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February 23, 2019 8:30 am
Many of us are familiar with the idea of waiting on the Lord. For years, Robby explains, he thought just waiting was okay. He then explains how he studied QAVAH, from Genesis, and found that sometimes there is waiting, but sometimes you need to twist into your situation and get more insight. This twisting can help retirees find the right answer to when to claim their Social Security benefit.
Hans and Robby discuss 2 couples this week who have taken an usual route to their Social Security benefit:
The first couple is from Ohio. When they came to Hans they learned that the wife was going to be able to claim half of her husband's Social Security benefit. They were claiming the very small $120 benefit the wife had accrued during her working years. They had to suspend this, give back the money, and they will wait to claim off her husband for about $1,500 a month. Social Security has this built in “Oops clause” that allows you to do this within the first 12 months of electing your benefit.
The second couple, in Indiana, have to decide how their Social Security is going to work with their declining health as well as taxes. The husband is 62 and not in the greatest of health. He also has the possibility of still working and earning an income. While for sicker people, it is usually advantageous to start your benefit as soon as possible to maximize your money, if he earns over $17,000 a year, his benefit will be taxed. Hans goes through his situation and explains the compromise they came to.
Social Security full retirement age is a moving target, for people retiring right now, it is around age 66, in a few years, it will be around age 67. It is important to look into the decision well before you make it. Make sure to make QAVAH part of your life!
Don’t forget to get your copy of “The Complete Cardinal Guide to Planning for and Living in Retirement” on Amazon or on CardinalGuide.com for free!
You can contact Hans and Cardinal by emailing hans@cardinalguide.com or calling 919-535-8261. Learn more at CardinalGuide.com.
