Tag Archives: Tom Clark

Part 11 : Tom Clark, Social Security Expert, with Audio – GRANDFATHERED BENEFITS – Decisions for Restricted Application Spousal Benefits Explained

This is the final review of Social Security Benefits and actually a very unique one as this portion speaks to a VERY small group of people who are luckily grandfathered in under old laws and due to that fact have one additional option/decision/possible technique.

In Part 11, from our  Social Security Event earlier this year, Expert, Mr. Tom Clark, concludes the specifics of Social Security, Retirement Benefits for one age based spousal Decision …. 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 , Part 9 here, Part 10 here, and Direct Audio Here on our site for your viewing/listening pleasures:

Restricted Application Technique Benefit Option for Married Couples Meeting Grandfathered Age Criteria

While for a small and quickly shrinking group of folks due to the law change, the Grandfathering of a loophole technique/option makes this worth review :

  • Most applicable when two wage earners
  • Age 62 or older by end of 2015
  • Must not have filed Social Security yet
  • Restricted application for spouses only
  • This age group has the option to file on their spouse – as a reminder all others must always file on their own benefit first
  • Must be full retirement age before able to use technique
  • One member of couple is drawing social security already
  • Can file on spouses benefit and delay his/her own benefit to let benefit grow
  • Nice money based example near end of audio

 

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

Have a Great “Restricted Application Spousal Benefit 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 10 : Tom Clark, Social Security Expert, with Audio – DIVORCED – Options, Obligations for Maximization, and Decisions for Ex 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 10, from our  Social Security Event earlier this year, Expert, Mr. Tom Clark, continued with the specifics of Social Security, Retirement Benefits for DIVORCED 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 , Part 9 here,  and Direct Audio Here on our site for your viewing/listening pleasures:

Retirement Benefits for DIVORCED Spouses

In this clip, it becomes very apparent that Divorce and Deceased Ex Spouses carry burdens by us the consumer to check with Social Security for possible increased benefits – also of note there IS a disadvantage to remarrying a lower income spouse :

  • Divorced Spouse must have been married 10 years, unmarried and meets all the benefits of current/regular Spouse to draw benefits – and is still unmarried.
  • Ex Spouses DO NOT effect in any way other benefits for others – Ex Spouse or new spouse’s benefits – Technically someone could be married and divorced as many times as longevity would allow, and as long as each time they were married 10 years all would receive benefits and NOT effect any others benefits!
  • If get remarried, cannot draw benefits on a living Ex husbands benefits.
  • Example:  Married to high income earner and get divorced,  remarry to a low income earner, likely will reduce benefits spousal benefits if yours are not greater on your own.
  • Near end of audio – important statement – If you are divorced, especially if your former spouse has remarried and the current spouse is drawing a spousal benefit, Social Security likely has no record of your marriage to that spouse – see next point
  • Should your EX spouse pass away, you may be entitled to and increase in benefits if you meet the requirements of current wife of widow.
  • Because of the first two points, you may consider calling Social Security to confirm your Ex is still living, if this is not the case, you may be entitled to an increase in benefits- again, something Social Security would have no idea due to remarriage of your Ex

Dealing with Divorced  Spousal benefits carriers obligations in order to maximize Social Security Benefits …

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

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

Have a Great “DIVORCED Spousal Benefits and Obligations 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 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

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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 …

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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!

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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

Part 6 : Tom Clark, Social Security Expert, with Audio – Delayed Retirement Benefit, Important Spousal/Widow Non Increasing Benefit

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

Delaying Full Retirement Benefit and Important Spousal/Widow Understanding

While about 50% of retirees take Social Security at 62 with another huge portion taking the benefit at FRA or Full Retirement Age – there are some folks that delay benefits – here is why

  • Why would folks delay Social Security Retirement Benefits?
  • Delayed Retirement Benefits – an ANNUAL 8% increase in benefits
  • Annual increase until age 70
  • Cannot wait past 70
  • Possible 32% increase in benefits
  • Spouses/Widow DO NOT GET an increase- Don’t wait past FRA for spousal benefits
  • Spouse would receive higher monthly benefit upon death if delayed benefit

The most important item in this section is the Spousal/Widow benefit – it does not make sense for the spouse to wait for delayed benefit if claiming benefits from a spouse – there have been some rule changes making this more difficult.

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

Have a Great “Delayed Benefit and Spousal No Accrual” 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 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