In this timely episode, Joe and Al bring to attention the deadline to apply for two Social Security strategies (file & suspend and restricted application) that are being eliminated by Congress this year. If you qualify for either of these strategies, take advantage before they’re gone for good. In this special episode of “Your Money, Your Wealth,” your hosts explain the history and importance of Social Security, as well as give you a quiz to sum up everything you’ve learned.

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Transcription:

0:50 “In regards to claiming your Social Security benefits, you’ve got to be a little savvy. There are many, many combinations to claim, but unfortunately some very important moves are going away. That’s today’s financial focus”

4:37 “This is really important for you to figure out the best strategies because this could be the majority of your income”

5:24 “Every year that you wait [to claim your benefit], you get a lot more monthly income”

9:39 “File and suspend is a strategy in which one spouse, typically the higher earner, files and suspends a claim for benefits to allow delayed retirement credits to accrue”

11:27 “If you turned 62 by 12/31/15, you still can do a restricted application”

15:25 “True or false? You must claim Social Security benefits as soon as you stop working”

17:09 “Let’s go to question number three: what’s the minimum number of years to work in order to be eligible for Social Security benefits? No minimum, five years, ten years or no minimum?”

20:37 “The longer you work at a higher salary, the more [Social Security] benefits you’ll receive”

21:28 “Here’s the order of savings: you want to go to the 401(k) if you have the match; start there first. Let’s say they match you 4%, you go 4% to the 401(k)—get that free money. Once that match is done, you go to the Roth IRA and contribute $5500. Once the $5500 is filled you go back to the 401(k); you can max that out to $18,000. Once that’s done, you want to take a look at saving outside of retirement accounts. That’s the order”

Aired: 3/27/16

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Social Security 101 + 2 Major Changes in 2016 – Your Money, Your Wealth® TV S3 | E2

Your Money, Your Wealth® TV is back with another informative episode, and this time, they are diving into the topic of Social Security. With retirement planning becoming an increasingly important aspect of financial planning, understanding the ins and outs of Social Security is crucial for anyone approaching their golden years.

In this episode, the hosts break down the basics of Social Security, providing a comprehensive overview of how the program works, who is eligible, and how benefits are calculated. They also discuss the two major changes that took place in 2016, which have significant implications for current and future beneficiaries.

First and foremost, the hosts provide a thorough explanation of Social Security, describing it as a federal insurance program that provides financial support to retired and disabled individuals, as well as to the spouses and children of retirees and disabled workers. They highlight the fact that Social Security is funded through payroll taxes paid by employees and employers, and that the benefits received are based on the individual’s earnings history.

The episode goes on to discuss the eligibility requirements for receiving Social Security benefits, emphasizing that individuals must have worked and paid into the system for a certain number of years in order to qualify for benefits. The hosts also address the issue of when to start taking Social Security benefits, examining the implications of claiming benefits early versus waiting until full retirement age.

One of the major changes in Social Security in 2016 that the episode covers is the end of two popular claiming strategies known as “file and suspend” and “restricted application.” These strategies allowed couples to maximize their benefits by coordinating when and how they each claimed their Social Security benefits. However, changes in legislation in 2015 led to the elimination of these strategies, affecting the retirement plans of many individuals.

The other significant change discussed in the episode is the small cost of living adjustment (COLA) that was announced for Social Security benefits in 2016. The hosts explain that this adjustment was the lowest in years, reflecting the low inflation rate and its impact on the purchasing power of Social Security benefits.

Overall, the episode provides a wealth of valuable information for anyone looking to better understand the key aspects of Social Security and the recent changes that have taken place. With retirement planning being a major concern for many individuals, being well-versed in the workings of Social Security is essential for making informed decisions about when and how to claim benefits.

In sum, Your Money, Your Wealth® TV S3 | E2 offers a comprehensive guide to Social Security 101 and sheds light on the two major changes that occurred in 2016. Whether you are nearing retirement age or simply interested in learning more about Social Security, this episode is an excellent resource for gaining a deeper understanding of this important aspect of financial planning.