Under the hood, maximize my social security is extremely careful in capturing social securitys incredibly complex provisions. Social security tips for married couples kiplingers. Strategies to boost your social security editor susan garland and managing editor rachel sheedy of kiplinger s retirement report took your questions about how to maximize social security. Yet, many workers planning for retirementand even some retireesdont understand how the federal program works. Or consider subscribing to software such as maximize my social security, starting at. Government accountability office concludes that most people dont know even the basic rules of social security and the strategies available to them. Heres how to maximize your social security payments. The social security retirement calculator offered by financial engines does the best job of the free calculators because it actually considers a number of claiming strategies and clearly. Get kiplingers trusted advice on social security, benefits, claiming strategies, spousal benefits, survivor benefits, file and suspend strategy, restrict an. Jun 04, 2017 the social security shopping mall has 81 stores for married couples, said david freitag, a financial planning consultant at the massmutual financial group. A veterans day deal for maximizing social security benefits by michelle. This paper highlights how a portfolios life can be extended by managing withdrawals from taxable, taxdeferred, and taxexempt accounts for a wide variety of clients, with graphs that help planners visualize the effects throughout the portfolios life.
A veterans day deal for maximizing social security benefits. This guide will help you plan for and enjoy a financially secure retirement. The sszone life expectancy is the pivotal factor in strategy creation now that the rules have changed. Dec 08, 2016 avoid social security screwups kiplinger consumer news service december 8, 2016. Avoid social security screwups tribune content agency. Maximize your social security benefits with tailored strategies. Picking the right social security claiming strategy can help married couples ensure that each spouse receives the biggest benefits check. Our maxifi planner products do include social security maximization and additional retirement account maximization in addition to base personal financial planning features, though the reports regarding social security and filing option information is not as detailed, and the professional version of the product does not include the longevity and. Income strategy the income strategy software helps you get. How to optimize retirement benefits, 3rd edition william reichenstein, william meyer on. Construct a strategy to get all of the money you are entitled to by using the rules to your advantage.
But there are still plenty of ways to boost the check thats likely to be a main source of income. Financial planner kevin coffey of complete spectrum financial services in westminster, colorado, offers some strategies to help your monthly social security payment meet your needs in the years ahead. Submit your questions here and get free personalized financial advice on. The following free calculators will help you decide. Social security strategies if youre widowed a survivor benefit is worth up to 100% of a deceased spouses benefit. Time claims to maximize social security benefits kiplinger. Open social security is a free, opensource social security strategy calculator. Social security solutions announced today their partnership with kiplinger washington editors to provide users with the software they need to evaluate their social security. A comparison of free online tools for individuals deciding. Fortunately, there are free tools and websites to optimize your social security benefits, and you should add this search to your other.
At social security solutions, we are experts in social security. Submit your questions here and get free personalized financial advice on thursday, december 15, from 9 a. William reichenstein entitled social security strategies. He is anxious to retire from work at 62 and plans to begin his social security benefits at that time. But there are many strategies you can use to increase how much you will receive in. Your social security questions answered selecting the right strategy will pay off for years to come.
Almost onefifth of all respondents, and 41 percent of retired respondents, had hoped to find social security benefit claiming strategies. Maximize your money with kiplinger and napfa, december 2016. Take, for instance, a single woman who, instead of claiming benefits at 62. Financial planners often determine and recommend taxefficient withdrawal strategies for their clients. A simple way to maximize your social security money talks news. For baby boomers, using a more intelligent social security strategy can increase income over their lifetimes. Best strategies to boost your social security benefits. Theyre one of a handful of companies that provide a personalized analysis of various claiming strategies. One spouse files for social security benefits before full retirement age, while the other who must have already reached full retirement age files a.
Jul 23, 2015 created as a partnership between entrepreneur and software expert bill meyer, and the highly reputable financial planning researcher bill reichenstein who has published extensively on social security strategies in the journal of financial planning, ss analyzer is built to gather detailed information about the clients social security. Get kiplinger s trusted advice on social security, benefits, claiming strategies, spousal benefits, survivor benefits, file and suspend strategy, restrict an application strategy, earnings test. The best free social security claiming calculators. Also check out kiplinger s boomers guide to social security. Social security strategies you can use to increase your benefits. Nov 29, 2011 a book coauthored by william meyer and dr. Congress recently eliminated 2 lucrative social security claiming strategies for most americans. You can claim this benefit as early as age 60, or 50 if youre totally disabled. Selecting the right strategy will pay off for years to come.
Social security solutions to help retired and active military. Sep 16, 2019 heres how to maximize your social security payments. I was running my eye down the column of numbers generated by the 2nd wellrespected calculator. Here are 3 unique social security benefits do you qualify. Secret ways to boost your social security kiplinger. A workers earnings record may provide a social security benefit for some of his family members, too. Journal the effects of social security benefits and rmds on.
According to kiplingers personal finance, states tax social security retirement benefits. Maximize your money with kiplinger and napfa, february. How to optimize retirement benefits was released in april and is available on. Maximize your money with kiplinger and napfa, december. Plus, you can add one of your own clients to test the quality of our software. The social security income planner provides an overview of several different preselected claiming strategies, or you can input your own strategy to see how it stacks up against other optionsa particularly nice touch if youre one of those who likes doing things. Live chats about retirement, investing, saving for college, cars, more. The collect now and later social security strategy.
Many americans have nothing saved for retirement and instead rely heavily on their social security benefits. Work with the experts who can help you personalize a strategy thats right for you. Most people dont know even the basic rules of social security. Kiplinger is teaming up with the national association of personal financial advisors napfa, whose planners will answer questions on holiday money concerns, yearend tax planning and more. Joe doesnt really consider those jobs as substantial, and hes not planning on getting any social security benefits. Your social security questions answered kiplingers. Similar percentages sought information on retirement ages either for themselves or for a family member. As you approach retirement, figuring out when and how to claim social security. Kiplinger has partnered with social security solutions to offer a tool to uncover the most advantageous time to start collecting your benefits. We understand the nuances of social security, and we can help you determine your best strategy for collecting benefits in line with your retirement goals. Lets take the previous sam and alice example, and plug the data into hebelers software.
New research on social security strategies for singles was released today in the retirement management journal. I recently gave a talk about tax efficient retirement withdrawal strategies to 300 certified financial. Start with the social security website, which presents a basic overview of the systems rules and claiming strategies. Sep 02, 2016 social security will pay you a premium if you wait until 70. A key question for you and your spouse to discuss is how long you each expect to live. Your 10day, no obligation free trial is prepopulated with sample cases so you can quickly get up to speed on the factors that impact social security claming strategies. Five free social security claiming calculators wealth. In working with social security solutions, joe and caren learned that joe did indeed qualify for a social security benefit. If you continue to work, you may be eligible to save in a 401k for later on in retirement and defer paying income tax on that money.
To determine the best way to maximize your monthly social security benefit, follow these five steps. If you or your spouse reached age 62 by the end of 2015, you qualify for a social security claiming strategy called restricted application. Social security solutions social security analyzer. Strategies to boost your social security these moves can increase lifetime benefits by thousands of dollars. This social security strategy works for married couples if one of you was born before jan. Maximizing social security is a key part of how couples can manage that risk. Try a social security calculator before claiming the balance. The kiplinger tax letter stop overpaying on your taxes. But not everyone can wait most take it early so theres some tradeoffs. Colorado, connecticut, kansas, minnesota, missouri, montana. Social security benefits are a key source of retirement income for most americans. Delaying social security benefits is it the right move. Jumpstart your retirement plan, december 2014 kiplinger.
Maximize social security with tailored strategies kiplinger. Fill out the form to the right to download your complimentary copy of our case study, how social security and a taxefficient withdrawal strategy extends the longevity of the financial portfolio. Basic rules of social security elude many baltimore sun. Our software recommends the best claiming solution to maximize your benefits with only a few pieces of information you provide. Id spent the morning sifting through results from the two leading social security calculators. Social security strategies for married couples kiplinger. More than a social security strategy get more social. There are some great online tools that help you do the math on the best social security strategy. Get your money questions answered by kiplinger editors and other financial experts. It typically considers tens of thousands of alternative collection strategies before suggesting the one that maximizes your clients lifetime benefits.
Nov 20, 2019 social security uses your highest thirtyfive years of work history to calculate your average indexed monthly earnings. Created as a partnership between entrepreneur and software expert bill meyer, and the highly reputable financial planning researcher bill reichenstein who has published extensively on social security strategies in the journal of financial planning, ss analyzer is built to gather detailed information about the clients social security. Oct 04, 2011 a great new tool for deciding when to take social security. Many investors get so caught up in retirement investing they overlook an entirely obvious retirement factor social security benefits. Best social security strategies for married couples thinkstock by sandra block, senior editor from kiplinger s personal finance, january 2015. While researching a recent story, we came across a company called social security choices. The kiplinger tax letter shows you how to claim every benefit you can, slash taxes to the legal minimum, steer clear of irs audit, and never pay one cent more than absolutely necessary on your taxes for yourself or for your clients. Nov 15, 2019 understand how social security spousal benefits work to make the most of your retirement funds. Comparing the 2 leading social security calculators can i. Free advice on retirement, investing, personal finance kiplinger.
Sep 24, 2012 social security solutions announced today their partnership with kiplinger washington editors to provide users with the software they need to evaluate their social security options. Income strategy the income strategy software helps you. Get more social security benefits with social security solutions. Do you know the best social security claiming strategies. In fact, social security is the primary source of income for about 60% of retirees and. Not long ago, i attended an allday seminar on social security, my goal being to soak up as much as i could about a devilishly complicated system. Social security solutions software uses all the complicated social security rules to your advantage and gets you the most social security benefits possible. As some know, there are at least two strategies that marrieds can. Dec 17, 2018 i recently gave a talk about tax efficient retirement withdrawal strategies to 300 certified financial. Maximizing social security benefits special report kiplinger. The income strategy software helps you get more, keep more of your retirement income by creating a taxefficient withdrawal strategy that could extend your portfolio by up to a decade. Kiplinger retirement planning experts show you how to maximize your 401k plan, select topperforming investments, get the most from social security, protect your estate, ensure affordable topnotch health care. How married couples can maximize their social security. The most effective social security claiming strategy.
The younger spouse who doesnt need to have turned 62 at the end of 2015 claims social security benefits based on his or her own earnings record. These online social security calculators show you what your choices are and. Youre eligible for a survivor benefit based on your deceased spouses earnings. Otherwise, social security will automatically give that spouse the highest benefit hes.
With kiplinger s boomers guide to social security youll discover how to get the most out of your social security benefits this fully revised, 34page report also includes easy to understand strategies to maximize lifetime income from social security and is packed with insights and information on everything you need to know. Social security solutions partners with kiplingers. Avoid social security screwups your money from kiplinger december 12, 2016. Jul 21, 2011 social security tools can help maximize benefits. Jumpstart your retirement plan, december 2014 kiplinger is teaming up with the national association of personal financial advisors napfa, whose planners will answer questions on retirement planning and other financial challenges. Strategies to boost your social security kiplinger.
Maximize your money with kiplinger and napfa, december 2016 kiplinger is teaming up with the national association of personal financial advisors napfa, whose planners will answer questions about end of year tax prep and more. Social security claiming strategies quiz kiplinger. Dec 03, 2014 kiplinger has partnered with social security solutions to offer a tool to uncover the most advantageous time to start collecting your benefits. The social security income planner provides an overview of several different preselected claiming strategies, or you can input your own strategy to see how it stacks up against other optionsa particularly nice touch if youre one of those who likes doing things your own way. Integrate social security into your retirement income plan. Kiplinger get more social security benefits with social. Social security tools can help maximize benefits marketwatch. There are hundreds of social security claiming strategies. This is what determines the amount of your social security retirement benefit, so make sure you have a full 35 years of work history to maximize your benefits before you apply.
To use this strategy, the higher earner must be at least full retirement age. A great new tool for deciding when to take social security. Test yourself social security claiming strategies kiplinger. In addition to a spouse age 62 or older, children under the age of 18 can each get a benefit. Our goal is to bring strategies and help to the millions of people approaching those critical decisions about social security.