All right, it is 10:00 a.m. sharp and uh we will go ahead and get started and and let uh while the some of the stragglers uh log in. But uh good morning everyone. My name is Sean Fuesca and I am one of the financial consultants here at Alliant Retirement and Investment Services. And again, thank you so much for joining our discussion today which will be on the topic of social security which is the choice of a lifetime. Now
before we dive in, I just want to share a quick housekeeping item here. So today’s session is for educational purposes only and it includes proprietary material. So to protect both the content and everyone’s privacy, we please ask that attendees please do not record or capture the presentation whether by video or audio screen sharing or AI tools without prior consent. And uh with that being said, we appreciate your understanding and and so glad you’re here. So now our team at Alliant Retirement and Investment Services is really focused on helping you understand the ins and outs of investing, saving for retirement, and so much more. So please take a look at our website aris.allcreditun.com alliancreditun.com to see our list uh our yeah our list of weekly webinars, our podcast which is called Investsavvy, our blog as well as other financial resources. Today’s presentation is focused on how to maximize what is for many the single most important monthly paycheck they’ll ever receive in retirement, their Social Security retirement benefits. I also want you to come away knowing that social security benefits provide a protected level of income that you can never outlive. And before we get into some of the details about what we’re going to talk about today, I just want to say that social security planning can be complicated. So you are not alone if you feel that way.
All right. So when you decide to claim social security can make a huge difference regarding the lifetime income you receive. So in this example, assuming one earns $54,000 a year and their full retirement age is 67. If they start benefits earlier at age 62, you can see that their benefit income will be $1,465
per month. compared to waiting at age 70, which then their income benefit is $2,634 a month. That is a whopping difference of 77% in income per month depending on when you decide to start Social Security. So, in this presentation, I’ll talk about why planning on when to begin social security is just so important and should be part of your overall retirement planning strategy.
So, here’s our agenda for today. I’ll discuss why Social Security is considered the choice of a lifetime. I’ll talk about social security basics as well as guidance built for you in terms of the resources available here to you at Alliant to help you with the social security planning process. So let’s talk about why social security can be the choice of a lifetime.
So you can apply for social security as early as age 62, which many people do with the maximum amount received at age 70. Now, a little background on the age group of 63 and 65, a fair amount of people that fall into that category did not plan on retiring that early, but were forced out due to health reasons, whether it’s their own or a loved one, or they were laid off. Now, these people were planning to wait until full retirement age, but unfortunately could not. So, this is just a cautionary tale when it comes to retirement planning. the whatif scenario. What if I am forced to retire earlier than planned?
So, let’s take a look and dive in at an example of a married couple, Pat and Kelly. Here, we’re going to compare the scenarios if they took their Social Security benefit at the earliest age versus their optimized age. So the earliest age is the uh blue bar uh box there to your left and we’ll compare the optimized age there on the right. So if Pat and Kelly took their benefit at full retirement age or FRA, that’s how I’ll refer to it. Pat and Kelly would have cumulative optimized benefits of 1 million781,000
over their expected lifetime. Now while if they filed for benefits as soon as possible on the left here they would have given them uh social security would have given them a benefit of 1,551,000 over their expected lifetime. So you can see that Pat and Kelly would have lost a cumulative amount close to 230,000 by filing early. And obviously this decision isn’t that black and white and and certainly it’s not a one-sizefits-all model. And while this is important, nobody really knows exactly when they’re going to die. So again, while important, I think there are other factors you’ll want to consider when looking at the timing of your social security. Now these are things like your retirement plan, your cash flow, assets, how your assets are allocated, your health, the health of your spouse and age, taxation and etc. That’s one of the many benefits of working with a financial consultant or an adviser just to help with putting all of these variables together to come up with an appropriate plan.
Now, here’s a different scenario. Let’s meet Mary, someone who is not married and approaching retirement. And again, this is just an example of the range of what your total benefit amount received from Social Security can be. If Mary files early at 62, her cumulative benefit over her lifetime will be 353,452.
Now, if she waits until her full retirement age of 67, she’ll receive 432,600.
And if Mary waits at her optimal age of 70, she’ll receive 478,728.
So you can see that by Mary taking her benefit at 62 versus 67, she is losing a cumulative benefit of just over 79,000. And by taking her benefit at 62 versus age 70, she’s losing a cumulative benefit of just over 125,000. Now, when we use the word lost, quote unquote lost in these examples regarding total dollars received, that’s what they’re referring to, the total dollars received. But you do gain the use of these dollars if you decide to claim earlier to either reinvest in something potentially lucrative or you can spend it making memories with your loved ones while your health permits. Everyone’s different. So for example, my mother who retired, you know, 10 years ago, for example, decided to take her benefit early at age 62 because that’s when she retired from nursing after almost 50 years. And she had the mindset that she wanted to enjoy these benefits as soon as she could, as soon as she retired, and wanted it as soon as possible. So again, it’s it’s going to be very subjective based on your your situation.
And I do not want to minimize the importance of having a social security withdrawal plan. As you can see, for most people, social security makes up the lion’s share of their retirement income when compared to other retirement income like you can see here, such as pensions, retirement account income coming from your portfolio, or or maybe rental income. That’s why it’s so important to have a withdrawal plan before you retire, which we’ll talk about later in this presentation.
All right. So, let’s talk about some of the basics with a little history lesson here as well.
So, what does social security actually offer? It offers guaranteed lifetime income. So, you will not run out of income. This income is also indexed for inflation. So many of you have probably heard of the word COLA, the cost of living adjustment which is associated with this. Social Security also offers survivor benefits if you or a spouse passes away. And it also offers preferential tax treatment in which some or none of your social security uh income is taxed depending on your total income. Now, these federal tax tears, which is not on this board, uh I’m just going to let you know that you can take note of. If you’re single and head of a household, if you make under $25,000, 0% of your social security is taxable. If you make between 25 to $34,000, up to 50% of your social security is taxable. If you make over 34,000, up to 85% is taxable. And for married couples filing jointly, under 32,000 as a joint household, 0% of your social security uh tax. If you both make 32 to 44,000, up to 50% is taxable. And for those of you who are married and making over 44,000, that’s when up to 85% is taxable. And again, it’s not up here on the on the presentation, but just wanted to give you a feel for the the preferential tax treatment associated with social security. I like this slide. Now, Social Security wasn’t always around. It’s actually less than 100 years old. And if you remember learning at some point about the crash of 1929 and the great depression, that event created the law which is called the socially uh social security act of 1935 which created social security. That was 11 years later on January 31st, 1940. And this lovely woman you see here, this is Ida May Fuller. She was the first recipient of social security, believe it or not. And you can’t see the amount on the check there that she’s holding, but it was $22.54. First social security check ever. $22.54. So, just a little social security uh security trivia that you probably never heard knew about, but now you know.
So what determines someone’s primary insurance amount or what’s called PIA? It is their highest 35 years up to a maximum amount each year which in 2026 that amount was $184,500 in in income. So again it is your highest 35 years of earnings up to a maximum each year. So for many if not most of you you probably know that FICA tax on your payub FICA that FICA tax comprises a total of 15.3% that comes out of your paycheck. Of that 15.3% 7.65 of that is paid by you and 7.65 65 of that is paid by your employer, which is that 15.3% total. Now, well, of that 7.65 paid by you, 6.2% of that is for Social Security.
And for those of you who haven’t done so, I encourage you to sign up with Social Security directly so you can see your benefits as reported over your working life. It will show how much income you’ve earned in your working years as well as your projected benefit amounts. So again, I’m sure a lot of you have done this, but for those of you who haven’t done so, I strongly recommend you do it. It’s secure, it’s free, and you can sign up at ssa.gov/myacount.
So, this report which or the statement is something they used to send out regular uh regularly by mail uh in the past. Now, you’re going to have to look online if you are age 60 or younger to see this statement. For those of you who are over 60, you would receive them annually right around your birthday. So again, a very good statement to give you an idea of of what to expect so it can help you in the planning process down the line or if it’s coming up in the next few years. Now, here’s a look at the age chart for full retirement age or what I’ve been referring to as FRA. This uh this is the amount that you would receive without a penalty and you are allowed to work without a potential reduction in benefits for those that retire early. And like I said earlier, for most of you uh on this webinar at least, your FRA is probably age 67.
All right. So this slide highlights one of the most important concepts in my opinion in social security planning. It’s the age at which benefits are claimed that can have a significant impact on your monthly benefit amounts received. And in this example, the chart illustrates how benefit levels change depending on the age your benefits begin. So the percentages shown represent the portion of a worker’s primary insurance amount insurance amount or PIA that may be received at different claiming ages. The PIA is the benefit amount a worker is generally eligible to receive at full retirement age. Now, under current Social Security rules, claiming benefits before full retirement age generally results in a permanently reduced monthly benefit. I’m going to repeat that. If you claim benefits before your full retirement age, it generally results in a permanently reduced monthly benefit. Now, conversely, if you delay those benefits beyond full retirement age, this may result in delayed retirement credits, which can increase the monthly benefit up to age 70. Now, as shown here in the example, a person with a full retirement age benefit of $2,000 per month could receive approximately $1,400 per month by claiming at age 62 compared to approximately $2,480 per month by claiming at age 70. So, this example just demonstrates how claiming later may increase the monthly benefit amount. And this equates to essentially an 8% raise pay increase each year that you delay claiming social security at your full retirement age up to age 70. Now, however, it’s important to recognize that a higher monthly benefit does not automatically mean that delaying benefits is the right choice for everyone. The decision should take into account things like your individual circumstances, including your health, your life expectancy, employment status, cash flow needs, marital uh marital considerations, and other retirement income sources. Social Security claiming isn’t solely about maximizing a monthly payment, although that’s what it seems like. Rather, it involves evaluating the tradeoffs and determining how Social Security fits within an individual’s broader retirement income strategy. And again, we’ll we’ll talk about this later, and I’ll show you how this uh can be affected. The purpose of this illustration is just to help demonstrate how filing age may affect benefit amounts and to encourage thoughtful consideration of the available options before making your claiming decision.
Now, let’s take a look at filing rules for these following different scenarios. We’ll look at surviving spouses. We’ll look at spouses and diverse sp uh divorced spouses.
So, a spouse may be eligible for benefits based on the earnings record of a current spouse. So, in general, eligibility for spousal benefits begins at age 62, although claiming before full retirement age may result in a reduced monthly benefit. So to qualify, a couple generally must have been married for at least one year and the worker whose record is being used must have filed for their own social security retirement benefit before their spousal benefits can be paid. Again, to qualify, a couple must be married for at least one year, and the worker whose records being used must have filed for their own social security uh retirement benefit before spousal benefits can be paid. Now, for eligible spouses, the maximum spousal benefit is generally up to 50% 50% of the worker’s primary insurance amount or that PIA. The PIA is the benefit the worker would receive at full retirement age. And it’s important to note also that the 50% calculation is based on the worker’s PIA, not on any increased benefit that may result from delayed retirement credits.
Now, a surviving spouse may be eligible for survivor benefits if the marriage lasted at least 9 months before the worker’s death. Although, there are exceptions to this rule in certain situations. Eligibility requirements can vary, so it’s it’s important to review individual circumstances carefully. Now, one important distinction is that survivor benefits have different rules than spousal benefits. A surviving spouse may be eligible to begin receiving survivor benefits as early as age 60. However, claiming before full retirement age generally results in a permanently reduced monthly survivor benefit. Now, if a surviving spouse who remaries after age 60 may still remain eligible for survivor benefits based on a deceased spouse’s earnings record. And again, different rules may apply if remarage occurs before age 60. But in terms of benefit amounts, an eligible surviving spouse may receive a benefit based on the deceased spouse’s earning earnings record. A lot of people didn’t know that this amount can reflect delayed retirement credits that the deceased worker earned by delaying those benefits beyond full retirement age. And another important planning consideration is that survivor benefits and an individual’s own retirement benefit can be evaluated separately. So depending on eligibility and benefit amounts, some individuals may have options regarding the timing of claiming these benefits. and the Social Security Administration are the ones who can definitely help determine which benefits are available and the amount payable under those current rules. That’s uh again, you can just see how complicated this can get. So that’s why Social Security is such a great resource for you to contact directly to start uh planning in advance your specific situation. And again, as always, Social Security claiming decisions should be evaluated based on each person’s unique circumstances, including things like your age, your marital history, and health considerations, um, and as well as overall retirement income needs.
And lastly, let’s talk about Social Security benefits that may be available to divorced spouses. I get a lot of questions on on the divorced spouse uh benefits. Now, under Social Security rules, an individual may be eligible to receive benefits based on a former spouse’s earnings record if certain requirements are met. Now, generally, the marriage must have lasted at least 10 years. That’s the number, 10 years. and the divorced individual must currently be unmarried at the time they apply for divorced spouse benefits. If the divorce has been final for at least 2 years, a former spouse may be able to claim benefits even if the expouse has not yet filed for social security provided both individuals otherwise meet eligibility requirements established by the SSA. Now, it’s also important to understand that claiming benefits on a former spouse’s record does not reduce or affect the benefit that the former spouse receives. So, in addition, benefits paid to a divorced spouse generally do not count toward the family maximum that can apply to benefits paid on a worker’s record. And depending on circumstances, an eligible divorce uh divorced spouse may qualify for spousal benefits while the former spouse is living and may also be eligible for survivor benefits if the former spouse passes away. So eligibility and benefit amounts can vary again based on individual situations, your age, filing status, and other factors.
So, how does continued work impact social security benefits? If you want to keep working and if you are under full retirement age for the full year, $1 will be withheld for every $2 above the annual limit. In this case, $24,480 is what you can earn. If you are working in the year of full retirement age up to your FRA month, $1 will will uh will be withheld for every $3 above the annual limit. In this case, the most you can make is $65,160.
And if you are still working at your full retirement uh full retirement age and beyond, no limits. no limits on earnings and no uh nothing is withheld in terms of earnings and then earnings are returned. So just a reminder if you decide to keep working after beginning social security and if you’re subject to a reduc uh reduction of benefits SSA will recalculate the loss due to the reduction as a makeup at your full retirement age. So your loss is not permanent. Keep that in mind. Okay, now let’s look at an example of how a social security claiming strategy may be presented with a personalized analysis. And this example moving forward is very uh practical to what I do here and what we do here at Alliant as financial consultants and and financial planners. This is the type of analysis that we do uh for our members and and it’s very powerful. So in this illustration, the report estimates an expected life uh lifetime family benefit based on a specific set of assumptions and claiming decisions. Again, we’ll refer back to Pat and Kelly. This example shows one individual delaying benefits until age 70, which is Pat, and then Kelly waits until a uh claiming uh this uh benefit at age 66. Based on the assumptions used in this analysis, the software projects a specific lifetime benefit amount. And it’s important to understand what this figure represents. So the projected lifetime benefit is not a guaranteed outcome. Rather, it’s an estimate generated by our software using information provided by the participants from you, actuarial assumptions and current social security rules in effect at the time that these uh types of analysis are prepared. And the purpose of this type of illustration is to demonstrate how different filing ages can affect projected household benefits over time. Delaying benefits may increase monthly payments for some people, while other factors such as income needs or health considerations, employment plans, and family circumstances may influence a different decision. So, when reviewing these type of reports, it’s important to focus less on a a specific dollar amount and more on understanding the tradeoffs associated with each claiming strategy that we we were talking about. Now, this analysis provides a framework for evaluating available options and considering how social security fits into an overall retirement income plan. Because like I said, every individual’s situation is unique and a strategy that appears appropriate for one household may not be appropriate for another. So the goal is to help individuals better understand their choices and make informed decisions based on their own circumstances. So again, this example is intended to illustrate the planning process and to demonstrate how the analytical tools we use can be used to compare potential outcomes under different assumptions. Okay. So beyond evaluating claiming strategies, another important aspect of retirement planning is understanding how social security fits into this overall income needs picture. Right? So this report includes an income gap analysis that compares projected social security benefits with estimated retirement income goals. So this chart here illustrates the relationship between projected income sources and the desired spending levels throughout retirement that a retire retiree might want. And the purpose of this analysis is to help identify periods where maybe expected income may be lower than expected expenses or desired lifestyle needs. But recognizing these potential gaps can provide just an opportunity to explore various planning considerations and evaluate those available resources. So, it’s important to remember that social security is typically only one component of that overall retirement income strategy. And like I mentioned before, those other income sources may include employer sponsored retirement plans, IRA, taxable investment accounts or pensions, uh p personal savings, part-time employment. So, there’s a lot of things that can come into play. The analysis can also highlight how income needs may change over time. For example, retirement spending patterns often evolved due to factors such as health care expenses, inflation, your lifestyle changes, or the loss of a spouse. So, reviewing these changes can help individuals better understand future cash flow considerations. As with all financial projections, the figures shown are estimates based on assumptions and information provided at the time this report is prepared. So again, actual income needs, expenses, investment results, social security benefits, and future economic conditions may differ from projections. And the goal of this analysis is not to predict again future incomes, but rather to provide a framework for evaluating potential retirement income sources and identifying areas that may warrant additional planning or discussion.
So, as we wrap up, it’s important to remember that social security claiming is often one of the most significant financial decisions individuals make during retirement. Hence our topic title the choice of a lifetime. The decision is not simply about choosing a filing age. It also involves understanding the various benefit categories that may be available including retirement benefits, spousal benefits, divorce spouse benefits, and survivor benefits. So each option has its own eligibility requirements and potential implications. And because social security benefits can represent a substantial source of retirement income, taking the time to understand available choices may help you make more informed decisions. However, there is not a one-sizefits-all solution. And so, the most appropriate approach depends on again your specific circumstances.
So throughout this presentation, we’ve discussed tools and resources that can help individuals evaluate different scenarios and understand how claiming decisions may affect retirement income over time. And these resources are intended to support the planning process and provide educational insights into those available options. So the key takeaway here is that social security should be considered as part of a comprehensive retirement income strategy rather than a standalone decision. So by understanding the rules from a high level and exploring available options, you can make decisions that align with your unique situation and retirement objective. Okay. So again, my role here and our role at Alliant is to help educate and provide resources so that you can better understand your options. And now before a personalized social security analysis can be prepared, it’s important to gather this accurate information. You know, you probably are asking, well, how do we, you know, do this calculation for ourselves? Because it’s all about your individual current situation. And that’s where what’s our factf finder comes in. So our factfinder document serves as a data collection tool that helps capture key information needed to prepare a accurate and personalized social security assessment. So this information may include things like you see here uh you know 401ks your IAS uh we need to get your social security benefit estimated amounts. uh we look at your retirement goals, your employment information and other details that can affect these claiming strategies and your personal income planning. So the more accurate and complete the information provided, the more meaningful this result analysis may be. And because social security claiming decisions can be influenced by factors obviously like age and earnings history, marital history, retirement timing. Having this complete information helps ensure that the analysis that we do reflects your circumstance as accurately as possible. And just to be clear, the factfinder is not an application for social security benefits and does not constitute a recommendation of, you know, any kind. Instead, it serves as an information gathering resource used to create an educational analysis of available options under current social security rules. Okay. So once the information is collected, the analysis can be used as the basis for a conversation about retirement income planning, social security claiming considerations, and how social security may fit alongside other retirement resources because I I get this question all the time from clients over the last 20 years is when do I know when to start social security? And I wish I had just a simple answer for that. But in this presentation, it is a culmination of different things that affect your retirement that will help in deciding when you should claim you and which strategies to implement. Okay. So the objective for this process is really again to help you understand your options and provide a framework for making informed retirement planning decisions.
And again, as we wrap up, I’d like to share this last part of our retirement analysis that in my opinion is a powerful slide. This is taken from our actual financial plan. And another benefit of a comprehensive social security analysis is the ability to look beyond benefit amounts and evaluate how those benefits may contribute to your retirement cash flow needs over time. So you can see that here. Not only does this analysis take into account social security, this is going to show you how your income is going to change over time with other sources of income with uh income taxes and expenses. Uh, so I would love to help you get started with creating this retirement planning strategy that can help not only determine what’s the best time again to begin social security, but to discuss how that’s going to affect your overall retirement situation moving forward. So, in a minute, I’m just going to ask all of you to answer a quick poll after this presentation because that really helps me with my efforts to educate our clients and members on financial planning topics. Social Security being just one of many. And when you complete the poll, there is a section that will ask if you would like a follow-up meeting with me personally. This is strictly complimentary. There’s no obligation. It’s a service that we offer where during our meeting, we can talk about your specific retirement and savings needs and how Social Security fits into this next chapter of your life. And during that meeting, we identify where you and your family stand in regard to preparing for that retirement. We review your timeline. We identify key retirement planning issues uh that you need to anticipate. And that comes along with deciding when to start social security income. And so coming out of that meeting, we can act as your resource moving forward and help you at least look in the right direction when it comes to social security. Now, naturally, we can help you with the key financial planning and investment advice as it relates to your situation, too. But at the end of the day, we just want you to be prepared, bottom line, and organized for this aspect of your life so that you and your family can have peace of mind knowing that you’ve got a plan. So, again, if you can please help and answer the poll, I would greatly appreciate it. And with that being said, that concludes my presentation and would love to open up for Q&A. So, let’s get started on these wonderful questions. And again, my information is up there. If there are questions that I cannot answer, uh I will be more than happy to look into that uh for you as well offline. Um, but I’m going to start with the questions. Number one, let’s see what we got here.
How far in advance can I apply for Social Security retirement benefits? Great question. You can apply up to 4 months before the date you want benefits to start, but you must be at least age 61 and 9 months to apply. So, great question.
If I choose to semi-retire after age 67, which is my FRA, and keep working on a part-time basis, how will this affect my social security income? Again, uh I’ll refer to my presentation. If you retire after age 67, no uh there will be no penalties for you to do that, no withholdings. it is if you start to work at before your prior uh your FRA, that’s when benefits are reduced. But if you continue to work at your full retirement age, you’re going to be good to go. And uh there are no earnings limits. It will not reduce or stop your social security benefits regardless of how much you earn. All right. What counts as earnings for social security calculation? Great question. Only active work income, earned income. So, uh that’s income from wages, uh employment. So, salaries, bonuses, commission, if you’re in service industry, if you have tips, uh and your self-employment income. So, anything like that will count towards social security. uh earnings for their calculation. So, great question.
All right, I like this one. Is there a maximum amount that Social Security pays no matter what individuals have made? For instance, if a millionaire applies, is there a maximum amount they can receive no matter what they have contributed? That’s another great question. And the amount is yes. Uh, if you earn, hold on a second, I just lost my screen here. The maximum amount at age 62 is $2,969. No matter how much you make at full retirement age, the maximum amount of benefit is $4,152. And if you wait until age 70, that maximum amount of social security that can be claimed is 5,181. So yes, uh Michael, there is a limit to how much uh you’re going to receive no matter how much income you’ve worked uh in that 35 year earnings history. All right. Here
question. After a full retirement age, does social security website benefit amount only twice a year before FRA every month? Sorry, don’t understand that question. My benefit amount has stayed the same for 6 months or so. I am past FRA. So, if I’m understanding you correctly, once you start your benefit, uh that should only increase if there is a cost of living adjustment for that year. So, there have been years where Social Security has made a uh what is this? A 7% raise for COLA, remember? Uh during COVID, but now, you know, it’s usually about a 3.2% cola increase. Uh but besides that that is the only amount that is going to affect your uh your income benefits there uh pandering. So hopefully that answers your question. Annette I will be 70 at the end of the month and purposely waited to receive the maximum amount. Kudos to you Annette. How long will it take for a benefit to be received? I am still working part-time. So, if you apply for a social security benefit, uh I want to say that amount or that time frame depends. Okay, I wish I had a uh an answer a, you know, hard clear answer for you, but usually it takes about 2 to 4 weeks. So, it it it’s not going to be crazy long that you have to wait, but your first check will typically arrive within 2 to four weeks after your application process. Alrighty.
So I have a question here. I will be 70 at the Oh, that was the same question. So let’s see here.
It looks like those are all of the questions on the Q&A. Oh, here’s one right Matt. Do the payment projections that you provided in the previous examples use any COLA adjustment adjustments? Yes. So all the um uh previous I guess uh incomes it won’t doesn’t really have a you know the specific cola adjustments but it does have the typical average COLA met of 3.2%. Um, so that’s what it uses and we can adjust that with our uh software. We can adjust cost of living adjustments for you if you’d like. So I have that’s a great point that you bring up. When I do these retirement um analysis, we can go ahead and change cola to be 4%. We can do it to be, you know, 2.8, 3.2, whatever that is. But yes, we can adjust the percentage of cola uh based on what your feelings are about uh how that’s going to change in the future. So um the examples in the that I provided are definitely uh you know cola is adjusted and we usually start that at 3.2 to 3 and a half%.
All right, here.
Let’s see here. All right. I know social security can be a a very uh hairy beast, I like to call it. I mean, there’s so many different scenarios uh within social security and I am by far, you know, not an expert at all when it comes to all of this, but what I’ve learned in in the 20 years of of financial planning is that, you know, social security, um, and I I I always alluded to this in the presentation, it’s not a one-sizefits-all model. So, you know, there are so many components that we have to assess before we can give you guidance on when to take, you know, social security. Um, I’m sure when, you know, I’ve heard from clients who are retired when when they were, you know, first claiming trying to uh apply for social security, when you actually go to the Social Security office, you know, they’re more cut and dry. I’ve I’ve heard that, you know, you tell them, you know, when you want to take it and that’s what they help you with in terms of the application. But when it comes to taking into account your comprehensive picture in retirement, that’s not something they do. And again, I think that’s the value of what we bring here at Alliant is we can take a look at that for you um in that analysis that I recommended. And again, it is it is complimentary. We don’t charge to do that initially. Uh so you know take advantage of that because it again it will give you a good uh blueprint uh to for what to expect if you’re looking to retire you know in in the coming years
and sorry here Doug let me check Q&A here which let’s say my wife is receiving her own earned benefit of 2,000 per month and I’m receiving my own earned benefit of $2,500. 00 per month. When I die, she will begin to receive the higher of the two benefits, but not both. Doug, that’s correct. So, she is going to either take the higher of her own benefit or 50% of what yours is. Whichever is higher, but not both. That’s a great question. Um, and sorry, the the qu the Q&A uh chat got hidden from me on here. So, uh that’s a great question, Doug. Uh Jay, didn’t start my benefit yet. I was looking at benefit estimates the last six months. It has stayed the same. Now, that can be uh uh because of a few things. Number one, remember they’re going to take the 35 highest years of your employment. So, if your work record in for the past 35 years has stayed the same, you’re not going to see much change, you know, especially in the last six months. So, you know, I’m not sure if that’s the case, but uh again, your social security benefits will change due to uh your uh highest, you know, month years of of earnings. Joseph, if you are divorced and former spouse died after divorce, what benefit should surviving spouses apply for? Joseph, great question. When you go to the social security office, if again if unfortunately your former spouse dies and uh you know after divorce, they are going to let you know exactly uh what type of benefits to apply for. But the the fact is you have benefits to apply for. Uh so again, I would suggest going to the Social Security office or contacting Social Security to apply for those divorced uh or survivor benefits because you are eligible for that. And I’ve had numerous clients over the years who are unaware that you can file for those benefits if you are divorced. So
all right, looks like those are the only questions and if there are other questions folks that come up that I again you thought of and I you know or I didn’t wasn’t able to answer please let me know and you feel free to contact me anytime. that’s what I’m here for um in in assessing social security uh you know options and not only that but again any general retirement questions that you have you know my we specialize here in in at retirement and investment services is the whole comprehensive financial planning aspect of of everything encompassing retirement whether that’s your 401k IRA investments whatever that is that’s what I’ve been doing here at Alliant for the past 17 years uh I’ve been in the business since for 20 years at at JP Morgan prior to this. So, this is all I know as as boring as it can sound. Uh, you know, I’m here as a resource for you. And again, I appreciate all of your time today. Uh, hope you have a great weekend coming up here. I just got back from Mexico with my family last night and uh I don’t know where all of you are at, but here in Chicagoland, we are in a dense, hazy advisory uh from smoke from Canada, so I have to deal with that. But hopefully you all are not having to deal with that. But again, uh look forward to seeing you all again. And uh again, reach out to me if you have any other questions. I appreciate you all. Thank you so much.