Spousal Planning

  By now almost everyone has heard of the strategy to delay the claiming of one’s Social Security benefits.  Why delay?  Because you will receive a higher monthly benefit if you wait.  In fact, delayed claiming of Social Security benefits until age 70 could mean a payout that is 32% more than you would have received had you started ...

  For most workers, their ability to claim Social Security benefits starts at age 62 and many advisors recommend their clients start claiming benefits at this age.  In previous $mart Social Security articles I have addressed this concept, proving that this is generally the wrong strategy for most people.  Following that advice could cost hundreds of thousands ...

By Elaine Floyd, CFP The rules governing spousal IRAs can be bewildering, since contributions and deductibility are affected both by each individual’s income and their tax status as a couple. Here’s a breakdown of the rules that cuts through the confusion. For tax purposes, a married couple filing a joint return is considered a single economic unit. Both spouses’ ...

By Elaine Floyd, CFP Some government and nonprofit workers could have their Social Security benefits offset considerably—a fact they may not be aware of until they retire. Here’s a primer on who is affected, how their benefits are reduced, and how it applies to spouses and survivors. In 1983 it came to the attention of Congress that some government ...

By Elaine Floyd, CFP Scenario planning shouldn’t stop at retirement. Take married clients down that dark path of imagining what their situation might look like when one of them dies or becomes incapacitated. An early dose of reality can help you build a financial foundation for the surviving spouse. Two weeks ago, my neighbor died unexpectedly at the age of ...

In November of 2015, Congress enacted laws that changed a number of claiming strategies to Social Security.  These changes are significant and could reduce the amount of benefits that you would have otherwise received from Social Security over you lifetime. Below is a link to our webinar – Smart Social Security, An Urgent Update, Changes To The ...

By Peter McDougall Clients will need to consider issues such as IRA withdrawals, Social Security payments, and health care costs. In this age of dual-income families, chances are you and your spouse won’t retire at the same time. You may be different ages, or have different ambitions—or there might be financial reasons for one of you to delay retirement. Here’s a ...