert, with Audio – Social Security Retirement Benefit … Earliest Age, Full Retirement Age

Part 3 from our  Social Security Event earlier this year, Expert, Mr. Tom Clark, continued with the meat of Social Security, Retirement Benefits …. that Social Security Provides. Part 1 Here , Part 2 Here and Direct Audio Here on our site for your viewing/listening pleasures.

Social Security Retirement Age(s) Benefit(s)

  • Retirement Benefits are available at age 62 at a discounted amount
  • Benefits increase (discount fades) monthly until full retirement age
  • Full Retirement age is a moving target based on laws changed in 1983 and implemented over several decades
  • The attached chart shows exactly your full retirement age
  • In 2019, you may have earnings up to $17,640 before tax penalties begin if you are drawing Social Security BEFORE full retirement age
  • Via Social Security Administration – In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit. In 2019, the limit on your earnings is $46,920 but we only count earnings before the month you reach your full retirement age.
Age To Receive Full Social Security Benefits
(Called “full retirement age” or “normal retirement age.”)
Year of Birth * Full Retirement Age
1937 or earlier 65
1938 65 and 2 months
1939 65 and 4 months
1940 65 and 6 months
1941 65 and 8 months
1942 65 and 10 months
1943 – 1954 66
1955 66 and 2 months
1956 66 and 4 months
1957 66 and 6 months
1958 66 and 8 months
1959 66 and 10 months
1960 and later 67

Multiple Audio for Different Devices – Mr. Tom Clark – If first does not work, click next file – all are same audio, just different formats

Wave file format:

MP3 File Format:

OGG File Format:

M4A File Format:

As a last resort – Click Here for Direct Link to Audio Posted on our Special Social Security Page

Have a Great “Understanding Social Security Retirement/Early Age Benefits” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents

Part 2 : Tom Clark Social Security Expert with Audio on frequently forgotten benefit – The Social Security Disability Benefit

Part 2 from the very beginning of our  Social Security Event earlier this year, Expert, Mr. Tom Clark, led off the fun casual discussion with the much important and frequently forgotten secondary benefits that Social Security Provides. Part 1 Here and Direct Audio Here on our site,  Discussed Social Security Death Benefits – but now the secondary forgotten portion of Social Security Benefits:

Social Security Disability Benefit

  • Social Security Disability benefits are VERY important, due to the fact that 1 of 3 workers die or become disabled, with the great majority being Disabled
  • Disability benefits are for very disabled, and pay to those that cannot due any work anywhere in the US
  • One in four workers being disabled now versus one in three in recent years is a great improvement
  • Majority of workers become disabled in mid to late 50’s
  • Disability benefits are paid as if you are retired at Full retirement age I.e. Your maximum full retirement age benefit will be paid to you if you become disabled no matter your age

 

Multiple Audio for Different Devices – Mr. Tom Clark – If first does not work, click next file – all are same audio, just different format

Wave file format:

MP3 File Format:

OGG File Format:

M4A File Format:

As a last resort – Click Here for Direct Link to Audio Posted on our Special Social Security Page

Have a Great “Understanding Social Security Disability Benefits” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents

Part 1 : Tom Clark Social Security Expert with Audio on frequently forgotten benefit – The Social Security Survivor Death Benefit

At our Fantastic Social Security Event earlier this year, Expert, Mr. Tom Clark, led off the fun casual discussion with the much important and frequently forgotten benefits that Social Security Provides.

Social Security Death Benefits

  • Should a parent die with children under the age of 18, Social Security Monthly Death Benefits will be payable until age 18 for each child
  • Parents will have needed to pay into Social Security for the benefit to occur
  • Benefits will pay to a maximum of three children per family i.e. Families with greater than three children will max at the third child (called the family maximum benefit), families with less than three children will be receive monthly benefits based on number of children under 18 – Here is a link to how to calculate the benefit, as warned by Clark, its complicated
  • Benefit amount will depend on amount being paid into at the time – i.e. Higher payers will receive higher benefits
  • No matter the income a benefit will be paid i.e. “Even a billionaires child will receive monthly benefits until age 18!” This statement in the Audio from event, below
  • Benefits will be paid to an adult for the benefit/use of the child
  • Over THIRTY FIVE THOUSAND, yep, thirty five thousand children receiving benefits in the Dallas Fort Worth Area alone! From audio below

 

Multiple Audio for Differing Devices – Mr. Tom Clark

 

Have a Great “Understanding Social Security Death Benefits” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents