Tag Archives: Job Change

Part 9 : Tom Clark, Social Security Expert, with Audio – DECEASED – Options and Decisions, Married Spousal Benefits Explained

As we near the end of the Social Security Retirement Benefits portion (Medicare up next), the final Three Parts will be directly related to spousal benefits. Spousal benefits are EXACTLY the same no matter gender, so insert your preference for the easiest understanding.

Parts (8-10) will deal with the status of the spouse and how it effects retirement benefits for the other spouse:

  1. Living
  2. Deceased
  3. Divorced

As just a heads up, each section will become more detailed and complicated – so let’s get started on the various spouse benefits depending on the other’s status!

In Part 9, from our  Social Security Event earlier this year, Expert, Mr. Tom Clark, continued with the specifics of Social Security, Retirement Benefits for DECEASED spouses …. that Social Security Provides. As a refresher,  Part 1 Here , Part 2 Here , Part 3 Here, Part 4 HerePart 5 Here, Part 6 here, Part 7 here, Part 8 here  and Direct Audio Here on our site for your viewing/listening pleasures:

Retirement Benefits for DECEASED Spouses

The following bullets  will explain in type form the audio, please take a minute to listen as there is a ton of information in just 4 minutes:

  • Husband and Wife benefits same for deceased
  • Unlike living, a Widow Benefit based of FULL UN-REDUCED amount of Social Security Benefit
  • Example: Widow drawing own benefit spouse dies, the spouses benefit increased to the full amount
  • Widow can draw at age 60 unlike any other benefit
  • Widow DOES NOT have to take own benefit – can delay own OR draw deceased spouse – this gives various options and strategies
  • Cannot marry again before age 60 to have the prior example
  • So complicated, Mr. Clark suggests we go to Social Security options to make an informed decision
  • Bring Marriage Certificate – any proof of your benefit beneficiary
  •  Strategy available for Widows due to the options available- i.e. Draw your own, delay widow or visa versa – its complicated but there likely is a right and wrong answer
  • “If you were married to a high wage earner, might consider waiting until age 60 before getting remarried!” Says Clark – near end of the audio

Dealing with Deceased spousal benefits allows the most options of almost any Social Security Benefits, these options lead to complications, but also maximization strategies …

Be sure to listen to the audio below from the event, it is very informative

Wave file format:

MP3 Format:

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

Have a Great “Deceased Spousal Benefits Explained” 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 8 : Tom Clark, Social Security Expert, with Audio – Living, Married Spousal Benefits Explained

As we near the end of the Social Security Retirement Benefits portion (Medicare up next), the final/next Three Parts will be directly related to spousal benefits. Spousal benefits are EXACTLY the same no matter gender, so insert your preference for the easiest understanding.

The Next Three Parts (8-10) will deal with the status of the spouse and how it effects retirement benefits for the other spouse:

  1. Living
  2. Deceased
  3. Divorced

As just a heads up, each section will become more detailed and complicated – so let’s get started on the various spouse benefits depending on the other’s status!

In Part 8, from our  Social Security Event earlier this year, Expert, Mr. Tom Clark, continued with the specifics of Social Security, Retirement Benefits for living spouses …. that Social Security Provides. Part 1 Here , Part 2 Here , Part 3 Here, Part 4 HerePart 5 Here, Part 6 here, Part 7 here, and Direct Audio Here on our site for your viewing/listening pleasures:

Retirement Benefits for Living Spouses

The following bullets and audio will expel many false items you may have heard …

  • Spouse (wife in Clark’s examples) CAN receive benefits based on her spouses benefits, ONLY if she will not receive more benefits by drawing her own benefits
  • If she were to receive a benefit check greater than one half of her spouses benefit, she MUST draw the higher amount due from her benefit
  • One time based exception to the above statements – this exception is quickly fading due to timing of the laws passed –
  • Spouse must be age 62
  • Other spouse MUST be drawing own benefits in order to have spousal benefit
  • All spousal benefits are based on one half the other spouse full retirement age benefit
  • Benefit is reduced for spouse based on early age i.e. Spouse is 62 benefit will be reduced – Read next -Important
  • If spouse is older than wage earning spouse, the benefit will NOT be discounted and will be half of the wage earnings spouses full benefit – in effect greater than one half the early retiring spouses benefit – Great Example at 2 minute mark of audio

Wow, there is so much clarity in the following 2+ minutes of audio, we hope you enjoy – feel free to listen more than once – it took at least a dozen times to get this edited …

Wave file format:

MP3 Format:

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

Have a Great “” 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 7 : Tom Clark, Social Security Expert, with Audio – Clarity on Final Years Earnings and any Effects on Retirement Benefits

In Part 7, 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 HerePart 5 Here, Part 6 here, and Direct Audio Here on our site for your viewing/listening pleasures:

Effects of Lower Social Security Earnings Near Full Retirement Age

Very frequently our Financial Planning discussions include early retirement or halting of the big weekly grind/travels to do something always desired but may result in a reduction in income… all very near Full Retirement Age/Last Years of Social Security Credits.

Will a few missed or greatly lowered earnings years near Social Security Full Retirement Age knock your benefit down? Likely Not

  • Since Social Benefit first part of earnings may count more than last
  • A few missed years likely will not hurt your retirement benefit
  • Recall from earlier discussion that Retirement Benefits are based on your highest Wage (not Inflation) adjusted 35 years
  • Per question/statement from audience in audio – very possible first 10 years count much more than final 3- 5 years
  • Likely not working last few years or taking a greatly reduced but desired occupation could result in NO DIFFERENCE in Social Security Retirement Benefit

There are always exceptions to the norm, but with repeat occurrences of desired life style change near Full Retirement Age, we feel more comfortable knowing it just likely will not make a big difference… one can infer this will hold true for early retirement as well…. Thanks Tom!

Wave file format:

MP3 Format:

OGG File Format:

 

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

Have a Great “Late Career Dream Job or Early Retirement No Benefit Change” 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

March 2019 Podcast Video, Financial Planning and Capital Market Update – By John Kvale

Break in Reminder for our Social Security Event

Saturday April 27th at 10 am and Dallas Athletic Club

 

Hello and Welcome to our March 2019 Financial Planning and Capital Market Update!

If you are too busy to read, feel free to listen as we describe our post and thoughts in friendly podcast format as well as Video!

Newbies – We like to articulate our thoughts and review on a Monthly basis our Financial Planning Tips, Capital Markets and current events!

March – 2019 Video

Financial Planning Tip (s) –

IRS Dirty Dozenburglar-308858__480

Each year the IRS publishes their top dozen tax scams, here in our post we cover all dirty dozen tax scams to be aware.

Our top three are their first three-

  • Phishing
  • Phone Scams
  • Identity Theft

Which are the ones we see most frequently!

For the record, we have seen way less this year than in years past!

Choose Beneficiaries Carefully Part IIbeneficiary - 42001392872_ddd235968d_m

Here in our Part II beneficiary post, we discuss the two most common types of designations you will likely see on Beneficiary paperwork, Per Stirpes (flows to heirs, irregardless of survivors) and ProRata (funds only to survivors) and once again as a reminder that Beneficiary language will over ride Wills and other types of Estate Planning documents – choose carefully!

Capital Market Comments –

Inverted Yield CurveFOMC Lowers Rates and buys longer to lower

Here we spoke of the three hour inverted yield curve in a Break In abbreviated post. As an update, the yield curve has been inverted most of this week, making is a TRUE inversion.

We will have a detailed review soon, but again the importance of this event is the recession signaling prowess.

All recessions are not equal, and we highly suspect the next one will be a shallow one, but our radars are up.

Have a Great Day – Talk to you at the end of March!

John A. Kvale CFA, CFP

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

February 2019 Podcast Video, Financial Planning and Capital Market Update – By John Kvale

Hello and Welcome to our February 2019 Financial Planning and Capital Market Update!

If you are too busy to read, feel free to listen as we describe our post and thoughts in friendly podcast format as well as Video!

Newbies – We like to articulate our thoughts and review on a Monthly basis our Financial Planning Tips, Capital Markets and current events!

February – 2019 Video

Financial Planning Tip (s) –

Job Change or Retirement Checklist

In our updated post here, we discuss a few handy items to grab and remember when you retire or change jobs.

Here are the bullets-

  • Last Pay Check
  • RSU-Options
  • Employee Stock Purchase
  • Deferred Comp
  • Pension
  • Health Coverage
  • Long Term Health Coverage
  • 401k
  • New 401k
  • Severance
  • Social Security Withholding

Institutional Trustee photo-1528752477378-485b46bedcde

This post has turned into a full article in the coming Newsletter due to the great response and continued questions and ideas that were brought up-

Possible reasons for an IRON CLAD Institutional Trustee

  • No other comfortable option – Many times a friend/family member is preferred
  • Want an iron clad back up
  • Calming possible family feuds
  • Long lasting legacy desired
  • Desired attention to details such as monthly distributions, bill payments etc.

Choose Beneficiaries Carefullybeneficiary - 42001392872_ddd235968d_m

In this post, just earlier in the week, born from an in field experience – multiple questions in the office after – and the subject making its way into the Newsletter as well… just a great additional article to the Trust!

The most important item to remember in choosing a designated beneficiary on and account is it will over-rule your Will – choose carefully and review occasionally for safety of desired outcomes.

The Brain Shines at West Coast Event

 

 

Capital Market Comments –

Good News – Recovery without a Re-test – So far

Nothing to change from the prior month!

What a different a month makes – WOW! We literally have gone from the sky is falling to sunshine!

In our summary post in December, we mentioned that fast moving slumps, such as the one we had, frequently do not last long….

Here, earlier in the month we also mentioned that we fully expected some type of retest of those lows before we gained our footing.

We still do expect some type of re-test, but as of this date we have had the following positives that have added to the markets better mood:

  1. Federal Reserve (FOMC) have turned very cautious about raising rates further (We are happily surprised at their yielding, and even more surprised at market participants joy)
  2. Tariff talks are making progress – Interestingly, China has seen a slow down in their economy making for slightly more urgent talks – with a little compromise and statesmanship a resolve looks more likely – again a positive for capital markets.
  3. Earnings are still cranking along – For the prior 4-6 quarters, earnings were red hot and hitting on all cylinders, so hot, they were not sustainable. Companies are still reporting good earnings, just not the Red Hot, overheated earnings from prior quarters – this is good news as it avails the FOMC to not have to raise rates to slow the economy –

All in all a Win- Win!

Have a Great Day – Talk to you at the end of March!

John A. Kvale CFA, CFP

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

Job Change or Retirement? Here is a great reminder checklist – Updated

Books get updated and reprinted on a regular basis. This post is originally from several years back, but worthy of a re-post/update regularly!

So Important

Maybe you are about to Retire… CONGRATULATIONS ! ……Or maybe you are about to change jobs… exciting new times, just around the corner…

Here are a few handy reminders before/as you leave!

Job/Retirement Change ChecklistFinanicial Planning Doc

Grab that Last paycheck– Once you are gone, the internal system may be harder to access, be sure to get your last paycheck downloaded for your tax and personal recordkeeping.

RSU -Options- Grants -Make sure you are not leaving anything on the table via a vesting sunset or time line that can be associated with your departure.

Employee Stock Purchase Plan-Confirm you have control of your stock and transfer it to an easily controlled account-most ESPP plans are only holding tanks and cumbersome to make transactions.

Deferred Comp– Check on when your plan will be paying you your funds- i.e. tax year, time frame, and if all at once or over several series of payments- confirm the payments method and where they will be sent if mailed.

Pension – Get a copy of your latest balance or estimated amount, time frame of payment, if the projection is inclusive of your departure, if your spouse is included as beneficiary and his/her date of birth is correct and MOST IMPORTANTLY your correct address.

Health Coverage– You do not want to go a day without coverage, make sure you have some type of overlap such as Cobra, New company coverage, Medicare or outside personal coverage.

UPDATED NEW REMINDER – Long Term Health Coverage– If you have been at your employer some time (10+ Years usually), check to see if some type of retirement health coverage options are available. Frequently these have a one time option of opting in and if you leave, you will NEVER get another chance. We have found these to be very good options in certain cases.

401k– In most instances you want to take control of your old 401k by rolling into a self directed IRA. Make sure your final paycheck withholding has hit your 401k before you roll it over or there will be residual amount later.

New 401k– In most cases you want to allocate your new 401k aggressively- be careful NOT to overfund your old and new plan in the same year- most maximums are $18k (+$6k catch up) – If your two employers do not know about each other they may accidentally allow you to overfund the total afore mentioned amount

Severance– Be sure to get your arms around the type, amount, timing and pay and benefits.

Social Security Withholding – Withholdings may likely be over withheld since your two employers did not know about each other – keep good tax records- if they did, you get a refund.

While mentioned several times, once more due to just how important, be sure to keep your address up to date with your former employer !

Have a great ‘More Organized” Day!

John A. Kvale CFA, CFP

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

Job Change or Retirement? Here is a great reminder checklist

Books get updated and reprinted on a regular basis. This post is from several years back, but worthy of a re-post!

Maybe you are about to Retire… CONGRATULATIONS ! ……Or maybe you are about to change jobs… exciting new times, just around the corner…

Here are a few handy reminders before/as you leave!

Job/Retirement Change ChecklistFinanicial Planning Doc

Grab that Last paycheck– Once you are gone, the internal system may be harder to access, be sure to get your last paycheck downloaded for your tax and personal recordkeeping.

RSU -Options- Grants -Make sure you are not leaving anything on the table via a vesting sunset or time line that can be associated with your departure.

Employee Stock Purchase Plan-Confirm you have control of your stock and transfer it to an easily controlled account-most ESPP plans are only holding tanks and cumbersome to make transactions.

Deferred Comp– Check on when your plan will be paying you your funds- i.e. tax year, time frame, and if all at once or over several series of payments- confirm the payments method and where they will be sent if mailed.

Pension – Get a copy of your latest balance or estimated amount, time frame of payment, if the projection is inclusive of your departure, if your spouse is included as beneficiary and his/her date of birth is correct and MOST IMPORTANTLY your correct address.

Health Coverage– You do not want to go a day without coverage, make sure you have some type of overlap such as Cobra, New company coverage, Medicare or outside personal coverage.

401k– In most instances you want to take control of your old 401k by rolling into a self directed IRA. Make sure your final paycheck withholding has hit your 401k before you roll it over or there will be residual amount later.

New 401k-In most cases you want to allocate your new 401k aggressively- be careful NOT to overfund your old and new plan in the same year- most maximums are $18k (+$6k catch up) – If your two employers do not know about each other they may accidentally allow you to overfund the total afore mentioned amount

Severance– Be sure to get your arms around the type, amount, timing and pay and benefits.

Social Security Withholding – Withholdings may likely be over withheld since your two employers did not know about each other – keep good tax records- if they did, you get a refund.

While mentioned several times, once more due to just how important, be sure to keep your address up to date with your former employer !

Have a great ‘More Organized” Day!

John A. Kvale CFA, CFP

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