Tag Archives: Retirement Benefits

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 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:

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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