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MY Social Security

Finishing Well / Hans Scheil
The Truth Network Radio
February 20, 2021 8:30 am

MY Social Security

Finishing Well / Hans Scheil

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February 20, 2021 8:30 am

Hans and Robby go over Social Security statements, how to get them and the information you can get from them. Hans even goes over his own personal statement!


Don’t forget to get your copy of “The Complete Cardinal Guide to Planning for and Living in Retirement” on Amazon or on for free!


You can contact Hans and Cardinal by emailing or calling 919-535-8261. Learn more at

Finishing Well
Hans Scheil
Rob West and Steve Moore
Finishing Well
Hans Scheil
Rob West and Steve Moore
Rob West and Steve Moore
Finishing Well
Hans Scheil

Hey this is Mike Swick from if not for God podcast our show stories of hopelessness turned in a hope your chosen Truth Network podcast is starting in just seconds. Enjoy it, share it, but most of all, thank you for listening and for choosing The Truth Podcast Network. This is the Truth Network welcome to finishing well brought to you by Cardinal guy, certified financial planner belongs agile, best-selling author and financial planner helping families finish well over 40 years of finishing well will examine both biblical and practical knowledge to assist families in finishing well, including discussions on managing Medicare IRA long-term care life insurance and investments and taxes. Now let's get started with finishing well welcome to finishing well certified financial planner Han style today show is my Social Security which when you think about my so security that was me the name of their website to you that were really not talk about Miami meeting Robbie Gilmore so security in the statement that you get every year and especially if you log into my so security they'll print out this beautiful form. It shows you know how much you would get if you took so security now if you're over 62 looks the same as with these send in the mail and all sorts of different things that were gonna go over but I was thinking that you know how cool would it be if you got a statement from God.

Every year within my rewards, you know, based on the amount of membrane you know this many people you lead to got you. However, all that work but you know the beauty of really you know my real Social Security that God gives us some people call that blessed assurance right and in the thing of it is is actually although I don't get a statement every year which would really enjoy in a way God gives me a statement every year light at how your faith grows and the more you understand about how much God loves and how much gives you how much God gives you way more than you ever dreamed you know in in just your present life and you know his dear his son, and you know hit your his error and you know you literally get to sit in his throne with him the statements pretty as if our use only those golf courses there. There are beautiful ones. These dogs, this like my little Ellie there now all these people that you love when you're here on earth, but other people that you never got a chance to meet Ryan so the statements pretty amazing, but enough to kinda get to that.

Certainly, you know, I hope if you don't have that kind of blessed assurance that you get in their study the Bible more this year and I bet your statement next year will be much better this just an understanding more of what God has how much he loves him and those Things. But when we get to this statement Ponce. You had me print this off today which is the third time we've done it and I can just tell you that it's a lot of fun to print this off because every year I've done it. It's grown that is in and I I am undiscounted blown away.

You know, here I am thinking I'm not really you know whatever I was going get. I was going to get. But like I said, here I am 65 is more than when I was 64. It is more than when I was 63 and so here we go. When I get the new book finished my updated wound and I ran mine the day before you ran yours and what were asking all of you to do is if you get nothing more on today's episode listed in the car when you get back home and you do not have a my Social Security account that you would go to and Social Security and you would do just a button right there and so is my Social Security and you would hit sign in or login or request a login or whatever. Sign up sign up and then what I want to caution you a little bit is sometimes people have little trouble with this because Social Security is going to verify your identity before they allow you to just put in your Social Security number and you don't get and all your stuff. You can actually make changes so some people get tripped up affect a lot of people get tripped up where they ask you former addresses. You lived at her bank account. You own your credit card you have more hormones where your mortgages mortgages and they they can get tripped up or they get shut down or they don't understand them just say let's just finish the job. So if you gonna walk away from it or go get your son or grandson or granddaughter or somebody.

This would be a good thing to get done and then from then on, you got an account opened as you know what your username and password is or you have it hidden away somewhere you can go in and do this regularly and I say that because if you come and us for financial planning we do it over the phone doing a lot of that, especially in the quarantined. We've been doing a lot of that work. One of the one of many things that were going to ask you for is for you to go and we can do this for you and it's going to give this statement that were going to be using today for today show on Robbie with him as example it's going to give you this and you need to do it on both spouses.

If you're coming in to see us and so that would be something you could be ready for and if anybody wants to run it off and you want to just give me a call and you maybe want to talk about your statement a little bit be happy to talk to you. Send me an email.

Send me a text. Call me on the phone that perhaps I could walk through yours and explain it to you. Just like we do on Robbie's today delete mail. You'll be glad you did go so you know when we go and we look at page 1, you know it's is ours a good thing to start the class in grade one. Okay, says February 9, 2021 so that's about as fresh as it could be. And you know it has a statement on here that says Social Security benefits are not intended to be your only source of income when you retire, on average, Social Security will replace about 40% of your annual pre-retirement earnings. You will need other savings, investments, pensions, or retirement accounts to live comfortably when you retire so just the government never intended this be your whole retirement. The 40% is pretty significant and then for the people that are relying on it totally that just haven't saved her some unfortunate things that have happened is there really get more than 40% because are not only taxes on this Social Security check. So you know, it's more like 60 or 65 or 70% of their pre-retirement income because I got no taxes because I got no other income to great tax know that love that makes you feeling better if you if you don't have much savings, but we want to help you even if that's your situation.

There's a lot of things we can do for people that have very little or no savings and there is moves that we can make things we can do and we want to help you. So is really when you get to the second statement second paid on the psycho gastric in front of the very top of the first okay grabs my attention every time as well as is your payment would be $2880 a month at full retirement age, which my lot in my case because of my age is right. 66 and two months so that the Internet Armitage for you and are now 65 and maybe four months okay five months out of the year like eight or nine months away from right that is 2800. Maybe if I were to take it and that's a decision to rent out about the show, but the cool thing. The thing that I think is absolutely beautiful is it when you first had me run this night. It was 2600, and supplemental retirement and last year it was 2700 and some and so this year's 2800 and some and and so would immediately tells me well because back when I own the car dealership. I had some really good years and I was put in the max that you could put in the Social Security so I just assumed that you know I was going be catching as far as I could get, but now not the case.

A house it takes your 35 highest years in their highest years relative to the Social Security max you're filling in some years, year after year after year that your current income under the same thing mines going up a little bit every year in the at 70 amount which really get to a site that goes up even more so, that's it's it's a beautiful thing. It is how we get past, page 1, but I was like said about page 1 I like bad things grown okay so we get to your estimated benefits just repeats again.

What we just said 66 and two months $2880 a month. Let's talk about that for when you get to be 66 and two months. Do you want to take that now I don't want is that because I can see that if you is if if I wait right till I'm 70 I get 3782 a month which is critical to me, more so because my wife is so much younger than me and I know as a spousal benefit. You know that if I were to die after she's turned 66, etc. that she would be getting that for the rest of her life that she's going get one so pretty check after I and a check for a widow, it's better than 2880 3782 is better than 28 a Hyson at this point in time, you know, as you get older your skin the flybys so it 66 and two months all after weight is three years and 10 months, and I will be in LA grows from 2882 3782 S. so there would be one reason that you don't actually two reasons, but one reason you doing want take it, which is about a year from now at 66 and two months is you would want take it because by not taking it. It's going to be more later And It'll Stay More the Rest Your Life and Your Anticipating along Life, Especially for My Wife Is Seven Years Younger Than Me, Both Now and Then. The Second Reason Is You Want to Run up Your Windows Benefit Essentially Reaches You Want to Get Used That As High As It Could Be She's Younger Than You and That's Can Be the Only Check That She Has so There Would Be a Couple Reasons to Not Take It. I Could Think of. The Third One and That Would Be You're Still Going to Be Working 66 and Two Months so You're Gonna Pay A Lot Of Taxes on That Social Security of 2880 a Month Because the Taxes Are Driven by the Amount of Your Other Income so Because You Have Other Income That Significant.

You Would Then Allow Taxes on That and Then You're Going to Pay More Taxes on Your Social Security, Particularly so There's Three Reasons You Don't Want to Do It.

So What Would Be a Reason You Would Want Take at That Age Are There on Those People and Thank You and I Want to Get It While Get Good That I'll Leave Any Money on the Table in Case I Die. But in My Case and I Gotcha Indicated That That Mandated by Could Be a Reason. The Other Reason Would Possibly Be. If I Want to Retire or I Got Laid off, or Some Catastrophe Happened When I Needed Excrement yet That Is Very Good Reason That Happens to People so Just As We Plan Something Doesn't Mean We Need to Do Exact When It Actually Comes Time Were Going to Make Decisions at That Time I Can Think of Another Reason. What If You Just Had Same Job, Same Everything. No Catastrophe or Maybe the Catastrophe Was outside of You and You Just You Needed Additional Money by the Months to Take Care Of Some Knee for Your Children or Yourselves for Just Something Something Could Come along for This Would Be a Source Where You Could Be Getting Money Where You Are Getting up before and You Also. If You Are One of Those People That Said I Want to Get Mine Well before It Runs out.

You Also Could Take and Take It in and Then Save the Difference over and Visit More Than Now, Maybe Nine or Something. We Got Out Of Ring. Remember This in My Heart on I Not, You Get Hung Guy Planning on Living When Come Back A Lot More of My Soaked with Hans and I Would Love to Take Our Show on the Road to Your Church and Sunday School Christian or Civic Room. Here's a Chance for You to Advance the Kingdom through Financial Resources and Leveraging Hahn's Expertise and Qualified Charitable Contributions Veterans Aid and Attendance and IRA Social Security Care and Long-Term Care.

Just Go to Car, Contact Tom to Schedule a Live Recording of Finishing Well at Your Church, Sunday School or Civic Contact on the Cardinal That's Cardinal Welcome Back to Finishing Well Certified Planner Hans Schild Today Show Is My Literally My Which I Got from My Sister. My so Which Is We Talked about Being in a Shallow Hans, This Is This This Is Something Really Is. It Really Big Part of Planning for What You Were Going to Do with Your Sleep As the Base Numbers so If You Write at Retirement. This Becomes Because You Just Looking at These Things Your Little Ways Away from Retirement Ages Is Giving Me the Base Numbers and If You End up Hiring Me to Do a Financial Plan. This Is a Critical Part of This Is the Base of It and Then When You Talk about Your Spouse Really Get into That a Little Bit but Were Sit down with a Couple We Need to See Both of These and Were Going to Give Them Our Advice and Say This Is the Date That We Think You Start Your Social Security so Where We Were As We Were Talking about Reasons We Came up with Really Three Reasons That You Might Want to Start the 2880 a Month at 66 and Two Months a Year from Now and One of Those Is Need or Want the Money That One Was That You Just Think That Social Security Is Going to Run out or Something You Want to Get Yours Well Begins Good and I Don't Remember What You You Had a Catastrophe. Yeah, Okay, It Is Easy. He Had a Catastrophe and That I Was Adding in That. What If You Had Just a Desire at That Age to Start Saving Some Money and You Just Said You Know You Wanted to Get It. Just Because You Can. We Have A Lot Of People like This.

So Then You Pay the Taxes Maybe Your Taxes Are 880 Bucks a Month and Net 2000 and You Put That in the Bank for Four Years and You Know You Have $100,000 in the Bank When You're 70.

And so You Could Go down That Argument, and You Would Just Give Some Tips to Burn the Hand Is Better Than Two in the Bush and Whatever I Me I Could Think of A Lot Of Reasons That You Would Want to Start It, Although I Don't Think Any of Them Apply to You. Unless Something Would Change in a Way You're Going to Lay There's No Space Here between the 2880 866 and Two Months and 37, 82 a Month at 70 and the Thing That You've Learned and I Want to Get You Could Start It Every Month and between You Could Started at 66, and Seven Months. You Could Started 67 and Three Months Started 68 Can't Do Half Months Form. You Can Start Any Month between You Know Next Year and Four Years Later, Is Essential and so It's Gonna Some People End up Doing. That Is, They Don't Take It at 66 and Two Months with a Ticket at 68 or Something and I Think It Already 70 Yeah It Does Hire Every Month and so You're Thinking That It Stops Going Higher at 70 Once It Gets to Be 70 You Go Take a Game Is Going to Send to You Asking Us to Sign up for, but in Any Case Now, so I Asked Those Questions of Why Would You Want Take It at 66 and Two Months. It Also Has a Benefit down Here at 65.

Your Payment Would Be about 2720 so That's the Sin If You Started It Next Month. Like Now or Whatever, Would There Be Any Reason You'd Want to Do That in My Case, Absolutely No I'd Be Given Back a Bunch Bit. Let Them You Will Get to That so We Can Think of the Reasons You Wouldn't Want Do It and That's the Main One Is That If You're under Full Retirement, Which for You Is a Little over 66 If You Take Your Check before You Reach Full Retirement and Then You Make More Than $19,200 a Year Which Is What You Make More Than That. You Just Essentially Give It Back. So Anybody That Still Working and Making No More Than 19,200 Year You Definitely Don't Want to Start Your Social Security and That's Why They Point This out so Much Because It's a Double Whammy Write Number One, You've Now Locked to the Floor Number for the Rest Your Life and That That Your Spousal Benefit for the Rest of Your Life. You Locked All That in at the Lower Number and Then You're Given It Back on Top of That like You Know It's Even a MMM Because Then You're Paying Taxes on Whatever You Don't Get Back Right at a High Rate Because Your Other Income so It Really What You Get Out Of This Is You Don't Want to Start Your Check before Full Retirement Unless You Absolutely Have To. Unless You Really Actually Retire. There Are Situations I Don't Want to Make That like It's a Bad Thing Just Saying They Don't Even Look at That Number and Just Know That There for Security Earliest You Would Want to Do This Is Full Retirement Which You 66 and Two Months, and so They Got a Bunch of Other Numbers That If You Passed Away What Your Spouse Would Be Eligible for in Your Spouse Caring for a Child. If You Had Children If the Children Were under so There's Family Benefits Involved Here When I Can Spend A Lot Of Time on Those Today What I Want Talk about Next for Spousal Benefits Okay Because What You Do Matters for Your Spouse No Matter What. And Then There's an Extent, It Matters A Lot for Your Spouse, Based upon Is Your Spouse Is Going to Be Getting Spousal Benefits Will You're Still Alive. Okay so That's Kind of a Mouthful the End We Have the Greatest Interest of People Reading My Stuff in the Spousal Benefits Because It's like They Read about They Get a Handle over the Staff and in the Spousal Benefits to Strong over the Top.

So Let's Talk about so Your Spouse Is Much Younger Than You and She Has Her Own Earnings Record and She Can Collect on Her Own Earnings Record and She Doing It Now.

Okay. And so She's Not Going to Be in a Position to File against Your Benefit until She Herself Is 67 and 67 Russia She Could Do for Them, but She's Not Gonna Want to Do That Sort 67. She'll Qualify for 50% of Your Age 66 and Two Months Bever the 2880 a Month, Which Is Your Full Retirement Benefit When She 67.

She Can Start Getting Half of Your Time Action Had a Big Income, It Would Be Whatever She Earn, but in Our Case since She Was a Stay-At-Home Mom. Many of Those Years I Have To Mind This Way Bigger Than She Would Be Getting the Same Boat. My Household, the Difference Being My Wife Is Just One Year Younger Than Me. You Know There's Some Scenario Where I'll Be Filing for Social Security like 68 Just As She Can Get Half a Mind and I'm around the Not All Can Worry about That. Maybe, Maybe Not.

We May Wait till I'm 70 and Angela Started 69 Any Case, the Spousal Benefit.

This Is Real Confusing for People Is First of All, It's Based on Her Full Retirement Age Not Here Whenever She's Going to Get off of Your Record Is Going to Be Based upon Her Age, Not Yours. Then the Amount That Is Calculated from His Can Be Based on the Amount That Your Full Retirement so You're Not Gaining Anything by Waiting to Take Social Security or Delaying to Improve Her Benefit. When You're Locked with a Big Caveat While You're Alive Right Completely Different, Go Are Doing A Lot for Her Benefit.

After You're Gone. Assuming You Go First. So Now If You Had an Ex-Spouse. She Would Sit in the Same Place As Tammy If She Was Married to You for 10 Years or More, and She Didn't Remarry before She Was 60. Then She Would Be Entitled to Collect Half of Your Full Retirement Age Benefit 2880 When She Is at Full Retirement. She Want to Collect It Sooner, 62, or Three or Something Should Get Less. She Still Collected Sooner, but You Could Have Two Spouses Collecting off the Same Record I Have Dated in the Beginning of Doing This with Three to Ex-Wives and a Current One. They Died Three in All My Exes Live in Texas, George, George, Teresa, but Nothing That Doesn't Cost Anybody but the Social Security Administration Morning and She's Entitled to Her Benefit.

She Was Married to You When You Were Working Current Spouse Is Entitled Because She Was Is Married to You, and Then When You Die. Both of Those Women Would Receive Your Full Delayed Social Security Both Collect and They Just Give up.

There's Get There. Once Kenneth Mine Was Higher Than What Theirs Was for Their Earning and Just Be Clear in Case Anybody Got Confused. I Don't Have a Wife That I Was Married to for the 10 Year Qualifies.

Evidence Which Is Not at Real Clear Christian Radios and I Don't Want to Be Wearing Dirty Laundry That Doesn't Exist. While I Just Wouldn't Want Somebody Come up in the Family and Go. What about Robbie's Other Wife You Can't Have That Part of This Difference That I Use a Straw Man If That's Okay. Okay Now That That's Not As Bad As When They Do Now Is Working. I You Know so so Pretend This Is Some Other Dude but If You Died Now and Tammy Is Not yet 60, Then She's Not Getting Any Benefit, Social Security until She 60 Which Is the Case. She Is 60. Now Tammy Is Not Enough. 60 so so If You Passed Away in the Benefit If You Die before Full Retirement That It Would Be Based on Is the 2880 Even Though I Did My Benefit. You Never Collected and They Never Paid You. That's the Number and Then If She Had 60 Applied for a Windows Benefit. Even If You Died before She Was 60 She Would Have the Option of Receiving a Percentage That 2880 for the Rest of Her Life.

Or She Could Delay and Then the More She Delays toward 67.

Her Full Retirement Age, the More Should Get but the Penalty for Taking That It 60 or 61 or 62 Is Not As Severe As Other Penalties since They Are, but It's Not Just Leave It at That. Most Women That Are Eligible for Take It at 60 Now Yes so You Know the Spousal Benefits and the Surviving Spouse or Just a Big Factor for Everybody. And This Goes without Saying That If Your Spouse Has Their Own Earnings History That Is Substantial Then They're Going to Rely on That and They If They Go Yeah Me Just That They're Going to Rely on That until One of You Dies and Then If Yours Is More Than Theirs, Then They're Going to Have To Give up Their Takers by an and That's Why It's Just Just Not a Cookie-Cutter Approach to Determine This, and It's Really Wonderful to Know Hans and Know That You Got a Cardinal Only by His Book, Which Is Really Really Expensive Ring Just Asking for It. If You Go to Cardinal CARICOM but Also You Know When I Get My Call and Say Here's My Situation.

What You Think. As You Know, Clearly This Has Long-Term Ramifications. And As I've Had a Chance to Visit with so Many Friends Are My Age Is Scary How Many People Took the Bait and Took It When They're Given It Back and Made Locked in Their Other and I Just Make Friends Because He Didn't Get Any in the Real Usually Real Defensive about Them in. There Were like Really Write about Their Logic of Whatever Those They Did Again It's It's a Matter of Prayer and Good Counsel, and Almost Kind of Thing.

So Cardinal Thank You Hans Great Time.

Thank You. We Hope You Enjoyed Finishing Well with You by Cardinal Visit Cardinal for Free Downloads of the Show Previous Shows on Topics Such As Social Security, Medicare and IRAs Long-Term Care Life Insurance and Investments and Taxes As Well As Cons Best-Selling Book, the Complete Cardinal Guide to Planning for and Living in Retirement and the Workbook Once Again for Dozens of Free Resources past Shows to Get Hans Book Go to Cardinal If You Have a Question, Comment or Suggestion for Future Shows. Click on the Finishing Well Radio Show on the Website and Send Us a Word. Once Again That's Cardinal Cardinal This Is the Truth Network.

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