This video discusses five highly effective tips to maximize your Social Security retirement benefits. “5 Tips to Maximize Your Social Security Payment” discusses the Primary Insurance Amount, the Spousal Benefit, reducing or eliminating taxes on Social Security, how much you can earn before the SSA reclaims some or even all of your Social Security payment and how and when to use sophisticated software to analyze and organize all of your financial information so that you can make the best Social Security claiming decision for you and your family.
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider….(read more)
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Answer to the mind bender at the end!
Waashington state doesn't tax income as well.
Sir, regarding working while collecting social security under full retirement age, are there any penalties for collecting a pension and collecting social security under full retirement age? Thanks.
My wife worked at a good job, her SS benefit alone would be more than 50% of my benefit. When we retire does she get her full benefit or just 50% of mine. When I am gone would she then het her higher benefit?
NM taxes over only over 100K income.
What I’m surprised at is the lack of discussion or outrage as to why we have to pay a single penny on our SSA monies period! We already paid taxes on on earned income. This is nothing more then a money grab from our government. I would agree any “earned income” over what we are sent should be considered, be it actually working income from a job or dividends. I would also argue that taxing stock appreciation is counterintuitive as it really a risk vs reward scenario. My losses don’t offset my gains in my opinion so in those instances my loss is much greater then any gain. Bottom line we need tax reform in terms of a single flat tax. No deductibles just pay your (insert % here) and move on.
Your knowledge on this is amazing, especially how easily you presen5 it! Thank you!
Is there a consumer software you recommend? We are looking at one called Income Strategy.
My plan is to retire at 62….take a year to a year and a half off….then get back to work! I've had a job since I was 13….I would 100% get very old if I didn't have something to do and EARN!
Assuming the likes of Rick Scott don't destroy Social Security just like he committed Medicare fraud while governor of Florida.
How old did your parents survive? Did both make it into their mid-80s, regardless of lifestyle choices? It is likely you will to.
Is there a retirement financial planner software package that (that actually helps) you recommend?.. Thanks again for sharing…
Great video! NH also does not have an income tax.
Wife is 5 years older and low earner and retired now at 64. If she starts collecting at 65, will that reduce her overall with spousal benefit when I start drawing at 67?
Five tips to stretch social security in these difficult economic times:
1 limit eating dog food and rice to 500 calories daily
2 turn your heater off this winter and air conditioning this summer
3 walk to the store or doctor and hitch hike for long trips
4 look through trash for old clothing and waste produce
5 sell your blood at the blood bank and sell a kidney on line
So if you're past full retirement age and draw social security you can earn as much as you want and not get taxed on the benefit?
I can’t believe how rude some people are. Plus, if Mr Schimt would answer a question or two that would be helpful. I’m out of here. There are other sites where they do answer questions. Adios
Did I understand that I cannot take my spousal support social security until my spouse retires and draws social security?
Thanks again for all your great information on SS and retirement. Could you please answer this questions for me? If I go ahead and draw my SS next year at 65 but continue to work, will SS continue to be taken out of my paycheck? And then, if it is, does that mean at some point in the future my SS amount will increase some based on paying in more $?
WA state does not have a state income tax. You missed that on your list of no income tax states.
I didn’t think dividends counted towards AGI. Thanks for explaining that.
SS benefits are not taxed in my State, so dollar for dollar SS is better than pulling more money from tax deferred accounts. We will try to maximize SS benefits but of course life might dictate otherwise.
Can you take your Social Security benefit at 62 for example and collect a certain amount and then switch at your full retirement age of C 67 to your spousal benefit and collect the full benefit are you locked in at the your original 62 because you started on your own early
Washington State has no state income tax or SSA tax that I could find either on your list.
Am I understanding this right? If my wife is 2 years younger than me, to maximize our combined SS benefits, I should claim when SHE turns 67 and I am 69? Assuming of course 50% of my SS is more than her own SS amount.
What about the impending 23% REDUCTIONS IN MONTHLY BENEFITS around 2034-35?
You are the first one that explained clearly the spousal benefit when the main earner is younger. Thank you so much.
Excellent video series. I like that you don't patronize the viewer and dive straight in to the details. I often stop the video and scrub backward to reinforce the message. Thanks!
Thanks! You are making a difference. Helping each other is patriotic. You speak my language.