Jun 6, 2014
It was back in 2010 when I heard a Social Security expert mention the terminology “file and suspend.”
It immediate captured my imagination, as it was the first inkling I had that:
- Social Security is complicated.
- You can approach claiming with actual strategies in mind.
- There are some really neat tricks available – like file and suspend!
It took some serious study before I truly understood how the technique works, when it is and isn’t available, and why one would use it. So it’s not surprising to me when I hear clients, as well as their professional advisors, throw the term around recklessly and inappropriately. Read more.
Mar 19, 2014
I recently came across a handy life expectancy calculator that changed the way I illustrate Social Security benefits over a couple’s lifetimes. Click here to read my article, which contains a link to the calculator.
Apr 11, 2013
Even if you don’t play golf, you may be familiar with the concept of a “mulligan.” Although strictly speaking it is against any version of the rules of golf, in casual play (typically involving players of lesser ability) a group may agree that a player may replay a poorly hit shot without penalty. Usually the opportunity for a mulligan is limited to the first shot on the first tee, the theory being that the player might have rushed to the golf course with no chance to warm up or practice, and thus the first shot is considered compensation for having arrived in a lather without leaving time to prepare. I once played with a group that allowed each player a “hooligan” – best described as a “floating mulligan” – meaning that one poorly hit shot could be replayed without penalty at any time during the round.
The Granddaddy of All Hooligans. Under the Social Security system, there used to be a rule that allowed you to begin receiving your benefits at age 62-1[1], continue receiving them for nearly 8 years and then, just before you reached age 70, you could decide to repay all the benefits you had received with no interest and start all over at age 70 with maximum benefits. But after articles began appearing in the financial and popular media touting “interest-free loans from the government,” the SSA decided in December 2010 to shut down this opportunity. (more…)
Mar 24, 2013
Spousal claiming strategies are among the most complex, but fruitful areas to consider for couples who are at, or approaching, Social Security eligibility age. An article of this size can barely scratch the surface, but in it I will identify and illustrate a few of the major issues and strategies. (more…)
Mar 15, 2013
If I had to describe my practice in one brief paragraph, I would say I have four principal areas of focus:
1. Raising awareness about the complexity of the Social Security system and the opportunities it affords – by writing about the topic and presenting seminars
2. Analyzing an individual’s or couple’s Social Security picture in light of their expressed priorities
3. Explaining the most promising options available to them
4. Encouraging them to make their decisions with the help of their financial advisor
What I DON’T do is tell them what they “should” do. read more
