B_S1E4_SEGMENT 3_CONVERSATIONS WITH THE BOSS

Speaker 1 (00:08):

This week, Ryan, we've got a topic that's really resonated with a lot of people as we've talked to them, both in our office and on the show. It's social security. Mm-hmm <affirmative> and there's a specific scenario that we want. Talk a little bit about the couple is Paul and Debbie let's, let's flush it out a little bit so that everybody can understand a little bit more about social security today. Yeah, so here's one that as they came in, Paul and Debbie, Paul had worked and been an attorney and worked really hard his entire career. He had a social security benefit of $2,500 a month that he was eligible to receive. Now what they didn't know. And this is something that why we educate why we have the public workshops in the public seminars is because there's so much, there's over 2,700 rules in the social security.

Speaker 1 (00:53):

Uh, it's big guideline. It's big. You're not gonna go through that on a weeknight and just enjoy reading it. <laugh>. So what it, what it does is is we talk about this spousal benefit concept. Uh, what the wife was not aware of is that she was entitled to a spousal benefit, even though she had never worked outside of the home. She spent the entire time doing a very noble cause raising the family. So how much was Paul's social security that he was expecting? So it was 2,500 that he could receive at his full retirement age. They're both the same age. So what that means out there is if you're in this same situation, you're entitled to one half of your spouses, uh, age 66, social security, even if there's not enough credits, social security credits that she's worked outside the home, she's worked really hard inside the home, but she does not have her own credits.

Speaker 1 (01:38):

So in this case, you'd be eligible for $1,250 a month. So that's one half of the 2,500. So combined together, that's $3,750 a month that you would be receiving from social security. Now, in this case, they were surprised. Um, they weren't aware that that was a benefit that they could take. And I think that's one of the things that you, that we love this education process for is because there's many things that you don't understand. Here's another little twist to it is, uh, the spouse had been divorced before, right? And so there was this question on, Hey, am I eligible to receive any additional benefits from an ex spouse now, now to be clear, let's talk about how many years you have to be divorced. Yeah. So let's talk about that a little bit. So, so if you, if you've been married before, you have to be married at least 10 years, to be able to have some eligibility there, if you've, if you've been married for at least 10 years and then get divorced and are not remarried, uh, then you have the opportunity to choose and, and to have, uh, a spousal benefit in that situation as well.

Speaker 1 (02:39):

So, you know, as you go through these different questions, one of the most commonly asked question is what's the best way to take social security for me. And that's a natural question because you've worked really, really hard, this 12.4% that we, we talk about all the time of your paycheck going into that. We wanna help you ring every single nickel out of social security, that's rightfully yours. And so these little, uh, items like spousal benefit and also, uh, a divorce benefit, uh, these are items that you need to be aware of so that you can understand. And I think here's another important topic while we're on the same, uh, topic of social security. Let's say that this couple now $2,500 a month for a husband, $1,250 a month for the wife. So 37 50, a lot of times people ask us what happens if one of us were to die.

Speaker 1 (03:24):

Tyson, let's talk a little about that a little bit. So this is another common, uh, uh, misconception that's out there, uh, for people who are, are looking at their own social security situation. So recently had a, a client come in, her husband had just passed and she was getting $932 in social security for herself. Her husband was receiving just over $2,400 in social security. And so he passed and we were talking about her budget now that he had passed and, and how big of a difference I was gonna make to her. And she said to me, so Tyson, I need to live off that 900 and, and change, right? Thinking that her late husband, they were not gonna get any that was just gone, that had gone away. Yeah. And that's a lot of times there's some infusion there. And I said, no, absolutely. You can have the choice between your benefit and your husband's benefit.

Speaker 1 (04:21):

It it's. So what was the call it's called the widows benefit? Um, it was $2,452 in her, in that case. So in this case, husband passes away. That's the check that she'll receive the associate so she can give up the, the, the $900 and get the $2,400 made a huge difference. And we had already talked about this as it related to the boss retirement blueprint, when we had originally done the plan and, and done the planning with the couple, but she had forgotten that definitely. And so it made a huge difference. We went right along with the plan, how it was supposed to work from the beginning, but we were able to help give her some stress relief because of that. So if you're watching this segment and thinking, what does my social security amount looks look like, give us a call at the office or come and visit our website. We can run a social security analysis for you completely for free. It'll tell you, when is the best time to take your social security and help you ring every single NLE out of that benefit, join us and, uh, come in and see us. And we'd be happy to help you with that.

Speaker 2 (05:21):

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