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Video: How To Calculate Social Security Benefits
 
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Find the updated version of this video at https://youtu.be/im1IYEa_B2o It’s important for you to understand how to calculate Social Security benefits. Sure, the Administration will perform this calculation for you, but if you understand the process used you may be able to spot errors and fix mistakes before it's too late. Here's how to calculate your benefit amount in 4 easy steps.
Views: 248710 Devin Carroll
4 Simple Steps to Calculating Your Social Security Benefit: Educator Edition
 
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If you have a pension from work where you did not pay Social Security taxes, but qualified for SS benefits from other work, your SS benefits formula is NOT THE SAME AS IT IS FOR EVERYONE ELSE! Here's how it is different... For more information like this visit https://socialsecurityintelligence.com!
Views: 6106 Devin Carroll
How To Calculate Social Security Benefits [3 Easy Steps]
 
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In this video I want to show you how to easily calculate your Social Security benefit without a fancy calculator, software or help from someone who doesn’t really care if your information they give you is correct or not (like you may get at the Social Security Administration). When we finish, you’ll know how to do this calculation on your own in just a few simple steps. So why would you need to know how to do this calculation on your own? It’s important for a few reasons. First, it never hurts to understand the mechanics behind an income stream that’ll probably be a large part of your overall retirement income. Second, the SSA makes projections about your future income as part of your benefits estimate. On the benefits statement they say plainly, “we assume your earnings will continue at the same level until your retirement age and if they are different, your benefit will not match the estimate” AND “we can’t provide your actual benefit amount until you apply for benefits.” This all means that if your earnings are different than their projections, your benefit will not match the estimate. So, understanding how to do this calculation is especially important if you plan to retire early or later than “normal” or if you have a significant earnings change in the last few years of working. To do this calculation, there are only three steps and each has some sub-steps as well. First, you’ll need to find your Average Indexed Monthly Earnings, or AIME. Then you apply that AIME to the benefit formula and then adjust for filing age. Don’t worry…I’ll walk you carefully through each step so it’ll be clear. Don’t hesitate to hit pause while you’re compiling some of the information or completing a calculation. ❗Resources Mentioned in This Video: ➡️Online SSA Account https://socialsecurty.gov/myaccount ➡️Indexing Factors https://www.ssa.gov/oact/cola/awifactors.html ➡️Current & Historical Bend Points https://www.ssa.gov/oact/cola/bendpoints.html ➡️My Bend Point Calculator https://socialsecurityintelligence.com/bendpointcalculator/ ➡️Blueprint https://socialsecurityintelligence.com/free-ebook-for-my-youtubers/ ------------------------------------------------------------------------------------------------------------ ⚠️Since I don’t really know you, I can’t give you advice. Please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors. 👍 ----------------------------------------------------------------------------------------------------- Get a copy of my bestselling book on Amazon https://amzn.to/2SRj1Iq ➡️Find out more about me at https://devincarroll.com ➡️See my top 5 recommended books on Social Security at https://www.amazon.com/shop/devincarroll ➡️Go directly to my bestselling book on Amazon at https://amzn.to/2CeOZUI ➡️Need help with Medicare? Visit https://socialsecurityintelligence.com/medicarehelp ➡️Follow on Facebook https://www.facebook.com/devinanthonycarroll ➡️Follow on Twitter https://twitter.com/DevinACarroll ➡️Follow on Instagram https://www.instagram.com/devincarroll_/ ➡️See a list of the equipment I use to produce these videos at https://www.amazon.com/shop/devincarroll #devincarroll #socialsecurity #retirement
Views: 9612 Devin Carroll
How Social Security Benefits Are Calculated
 
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Deciding when to apply for your Social Security benefits can be a challenge if you don't know the basics. This short video provides you what you need to know to make an informed decision when selecting the best time to begin taking Social Security benefits by providing you a better understanding of how your benefit is calculated. To download the Free Social Security Made EZ report that accompanies this video, click on the following web address: http://rworkshop9.com/ Understanding the best time to begin taking your Social Security benefits can make the difference of thousands of dollars paid to you over your lifetime. Do you know how to maximize your Social Security income? It's EZ, once you understand the basics. To download your FREE copy of the Retirement Workshop report entitle Making Social Security EZ, click the following link below. It will only take a few seconds. http://rworkshop9.com/
Views: 19745 Don Angel
Social Security Retirement Calculator
 
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Social Security Retirement Calculator is must for anyone wondering what their retirement benefit will be. You should definitely sign up for the MY Social Security website so you can ensure your own information is correct. Double check your earnings history. Any errors there? If so, it's up to YOU to fix it. Then you can run a number of different calculations for your benefits. You want to stop working at 50 and just live off your pension? Enter some info and see what your Social Security benefit will be. What happens if you quit your crappy old job that pays well to take a job as a tour guide at Mount Rushmore? Well, the benefits calculator will tell you. It's a great tool. Watch as I show you how to work it. ================================= GET ALL MY LATEST BLOGPOSTS: https://heritagewealthplanning.com If you like what you see, a thumbs up helps A LOT. It tells YouTube that people are engaged and so the Youtube algorithm will show the vide to others who may be interested in the content. So, give me a thumbs up, please! Don't forget to SUBSCRIBE by clicking here: https://www.youtube.com/channel/UCSEzy4i9xrKPoaU9z0_XbmA?sub_confirmation=1 Contact me: [email protected] GET MY BOOKS: Both are FREE to Kindle Unlimited Subscribers! The Tax Bomb In Your Retirement Accounts: How The Roth IRA Can Help You Avoid It https://amzn.to/2LHwQpt Strategic Money Planning: 8 Easy Ways To Put Your House In Order https://amzn.to/2wKGi50 PODCAST: https://itunes.apple.com/us/podcast/josh-scandlen-podcast/id1368065459?mt=2 http://heritagewealthplanning.com/category/podcasts/ LET'S SOCIALIZE! Facebook: http://Facebook.com/heritagewealthplanning Linkedin: https://www.linkedin.com/in/joshscandlen/ Quora: https://www.quora.com/profile/Josh-Scandlen Google +: https://plus.google.com/u/1/108893802372783791910
Taxable Social Security Benefits calculation, Inclusion of SS benefit
 
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How to calculate the taxable portion of your social security benefit
Views: 21623 Phung Nguyen
How Social Security Benefits are Calculated
 
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You are preparing for retirement and looking at your Social Security Statement which shows your Primary Insurance Amount (PIA). The PIA is the paycheck you will receive in retirement. But how is it calculated? This video shows the math behind it.
Views: 480 Liz Hand
How to Calculate Social Security Benefit & When to Claim
 
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Two vital elements of maximizing your Social Security benefit are understanding how to calculate it and knowing when to claim it. In this clip, Joe shows you the different ages at which you can claim your benefit and also explains what a delayed credit is. 0:04 “They take your highest 35 years and average them together and then they have this formula to determine what’s called your primary insurance amount” 0:24 “You’re allowed to take it as early as 62; it’s a reduced amount, you can also take it later at age 70 and it’s a much higher amount” 0:37 “If you have worked only 30 years, what they do is they fill in zeros for the other five” 1:35 “The earliest age you can take it is 62. Your full retirement age for most of you is probably 66, between 66 and 67” 1:47 “You get an extended credit of 8% per year, each year that you wait. It’s called a delayed credit. So if you do not take it at 62, you get an 8% increase until you’ve reached full retirement age” If you live in southern California and would like to schedule a free assessment with one of our CFP® professionals, click here: https://purefinancial.com/lp/free-assessment/ Make sure to subscribe to our channel for more helpful tips and stay tuned for the next episode of “Your Money, Your Wealth.” Channels & show times: http://yourmoneyyourwealth.com http://purefinancial.com Season 2 Episode 10 Aired 3/7/15 IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, Inc. A Registered Investment Advisor. • Pure Financial Advisors Inc. does not offer tax or legal advice. Consult with their tax advisor or attorney regarding specific situations. • Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. • Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. • All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. • Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
How to Easily Calculate Your Social Security Benefit for Any Age Between 62 & 70
 
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If you are filing for benefits, how do you know what your amount will be? Here's how to quickly calculate it! Don't leave without subscribing and then visit my website at https://socialsecurityintelligence.com.
Views: 4204 Devin Carroll
How to Estimate Social Security Benefits
 
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Have you wondered how social security benefits are calculated? What are the requirements to get the maximum amount? How long do you have to work if any? How much do you have to earn and to which point does it not matter? All these questions answered. My other Channel T-shirt, Honey Badger T-shirt: http://bit.ly/2FBAeLA http://www.audibletrial.com/BeatTheBush (Get a free audio book just for trying.) http://www.patreon.com/BeatTheBush (Support more videos like this along with getting a bunch of perks.) http://www.amazon.com/shop/BeatTheBush (Buying any product after clicking my link helps my channel.) My Channels: https://www.youtube.com/BeatTheBush https://www.youtube.com/BeatTheBushDIY
Views: 8358 BeatTheBush
Social Security Spousal Benefits - The Easy Guide
 
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https://socialsecurityintelligence.com | Social Security Spousal benefits are easy if you understand the dual calculations that must be performed for most couples. In this video I'll simplify how to do your own calculation. If you want more free content like this, visit my website at https://socialsecurityintelligence.com
Views: 182099 Devin Carroll
How Social Security Benefits are Calculated
 
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This explains how an individuals Social Security benefit is calculated on a basic level. This is the basis for every alternative filing technique. Visit LearnSocialSecurity.com to access a full Social Security training course.
Views: 12281 Craig Price
How to compute SSS Pension (2018)
 
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In this video, we will show you how to calculate your monthly pension come retirement time from the Social Security System or SSS. It's important to know how to calculate your pension so that when the time comes, you know that you're getting the right amount. For voluntary members, you can practically choose how much monthly pension you want to get by reverse engineering this process. There are two types of retirement benefit: 1. monthly pension - a lifetime cash benefit paid to a retiree who has paid at least 120 monthly contributions to the SSS prior to the semester of retirement. 2. lumpsum amount - granted to a retiree who has not paid the required 120 monthly contributions. It is equal to the total contributions paid by the member and by the employer including interest. This video has subtitles. Just click on the CC button. Please don't forget to click on the thumbs up button and share this video with your friends and loved ones. Subscribe to our channel for more tutorial videos.
Views: 242010 Art Cruz
Douglas Warren Social Security Taxable Income
 
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Douglas Warren, author of the book How to Avoid a High Wire Retirement explains how taxable Social Security is calculated.
Views: 11002 Doug Warren
Social Security Benefits Calculator
 
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To access the Social Security Benefits Calculator go to the following link: http://www.aarp.org/work/social-security/social-security-benefits-calculator.html
Views: 23574 AARP Florida
Social Security Disability Benefits, How to apply, How much they pay, Eligibility, Calculator 2019
 
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Social Security Disability Benefits Calculator https://www.trying.fitness/Social-Security-Disability-Benefits-Calculator In this video we tried to answer very simple question most people have about Social Security Disability Benefits, watch the complete video and try our Social Security Disability Benefits calculator to find out how much you will receive. Don't for get to subscribe our channel. Some the topics we covered in this videos how to qualify for disability, social security disability blue book, social security disability login, social security disability income limits, can you work while on disability, social security disability payment schedule, ssdi vs ssi, do i qualify for disability quiz, how much does disability pay for depression, social security disability application form how to get disability for depression how is the amount of ssi determined disability idaho am i disabled test what is the maximum income to qualify for ssi apply for temporary disability mental disability benefits amount what is ssdi eligibility social security benefit amount social security disability benefits pay chart ssi homeless eligibility does social security disability run out social security evaluation disability benefits new york medically unable to work how much does long term disability pay in ny ssa gov disability planner. social security reentry. help with filing disability. social security disability trackid sp . what is considered to be a disability?. how many work credits do i have. www apply for disability benefits. blue book disability uk. social security disability benefits handbook. can you get disability for a blood disorder. new york state ssi payments. how to file for total disability. social security ssdi blogs. ssdi automatic approval list. 2018 2019
Views: 2846 Trying Fitness
Social Security Taxation: Step-By-Step
 
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Finding out that your social security benefits are taxable catches a lot of people by surprise. After all, this is a benefit paid by tax that was collected from you. Now it’s taxed again? Yes. According to the Social Security Administration 52% of families receiving social security benefits paid income tax on those benefits in 2015. So there’s a good chance that some of your benefits will be taxable. Here’s how you can figure it out two steps.
Views: 23222 Devin Carroll
Social Security Calculator - When to Start Taking Social Security
 
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Social Security Calculator Link: https://www.consumerfinance.gov/consumer-tools/retirement/before-you-claim/ Full Retirement Age https://www.youtube.com/watch?v=da4BRv-DuEk&t=300s Social Security Benefits https://www.youtube.com/watch?v=Is5Rkj7TCak&t=1s A Complete Medicare Resource Center https://www.MedicareonVideo.com Phone: 1-877-88KEITH (53484) [email protected] Medicare Choices Made Easy Social Security Calculator Since Social Security is an essential program of the government for qualified people, it is also crucial to understand how your benefits are calculated using a Social Security calculator. It helps you know the income you can expect from it and make sure that no disputes may arise when it is time for you to claim it. The organization has a variety of Social Security calculators, and each is based on the benefit that you are eligible to obtain. Once you have determined if you are qualified for the program, you can utilize the retirement age calculator to check the expected payment that you will receive easily. As per provision of 1983 Social Security Amendments, people who were born in 1938 and later can receive the full retirement benefit when they reach 67. On the other hand, the earliest age for you to get the retirement benefits is at 62. In this case, you will receive 80% of the monthly benefit since you will get benefits for an additional 36 months. However, if you found that you are not eligible to gain retirement benefits due to your work record, you may file for a spousal benefit in which the payment is based on your spouse’s work record. Then, list all the earnings you had every year including each year’s taxable maximum. You can get this information from your Social Security statement. You can then use the worksheet of index factors published by the Social Security Administration (SSA). You can also use a Social Security calculator. This document is where your annual income figures were indexed for inflation. Multiply your earnings to the index factor for that specific year you work so that you’ll get the inflation-indexed earnings. You have to do the same process in every year you worked. Take note that the Social Security benefit should come from the 35 years when you earned most. However, if you worked lower than that period, you need to fill in the missing spots with zero. Then, calculate your average indexed monthly earnings, or also called AIME. To do it, add up all 35 of your highest inflation-indexed income figures and divide the sum by 35. The result will give you the annual average, then, divide it again by 12 to get the AIME. You then need to determine your primary insurance amount, also called PIA, using the following formula that was updated in 2018: 90% = first $895 of AIME 32% of AIME above $895; less than or equal to $5,397 15% of AIME greater than $5,397 *The sum that you will get using this formula will be your PIA. It is crucial to take note that individuals who decide to claim their benefit before reaching the actual full retirement age will get a permanently reduced Social Security benefit. On the other hand, the recipients who prefer to claim the benefits beyond the suggested full retirement age can avail a permanently higher benefit. Americans have options to claim the benefits between age 62 through 70, and their choice will certainly affect the expected sum of money that they will receive. Hopefully you will find this Social Security calculator helpful. Watch My Most Recent Video Here: https://goo.gl/jzN8Rn Subscribe Here for More Medicare Tips: https://goo.gl/jzN8Rn QUICK AND EASY MEDICARE SUPPLEMENT QUOTES https://www.medicareonvideo.com/ Facebook: https://www.facebook.com/medicareonvideo Twitter: https://twitter.com/MedicareOnVideo LinkedIn: https://www.linkedin.com/pub/keith-ar... YouTube Channel: https://www.youtube.com/c/KeithArmbrecht © Best Medicare Supplement Plans 2019 By Medicare On Video - All Right Reserved.
Views: 451 Keith Armbrecht
How To PROPERLY Calculate Provisional Income
 
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Provisional income, aka COMBINED INCOME, is critical to your understanding of Social Security benefits. It's even more critical to your understanding of the taxes you'll pay on your Social Security.
How Much Will You be Paid from SSDI or SSI?
 
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“How much will I get from Social Security each month, and how much will I get as a lump sum?” I get these questions from 99% of my clients and for good reason. Social Security does not make it easy to calculate how much you will get. The calculations Social Security uses to determine exactly how much you will get are unduly complicated - without access to a great deal of raw data, it is almost impossible to make manual calculations. Your “mySocialSecurity” account (https://www.ssa.gov/myaccount/ is a good place to start but often those figures are not up to date. In this video, I hope to offer you some perspective - what do I generally see in terms of monthly benefit payments and lump sums in both SSDI and SSI claims. Your payment will depend on factors unique to you but I want you to have some idea about what is typical. If you are thinking about applying, or if you have recently been denied and want some ideas about how to win, please contact me - I’d be happy to help. =============== FREE SURVIVAL KIT ================ Don't know where to begin? Download my free “Secrets of Getting Approved” Survival Kit at http://bit.ly/SSD-Survival-Kit ================================================ ============== FREE CASE EVALUATION ============= If you or a loved one would like a case evaluation for your SSDI or SSI case, please contact me at http://bit.ly/Contact-Jonathan ================================================ =================== CONTACT ME ================= Jonathan Ginsberg Social Security Disability Attorney Website: http://www.ssdAnswers.com Facebook: https://www.facebook.com/GinsbergLaw/ Telephone: 800-890-2262 http://bit.ly/Contact-Jonathan ================================================ ***Click Below to SUBSCRIBE for More Videos*** http://www.youtube.com/subscription_center?add_user=ginsbergssd
Finding Your Social Security Retirement Benefit
 
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Expected Social Security Benefits So if you qualify for Social Security, how do you calculate your retirement benefits? The Social Security Administration uses a complex formula to determine your benefit. It looks at the total number of years you've worked, and your salary during those years, making adjustments for inflation in your salary over the years. The exact computations are complex, but if you worked more and paid more in Social Security taxes, you'd receive a higher benefit. However, the difference in benefits for low-income and high-income workers is actually small. You can get an estimate of your Social Security benefits by requesting your "Personal Earnings and Benefit Estimate Statement". You should request this statement from the Social Security Administration every two or three years to ensure that the Administration has credited your account with all of your earnings. Social Security benefits for singles vs. couples Let's take a look at the retirement benefits for a single person. If you have a non-working spouse, multiply the these benefits by 50 percent to estimate your benefit. If you and your spouse both worked full-time, you could double the numbers to estimate your benefit. The following numbers also assume you retire at age 65 with full benefits. You can begin getting 80 percent of full benefits at age 62. Retiring early may be an option, but unless you've got a good pension or significant savings, I doubt if you'll be able to retire at age 62. Copyright 1997 by David Luhman
Views: 38421 SocialSecurityHop.com
Social Security Changes Coming In A Couple Months – Trump’s Move Will Affect Millions
 
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Please Help Me To 100,000 Sub : American Patriot : https://bit.ly/2yOF8Xi SUB TO BACKUP CHANNEL HERE : https://bit.ly/2DuahBo Social Security Changes Coming In A Couple Months – Trump’s Move Will Affect Millions As the most reliable and balanced news aggregation service in the world, RWN offers the following information published by The Motley Fool: More than 62 million Americans receive Social Security benefits, and the money that they receive every month goes a long way toward supporting their financial needs. With benefits available either for retirees or those who become disabled, Social Security plays a vital role in protecting people from financial hardship. Every year, Social Security changes somewhat, with many provisions getting updated on an annual basis. Below, you’ll learn four important facts about Social Security for 2019, including how much a typical recipient can expect to get and what changes are happening over the coming year. 1. Benefits to go up 2.8% Social Security provides an annual cost of living increase to its recipients in order to make up for the impact of inflation. The COLA that will take effect at the beginning of 2019 was just announced last month, and the amount was calculated to be 2.8%. That 2.8% increase will boost what every beneficiary gets from the program. The Social Security Administration (SSA) estimates that the average monthly benefit for retired workers in January 2019 will be $1,461, up $39 because of the COLA calculation. For couples who receive benefits for both members, the average total family benefit of $2,448 per month will be $67 higher than it would have been without the COLA. In addition, family members will see sizable increases. A widowed parent with two children will see average total family benefits of $2,876, up $79 due to the COLA. A surviving spouse without qualifying children will get an average of $1,386 per month, representing a $38 adjustment due to costs of living. 2. A new full retirement age for some retirees in 2019 Full retirement age is the age at which the SSA will pay you the base amount of benefits calculated from your work record. But full retirement age has been in flux lately, with older ages applying to those who were born later. If you turn 62 in 2019, then your full retirement age is 66 and six months. That’s two months older than it was for those who reached age 62 in 2018. What that means is that those who claim at their earliest possible moment will suffer a 27.5% reduction in their monthly payment compared to what their full retirement benefit would have been if they’d waited. By contrast, if you’re older and turn 66 in 2019, you’ll be at your full retirement age on your 66th birthday, because that’s the age that applies for those born between 1943 and 1954. 3. Social Security’s maximum benefit is on the rise 2019 retirees will be eligible for higher payments than those retiring in earlier years. For a worker retiring at full retirement age, the maximum benefit amount will rise $73, to $2,861 per month. The maximum Social Security payment available under the program depends on exactly when you retire. Those who take benefits at 62 will see their maximum monthly benefit rise just $51, to $2,209. However, those who get benefits at 65 will see a jump to $2,757 per month, up $168 from year-ago levels. Waiting until 70 won’t give quite as big a boon, but the maximum will still be $72 higher at $3,770 per month. Moreover, even if you haven’t earned enough during your career to get the maximum benefit, high-income individuals still will get almost that amount — providing a nice supplement to other financial resources. 4. Social Security’s maximum payroll tax is going up, too Social Security gets money from taxes it collects through payroll withholding, and the maximum tax goes up most years. In 2019, earnings of up to $132,900 are subject to tax, up $4,500 from last year’s limit. Employees pay 6.2% of their earnings up to that amount, and employers match that with a 6.2% payment of their own. If you’re self-employed, then you’re on the hook for the full 12.4% total. Copyright Disclaimer: Citation of articles and authors in this report does not imply ownership. Works and images presented here fall under Fair Use Section 107 and are used for commentary on globally significant newsworthy events. Under Section 107 of the Copyright Act 1976, allowance is made for fair use for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Community Guidelines Disclaimer: The points of view and purpose of this video is not to bully or harass anybody, but rather share that opinion and thoughts with other like-minded individuals curious about the subject. Read More/Source/Credit/FairUse:https://bit.ly/2PR9P6m #Social#Security#Changes#Coming#In#A#Couple#Months#Trump#Move#Will#Affect#Millions
Views: 874053 American Patriot
Planning Social Security Retirement?  We use Social Security Calculator to get maximum benefits.
 
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Are you getting ready to begin your Social Security Benefits? Are you uncertain which filing strategy will get you the maximum Social Security Benefits? A Maximum Social Security Report will help you understand your options and detail the best way to file for Social Security Benefits that may provide you with the most income to you and your spouse.
Views: 117146 Steve Miller
Maximizing Social Security Retirement Benefits 2016
 
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5 minute lesson on Social Security Retirement Benefits 2016
Views: 22582 Lane Martinsen
Social Security Taxes: What Everyone Should Know
 
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How much you owe in taxes on Social Security income can be a big shock. I clearly remember that it was one of my Dad’s biggest retirement surprises. He didn’t expect to pay so much in taxes. Yet there it was…a big whopping tax bill in the first year of retirement. Like a lot of other retirees, he knew that some of his Social Security benefit could be counted as taxable income, but he wasn’t real familiar with the rules on what determined the amount of taxes. This wasn’t isolated to him. Every year individuals retire and are faced with sticker shock when they find out how much they’ll have to pay in taxes on Social Security income. To some, it doesn’t seem fair. You’ve worked for years and paid your Social Security tax as the admission ticket to a Social Security benefit. Now that you’re collecting that benefit, you have to pay taxes? Again? Check out the medicare experts (and my sponsor) at Boomer Benefits https://boomerbenefits.com/. My book, Social Security Basics, is available on Amazon at https://amzn.to/2CzKQvP
Views: 12224 Devin Carroll
How many credits do you need to qualify for the Social Security Benefits?
 
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David Melton: Again, as you work and pay Social Security taxes you earn credits. You will hear people use the term “quarters of coverage,” but the proper term is “credits”. You can earn four per credits per calendar year. This year in 2016, for every $1,260 of earnings, you will receive one credit. Someone who earns $5,040 or more at any time in the year will receive those four possible credits. The number of the credits that the worker needs to be eligible for the benefits to be eligible depends on the type benefit. • Retirement: 40 credits (10 years of work) • Disability: Depends on age • Survivorship Benefits (widows, widowers or orphans): Depends on age of deceased number holder • You would always need at least 6 credits (1.5 years of work) to be eligible for benefit • You never need more than 40 to be fully insured for a social security benefit (10 years of work) It doesn’t take a lot of work to earn those benefits. Ten years of work will earn you that benefit. How are retirement benefits calculated? David Melton: You need those 40 credits to be insured for retirement benefits. Philosophically, Social Security is designed to replace lost earnings due to death, disability or retirement. So in the retirement scenario when we actually do the computation of the benefits, we are replacing the lifetime earnings defined as one’s high 35-years of work, earned at any point of their lifetime. We are looking at your earnings history, that year by year posting of wages, and calculating your high 35 years and from that deriving your Social Security benefit amount. Freeman Owen: Can I chime in on that? We are giving Social Security seminars, and I had a friend approach me saying, “Freeman, you have a watch don’t you? There are two kinds of people in the world, the ones who want to know how the watch is made, and the ones who just want to tell time.” He was referring to the AIM the Average Monthly Index Earnings. Some people just want to know how much they are going to get and they do not want to know the details. When we get the AIM there is a calculation, I refer to them as ben-points, there are basically three ben-points, and we won’t go through all the details now. The calculations give us what we call the Primary Insurance Amount (PIA) or full retirement age payout or benefit. Can you elaborate a little bit more on the AIM after the break? We will take a little break here. Thank you for staying tuned. We will be right back. Visit my website JustAskFreeman.com for more useful tips on how to get the most from your retirement planning & Social Security benefits. VA | MD | DC . Also, download my free “SAFE MONEY KIT” to get the most from your retirement dollars. Tel: 1-833-313-7233
Views: 7459 Freeman Owen
Social Security COLA: How It's Calculated
 
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In most years, the Social Security Administration increases Social Security benefits by an amount that's intended to keep up with inflation. This is how they calculate that increase.
Views: 2287 Devin Carroll
Social Security Benefits at Retirement
 
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http://www.investmentstarters.com Should I retire now at age 62 and collect Social Security benefits, or should I wait until full retirement age? Answer: There's no right time to begin collecting Social Security benefits, but the age at which you begin receiving benefits will affect how much retirement income you have, so you should weigh the consequences carefully. Keep in mind that if you collect Social Security before your full retirement age, your benefit will be permanently reduced. Depending on the year you were born, you'll receive between 25 and 30 percent less per month if you collect benefits at age 62 than if you wait until full retirement age to begin collecting benefits. However, this doesn't necessarily mean that collecting benefits at age 62 is unwise. In fact, unless you live to an especially old age, you may actually end up with more money if you start collecting Social Security benefits at age 62 than if you wait until full retirement age, because you'll receive more benefit checks. However, there are also good reasons to wait until full retirement age (or beyond) to start collecting benefits. For example, if you work full-time past age 62, you'll have the opportunity to increase your eventual retirement benefit, particularly if you are in your peak earnings years, because your benefit will be figured using your 35 highest earnings years. Additionally, if you'll barely scrape by after you retire, you may want to receive as much as possible from Social Security each month. If you can wait past full retirement age to begin collecting benefits, you will receive delayed retirement credits (up until age 70) that will permanently increase your benefit. Other things to consider include whether other people will be eligible to receive benefits based on your work record, your eligibility for Medicare, your estimated life expectancy, and taxes. The Social Security Administration (SSA) has several online benefit estimators available at www.ssa.gov that can help you make an informed decision, and you can sign up at the SSA website for a my Social Security account so that you can view your online Social Security Statement. Your statement contains a detailed record of your earnings, as well as estimates of retirement, survivor's, and disability benefits. It also includes other information about Social Security that will be very useful when planning for retirement. You can also talk to an SSA representative by calling (800) 772-1213 if you have questions. IMPORTANT DISCLOSURES Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual's personal circumstances.To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice. For more information please visit: http://www.TDWealth.Net or Call 954-353-6198
How Are Your Social Security Benefits Calculated?
 
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https://www.integrityiwm.com/ (949) 955-1188 We all think we know the basics about Social Security, but do we really know how different the benefits can be? The standard retirement age is between 65 and 67, depending on your birthday. Your monthly income, also called your PIA, is determined by your highest 35 years of indexed earnings. You can start taking benefits as early as age 62, but your monthly income will be reduced by at least 25%. Say your full retirement age is exactly 66 years old, then you can delay until age 70 and your monthly income will be 32% higher. Your strategy needs to be based upon a number of factors: how much retirement income you need, other sources of income, income taxes and your general health condition. Other factors also weigh in, like survivor needs, divorce, dependent children, and available liquid assets. Proper planning requires attention to all these details. Give us a call today for help with planning your Social Security strategies. https://www.youtube.com/watch?v=uwGwHGjTLbQ&list=PLbPdDJ7ewjmv7_EDvw7zUtKxt-0RORlRb&index=1
Views: 10 Ralph Adamo
Are Social Security Benefits Taxed?
 
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Is Social Security taxable? Understanding the impact of Social Security Taxes in Retirement. Learn More: https://www.martinsenwealth.com/
Views: 40592 Lane Martinsen
Social Security Benefits: AIME, PIA, FRA, DEC,....HUH? (2018)
 
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Your Social Security benefit is based on your Primary Insurance Amount (PIA). Your PIA is based on your Average Indexed Monthly Earnings (AIME). However you can reduce or increase your PIA by retiring before or after your FRA (Full Retirement Age). Having fun yet? And it gets better. The longer you wait to apply for benefits after your FRA the more Delayed Earnings Credits (DEC) you will get. So, to wrap it up in simplest terms, if you wait beyond your FRA, you'll receive DEC's that will increase your benefit above your PIA, which was derived from your AIME! Whew! Clear as mud, right? Okay, but while this is funny, in a silly way, these acronyms are no joke. They literally will affect you for the rest of your life and potentially even your surviving spouse's life as well. So having an understanding of these terms and how they affect you is critically important. Your PIA is simply the amount of Social Security benefit you will receive when you file for benefits at your Full Retirement Age. Let's say you were born before 1955. Your FRA is 66 years old. If you file for benefits at 66 you will receive 100% of your PIA. If you file for benefits before 66, you will receive a reduced benefit, reduced as much as 25% if you file at the earliest age of 62. If you file for benefits at age 70, you will receive 32% more benefits due to the Delayed Earnings Credits. To make it simple. If your PIA amount is $1000 a month, you will get $1000 at 66, $750 if you file at 62 and $1320 if you file at 70. In other videos we will discuss strategies to maximize your benefits. But in this video the goal was just to give you an understanding of how Social Security benefits work and the acronyms that are involved. https://www.ssa.gov/policy/docs/ssb/v74n4/v74n4p21.html
Working and Social Security: The 2019 Limits
 
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https://devincarroll.com | The earnings limit for working and Social Security change on an annual basis. In this video we'll cover the 2019 limits and talk about when the limit applies and what to do if you exceed the earnings limit. Resources Mentioned: Special Payments After Retirement https://www.ssa.gov/pubs/EN-05-10063.pdf Social Security Basics book https://amzn.to/2Sd8cg0 Substantial Services rules for self employed persons https://www.ssa.gov/OP_Home/cfr20/404/404-0447.htm
Views: 76879 Devin Carroll
How Are Your Social Security Benefits Calculated?
 
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http://www.sagefinancialstrategies.com (720) 504-0820 We all think we know the basics about Social Security, but do we really know how different the benefits can be? The standard retirement age is between 65 and 67, depending on your birthday. Your monthly income, also called your PIA, is determined by your highest 35 years of indexed earnings. You can start taking benefits as early as age 62, but your monthly income will be reduced by at least 25%. Say your full retirement age is exactly 66 years old, then you can delay until age 70 and your monthly income will be 32% higher. Your strategy needs to be based upon a number of factors: how much retirement income you need, other sources of income, income taxes and your general health condition. Other factors also weigh in, like survivor needs, divorce, dependent children, and available liquid assets. Proper planning requires attention to all these details. Give us a call today for help with planning your Social Security strategies. https://youtu.be/VoD65pgungI?list=PLnVNU5cowmMe2CMZnApuGf5O_NNWzq0kU
Best Social Security Retirement Calculator I've Seen...Yet (2018)
 
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Retirement calculators come in all shapes and sizes. And to be honest, I get a bit bored looking at them all. But in this case, you have GOT to look at this Social Security calculator a subscriber emailed me about. It's simply, by far and away, the best FREE calculator I've ever used. Now, be advised, I've NO clue who runs this other than what they say on the site. It's that legit? No clue. Could this be a Maldovia hacking farm to get my personal info? Maybe. Should you go an put all your personal info on this? Up to you. But I did. And I love it. The site is simply incredible. I'm hoping to interview the creator for my podcast too. Go to www.socialsecurity.tools to see the site for yourself. ================================= GET ALL MY LATEST BLOGPOSTS: https://heritagewealthplanning.com If you like what you see, a thumbs up helps A LOT. It tells YouTube that people are engaged and so the Youtube algorithm will show the vide to others who may be interested in the content. So, give me a thumbs up, please! Don't forget to SUBSCRIBE by clicking here: https://www.youtube.com/channel/UCSEzy4i9xrKPoaU9z0_XbmA?sub_confirmation=1 Contact me: [email protected] GET MY BOOKS: Both are FREE to Kindle Unlimited Subscribers! The Tax Bomb In Your Retirement Accounts: How The Roth IRA Can Help You Avoid It https://amzn.to/2LHwQpt Strategic Money Planning: 8 Easy Ways To Put Your House In Order https://amzn.to/2wKGi50 PODCAST: https://itunes.apple.com/us/podcast/josh-scandlen-podcast/id1368065459?mt=2 http://heritagewealthplanning.com/category/podcasts/ LET'S SOCIALIZE! Facebook: http://Facebook.com/heritagewealthplanning Linkedin: https://www.linkedin.com/in/joshscandlen/ Quora: https://www.quora.com/profile/Josh-Scandlen Google +: https://plus.google.com/u/1/108893802372783791910
How does the Social Security Administration calculate my benefits?
 
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Freeman Owen: David, prior to the break we were discussing how these benefits are calculated. Some folks want to know in detail how the Social Security Administration comes up with these calculations to determine the type of benefits they will receive. There are tools readily available and all you have to do is use those tools How does the Social Security Administration come up with the calculations to determine the type of benefits I will receive? David Melton: I would encourage people to do two things: 1. Look at our publications and pamphlets. Go to our website www.Socialsecurity.gov and down toward the bottom there is a link called “Publications.” I would encourage people to look at their retirement benefit and how it is figured. We talk about how we calculate that benefit. You actually have the math computation on the fact sheet. Armed with that Social Security statement you have now because of the My Social Security Account. You can use your My Social Security Statement to do the calculations yourself if you would like. 2. Use the Retirement Estimator. For those who are just interested in getting the numbers, we have a great tool called the “retirement estimator.” It mirrors some of the information that you would obtain through the My Social Security Statement, but it is different in that it allows people to project future anticipated earnings. In preparing your Social Security statement, we take the last year of wages that you have recorded and project those out as your future anticipated wages. But perhaps that is not that individual’s plan. Maybe that worker does not anticipate working at that level to age 66 or 67. They are going to retire sooner, maybe in their late 50s. So the online retirement estimator, available at www.socialsecurity.gov/estimator allows you to project your future by answering two questions: a. How much do I earn each year b. At what age will those wages stop You will get an immediate online response on how decisions we make in terms of work history will impact the amount of your Social Security Benefit. Freeman Owen: I have to consider my parents who were born before 1938. I would hear my father say, “At 65 I can’t wait to get my Social Security. I’m glad I will have that to augment my pension.” Now there is a new full retirement age. Eligibility age is at 62, but let’s talk about full retirement age. We have seen the age go from 62 to 67. What is the full retirement age at this time? David Melton: Right now this is the last year of workers sharing a 12 year cohort of time, people born between 1943 - 1954 who shared age 66 as the full on reduced retirement age. So those workers born in 1954 are the individuals attaining age 62 this year. But the 1983 legislation changed the age at which someone can receive that full reduced benefit from historical age 65 to age 67. Implemented over 39 years, it affects individuals who are born in 1939 or later. There has been a gradual increase for the last 12 years. We have been static at age 66. We will begin to see that age raise in 2 month annual increases. For example, someone born in 1955 will have to be 66 and 2 months of age to get their full check. Ultimately reaching age 67 for all workers born in 1960 and later. Visit my website JustAskFreeman.com for more useful tips on how to get the most from your retirement planning & Social Security benefits. VA | MD | DC . Also, download my free “SAFE MONEY KIT” to get the most from your retirement dollars. Tel: 1-866-471-7233
Views: 515 Freeman Owen
Income Taxes & Your Social Security Benefits
 
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Social Security Administration website is a HUGE source of free information you should be reviewing regularly when it comes to your benefits. www.ssa.gov In this video we review their page on taxation of your Social Security benefits. https://www.ssa.gov/planners/taxes.html Familiarize yourself with the term "Combined Income". Most financial planners use the term "provisional income" but they mean the same thing. Take ALL your taxable income, add your tax exempt interest and half your Social Security benefit and that will give you the number to determine what your tax will be on your benefits. ================================= If you like what you see, a thumbs up helps A LOT. It tells YouTube that people are engaged and so the Youtube algorithm will show the vide to others who may be interested in the content. So, give me a thumbs up, please! Don't forget to SUBSCRIBE by clicking here: https://www.youtube.com/channel/UCSEzy4i9xrKPoaU9z0_XbmA?sub_confirmation=1 Contact me: [email protected] GET MY BOOKS: Both are FREE to Kindle Unlimited Subscribers! The Tax Bomb In Your Retirement Accounts: How The Roth IRA Can Help You Avoid It https://amzn.to/2LHwQpt Strategic Money Planning: 8 Easy Ways To Put Your House In Order https://amzn.to/2wKGi50 GET ALL MY LATEST BLOGPOSTS: http://heritagewealthplanning.com/blog/ PODCAST: https://itunes.apple.com/us/podcast/josh-scandlen-podcast/id1368065459?mt=2 http://heritagewealthplanning.com/category/podcasts/ LET'S SOCIALIZE! Facebook: http://Facebook.com/heritagewealthplanning Linkedin: https://www.linkedin.com/in/joshscandlen/ Quora: https://www.quora.com/profile/Josh-Scandlen Google +: https://plus.google.com/u/1/108893802372783791910
Rethinking Retirement Benefit Calculation Could Aid Social Security
 
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Business correspondent Paul Solman of WGBH-Boston examines the debate surrounding changing Social Security, including the pros and cons of reducing retirement benefits by tying them to cost-of-living increases rather than wage increases, in this second part of a two-part series. (originally aired March 23, 2005)
Views: 2760 PBS NewsHour
Social Security Spousal and Divorced Spousal Benefits
 
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We learn about how Social Security spousal benefits are calculated and the requirements for a divorced spouse to receive the benefit.
Views: 186585 NYLCRI
Calculating Social Security Reductions: Colorado PERA (2019)
 
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Did you know that your Social Security benefit may be reduced if you receive a Colorado PERA benefit? Many Colorado PERA members are unaware that their Social Security benefits are reduced because of their PERA membership. So when you’re planning for your PERA retirement, you’ll also want to calculate the impact on your Social Security benefit.
Views: 1331 ColoradoPERA
How to Calculate Social Security Tax
 
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How to Calculate Social Security Tax. Part of the series: Preparing Taxes. Social security tax is usually 12.4 percent for self-employed and 6.2 percent non-self-employed, as the employer pays the other 6.2 percent. Understand how social security is taxed with help from a tax specialist in this free video on filing taxes. Read more: http://www.ehow.co.uk/video_12242173_calculate-social-security-tax.html
Views: 6119 eHow
How Are Your Social Security Benefits Calculated
 
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http://www.IntegrityIWM.com (949) 955-1188 Get Whiteboard Animated Videos like this one for your business here: http://www.jilladdison.com/get-monthly-videos-for-a-low-monthly-rate As life expectancy has grown, your retirement now can last between 20 and 30 years, so Social Security planning is critical no matter how much money you have. It can make a difference of hundreds of thousands of dollars. For example, if you retire at age 62, and pass away at age 86, you'll receive 25% less for 24 years. But if you wait to retire until age 70, you'll receive 32% more for 16 years. If your retirement income at age 66 was two thousand dollars per month, this could be a difference of over two hundred thousand dollars during your lifetime. Arriving at a decision on when to retire is not easy. If you retire early, it could affect your spouse’s benefits. And wages and other taxable income could cause Social Security benefits to be taxed at up to 85%. Proper planning takes all of these factors into account to determine Social Security Maximization. For instance, a repositioning of assets could reduce taxable income and provide for more reliable monthly income. With over 500 different combinations of factors affecting benefits, it makes sense to talk to an expert and get it right. http://youtu.be/aRe1bQZWl9o
Views: 257 Jill Addison
How Do You Calculate Social Security Benefits
 
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How do you calculate Social Security benefits KNOW MORE ABOUT How do you calculate Social Security benefits Social security payments are calculated using the 35 highest earning years of your career, and did you know that up to 85. How the social security benefits calculation works balance. Benefits calculated? Quick calculator social securitysocial security administrationmyretirementpaycheckbenefits estimator bankrate. How social security benefits are calculated aarp. Calculators social security retirement income estimator how are my benefits calculated? Opm. For a more accurate estimate, social security benefits are based on earnings averaged over most of worker's lifetime. Benefits calculated? Quick calculator social security ssa. Use this calculator to approximate your social security benefit. Third, the social security benefit formula is applied to aime produce primary insurance amount (pia), payable at full retirement age (fra) bankrate provides a free estimator and other benefits calculators help consumers estimate how much expect from 31 may 2018 there three step process used calculate of you will receive. Benefit estimates depend on your date of birth and earnings history. Gov oact quickcalc "imx0m" url? Q webcache. Googleusercontent search. What is the maximum i can receive from my social security tested 2 free retirement calculators, and here's what 14 rules for how benefits are calculated forbescalculating taxes on kiplinger. How much you will get from social security us news money. Step 2 use your aime to calculate primary insurance amount (pia) 26 may 2018 knowing how social security benefits are calculated can help you make smart decisions when it comes claiming own benefit, and 25 nov 2017 ever wonder where the benefit amounts listed on statement come from? Understanding calculator estimate pre retirement earnings collect maintain standard of living find out calculated, learn monthly what do get more. Here's how the social security retirement benefit formula works here's your benefits are calculated calculator aarp. Your actual earnings are first adjusted or 'indexed' to account for the maximum monthly social security benefit payment a person retiring in 2018 benefits calculated by combining your 35 highest paid 14 aug when is best time claim benefits? He recently created an interactive calculator, open security, help you figure 20 mar 2016 we translate administration pronouncements into english. How much of my social security benefit may be taxed? . Estimate monthly benefits based on your social security earnings record. For security, the 'quick calculator' does not access your earnings record; Instead, find full retirement age and learn how monthly benefits may be reduced if you retire before. Estimate if you are eligible for a pension based on work that was not covered by social security second, earnings the highest 35 years averaged and divided number of months in to arrive at average indexed monthly (aime). However, many fa
Views: 25 Bun Bun 3
Social Security Benefits - The #1 Mistake Made When Filing
 
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Social Security Benefits - The Mistake 48% of us make when filing for Social Security Benefits And How To Fix It - https://www.youtube.com/watch?v=erVOZPfUx4M Here's Your Complimentary Social Security Income Maximization Guide - http://americasretirementincome.com/social-security-maximization-analysis/ OOPS! In This Eye-Opening Video, we will discuss in detail the mistake that 48% of us make when filing for Social Security Benefits and show you How To Fix It! Also included in the video, You will see the top facts and questions about Social Security Benefits, and We will teach you about the Lifetime Value of Social Security and Explain Why it is NOW more important than ever to your retirement income needs. Make sure you stay tuned to the end of this short video. We will be giving to everyone a Complimentary copy of our Social Security Income Maximization Analysis to assist you in choosing your best fit date to claim your Social Security Benefits. So, let’s get started. So what is the #1 Mistake?… The #1 mistake is Choosing the right Social Security Benefits at the right time. This is one of the biggest financial decisions you’ll ever make. So, please take your time and understand all your options, before making a choice. You are eligible to begin Social Security benefits as early as age 62, and and as late as age 70. While the majority of us begin receiving at 62, many have decided to defer taking benefits until a later age. Why? There are several reasons why, but the main reason is the longer we wait, the larger your Social Security checks will be when you begin receiving them. So, what is your target date to file for Social Security benefits? Write this down, and see if the date changes by the time we get through this short video. So, when is the correct time to file for your benefits? The answer… It depends on your individual or family circumstances. Deciding the best time may be confusing to some, but the decision should be based on your specific situation and financial needs. Let’s take a look at some of the facts to consider when filing for your Social Security Benefits. Think about these facts as you ponder on the best date for you and your family. Social Security is the major source of income for most of the elderly. As of April 2014, Social Security Benefits represent about 38% of income for the elderly. Nine out of Ten individuals age 65 and older receive Social Security Benefits today. Among elderly Social Security beneficiaries, 52% of married couples and 74% of unmarried persons receive 50% or more of their income from Social Security. And up to 22% of married couples and about 47% of unmarried persons rely on Social Security for 90% or more of their income. 51% of workers today have no private pension coverage. 34% of workers have no savings set aside specifically for retirement. In 2014, over 59 million Americans received almost $863 billion in Social Security benefits. Let’s look at some factors to consider when filing for your Social Security Benefits. The first factor we will look at is your full retirement age. So, when is your full retirement age? This chart shows you when your full retirement age is. So, if you were born in 1957 your full retirement age is 66 years and six months. If your full retirement age is 66, and if you were to file for Social Security Benefits at age 62, you would only receive approximately 75% of your full benefits. At age 66, you would receive 100% of your benefits. But, by waiting till age 70, you would receive 132% of your benefits. There is a huge difference in waiting, but again, each of us have certain circumstances that may force us to file as early as age 62. This is a substantial amount of money that most of us leave on the table. America's Retirement Income Brian Neff CEO and Chief Investment Officer http://americasretirementincome.com/ Facebook: https://www.facebook.com/AmericasRetirementIncome
Views: 624923 Retirement Hustle
Maximizing Retirement - Calculating Your Social Security Benefit
 
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How does Social Security calculate your average annual earnings in determining your benefits? Here's the answer in my first retirement focused video. You can support my channel by shopping online through my Amazon portal at https://amzn.to/2S7FwZb Wages Indexing Factors: https://www.ssa.gov/cgi-bin/awiFactors.cgi
Views: 163 ima4ster
How Much Social Security Disability Benefits Will You Receive?
 
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Jeff Roberts explains how to calculate Social Security Disability benefits. Http://www.JeffRobertsAssociates.com
Views: 623 Jeff Roberts Law
If I am approved for disability, how much will my Social Security Disability benefit be?
 
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http://www.DisabilityAdvisor.com See how your Social Security disability benefit amount is calculated when you are approved as a disabled worker or widow, or disabled adult child. For answers to your questions about Social Security Disability or for help with a benefits claim call toll-free: 1-888-393-1010. ©2011 Sun Telemedia LLC
Views: 35518 Disability Advisor TV
Social Security Benefits Calculator
 
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Here is a no-cost Social Security Benefits calculator http://freesocialsecuritybenefitscalculator.com/ that will help you to determine your maximum Social Security benefits. Many resources might help you to estimate Social Security benefits. But, this resource provides a professionally done report to help you know information such as your Social Security spousal benefits, your best Social Security benefits age to claim them, and most significantly, your maximum Social Security benefits. http://youtu.be/SQmuXTLOVT0
Views: 1432 Kalem Aquil
Is Social Security Taxable?
 
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There's a simple calculation that will help determine if your Social Security benefits may be taxable.
Views: 123786 IRSvideos
The Best Social Security Calculator
 
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Let's show you how to calculate your best social security claiming strategy! Too often people who are about to retire are unaware that there are many different strategies in claiming social security benefits which can greatly increase the amount of money they receive over their lifetime. This video will show if you are someone that would benefit from a more advanced claiming strategy Getting the most from social security is important for four reasons: It is tax advantaged - it gets taxed at a lower rate than most other income streams It increases with inflation - that means that while other pension settlements might lose their buying power over time, social security won’t It has a spousal benefit - if you die, your spouse can still collect Finally, you have probably been paying into social security your entire life, its time to get as much of that money back as you can. As we calculate your best claiming strategy, you should know that there are several variables that are in play. Income differences Age differences longevity differences to name a few The actual calculations are too complicated to do by hand and really require a computer - thankfully you clearly have access to one. If you do not yet have a link to the Social Security Timer web-site, don’t worry, we will provide you with one at the end of the video. Before we begin you will need two things, The first is a summary of your social security earnings and approximate distribution. You can get this from their website at www.socialsecurity.gov Secondly, you will also need to have some idea of when you intend to retire Now we can proceed to the calculator web-site and begin. We start by inserting your gender… I have entered data that might be typical of someone entering into retirement. As we can see, this couple could theoretically gain an extra 104K from a more advanced claiming strategy. This is a LOT of money during retirement when income is limited. This person would benefit from a better claiming strategy. If your data leads you to believe that you would benefit from a more advanced claiming strategy, please feel free to request a consultation with us. Let me give you an example of what this strategy might look like. We created a profile for two people called Lord Guy and Lady Amazing with fairly average income. As we can see there are many possible ways that they COULD claim their social security. However, there is one strategy that would pay more than any other. For this couple the strategy looks like this…