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The Measure You Use: Social Security Timing

Finishing Well / Hans Scheil
The Truth Network Radio
November 3, 2018 8:30 am

The Measure You Use: Social Security Timing

Finishing Well / Hans Scheil

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November 3, 2018 8:30 am

In Luke 6:41, Jesus says “give, and it will be given to you. Good measure, pressed down, shaken together, running over, will be put into your lap. For with the measure you use it will be measured back to you.” Have you ever considered this with your own personal Social Security?


This is the question Hans and Robby answer in this week's episode. Social Security is the pillar of many peoples retirement income, so the check needs to be as large as you can get it to be. The idea of Social Security planning can really just be broken down into “When am I going to be taking my check?”


Robby tells the story of his friend who gave him advice about taking his Social Security check early. Hans then discusses the number one reason that Robby might not want to do this: his wife.


There are absolutely people who need to take their check early and then there are people for whom it would be more beneficial to wait. Hans goes over these situations and points out that the biggest mistakes that he sees clients make is taking  Social Security advice that their friends and family have given. They are not in your situation, you need to find out what works best for you, not your best friend or brother or sister.


Hans and Robby also go over Robby’s own personal Social Security Earnings statement. Hans explains how you get this now, since it does not come in the mail, as well as the most important numbers on the report.


Going through Robby’s statement, Hans points out how much money he and his wife would lose by Robby taking his check early. Just doing the math is very important in figuring out when you should take your Social Security 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

Welcome to finishing well brought to you by Cardinal certified financial planner Shiloh best-selling author and financial planner helping families finish well for 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 today. I'm finishing well over 641 where Jesus was speaking. He said this, he said given, it will be given to you. A good measure, pressed down, shaken together and running over, will be poured into your lap. For with the measure you use will be measured to you. I have you ever considered that in terms of your personal Social Security well that's kind of where were gone today on finishing well certified financial planner homicidal and Hans.

This is an interesting thing were to look at today will. It is in Social Security is really the pillar of a lot of folks retirement very significant need people have is to get a check for the rest of their life that check to be as large as it can possibly be in. So we're into and were talking today about Social Security planning, which is really involving when you start your check right right and so the reason I came upon this this Scripture is is I was thinking about it.

I had a friend is actually a pastor. It was in my age bracket, and he knew I was 63 years old and he listen to our radio show finishing well and is like Robbie what I was listening to. You said you take your Social Security until your maximum like at 70 he said you're one of those that's gonna drop dead tomorrow, and usually all that money sit on the table and heard you and when he said it. I was like, wait a minute that that I you're not thinking through all that's involved with Social Security and so almost underneath that what I'm hearing you know that the attitude that could be in my heart and talk about my heart not my friends heart. But what could be attitude could be in my heart. Is it wow every penny I put in the Social Security I want to make sure I get out and you know that's where it gets to that the measure that you use well that the neat thing is I think about it is I gave the Social Security tax you right now there's a lady who was a widow and she has no other source of income and she have no way to take to pay her rent or get to the doctor or anything else about the so security text that I paid and so interest in interesting sort of way you know God provided Social Security that really is a way that those people get it. But also I believe is I really studied the so security statement which were to get into a minute because Tom showed me how to do it to get it well. Preston shaken down is good to be porn over not necessarily just for me but the thing that I pointed out to my friend as if I dropped dead tomorrow, okay and I never got a penny, my so security but my wife was seven years younger than me information she may live another 20 years and praise God that I waited because she would get the maximum benefit, right, and if I'd taken it at 62 Hans she be stuck with that lower benefit for the restaurant which you put in you know we we in a prior show.

We got out Robbie so security statement a few months ago and we really didn't spend that much time in preparing for today's Social Security show I send a statement in advance, and where he went and downloaded it again and really sat down and read it this time preparing for the show and really use it as a guide in there really is a wealth of information on here, but it's there's also a lot of stuff that you just is cluttered up with a bunch of government regulations. But if you look on page 2 on the very top. There's three numbers and for for for you that mean it just what you want me to read these on the air you absolutely have no problem have it before we go. There was tell people how easy it is to go get this because we used to get it in the mail that it happen anymore right done but that the good news is once you figure out how to get you can get it every six months or you don't have to sit around and wonder key in it every other day if you want okay so so if you look in the workbook of my complete Col. guide to planning for living in retirement, which is at the website workbook as well as the original guide chapters for these are free for the downloaded Cardinal that you don't even need to do that mean if you if you just go to Social you go in there and you set up an account and you just did that more recently than I've done for somebody not only that I did it and I with you. My few months ago and actually forgot my username now. I went to get the day for the show. As I got an hour we go because he knows some of like if you go to spectrum them and you've lost your username is made on the sheet yourself. By the end of the government is actually easier than most. They think they let you get by with that pretty easy but you have to come up with username that's unique and Internet come up with a password. And once you got that way you know the good news is that it really isn't hard at all compared to other websites that I'm familiar with. Want to get a username and password you can login at will and get the statement printed, which, when you look at that page gives you a unique look at my account and want to get to my account and there's a place for you.

It says you can print your you can get a PDF of your Social Security statement, which is what were talking about.

Yeah churning statement. The earnings history shows the amounts and you know the top of page 2 here is really vicious three numbers that matter on this page and it shows the amount that Robbie could get this one actually shows at age 63 because you are I think 63 today.

Actually you are less than 62 it would show at age 62, but there is the smallest number is that and then it shows if you wait until full retirement age, which for you is 66 and two months. There's a larger number which my consignment, 63, which have to be my birthday today, October 30, in the lesson we recorded the show $2147 a month if I wait until my full retirement age, which is 66 and two months to four years and two months from today three years. Good thinking.

I'm glad that I have that's my job. Math $2718 a month so out you go.

Almost $600 a month and a difference by waiting to my full retirement age, but then wow. There's a big bear. Wow if you wait to your $73,553 month so this pastor was thinking that you can just drop dead 69 69 1/2 or something like you never collect a dime right and and and there you have that you know is that a sense of I put in this monies like I have to get some much money out or is it a sense of you know, in my mind at this point in time. Look at Patrick. Good thing it's being used for good causes all over the place. But what's best for my myself and my family would be to figure out what's the way to maximize you know this so I can get the ship shaken Cimino coming out kind of thing. See, inclusive. So what have we gone through Social Security in your situation. You pretty much have made the decision on the way to 70 and you talk about it on the air and my guess is you talk to other people and so a lot of other folks that are close to you. They may be convinced of the same thing when it might not be best for them to wait in this pastor he was in a sense influencing you in a negative way to coming to his strategy and it may be that waiting till 70 just wouldn't have made sense for him. So the point I want to make is don't let other people who were around you and their particular philosophy on this because my situation has to be that I'm on radio personality and I and I don't have to.

You know break my back or anything, I'll be able to do what I do clearing the 70 and I love doing it and and also my favorite things in life.

I can imagine life without it.

And so you know I want to work on 70 and that's a big part of it was sure it so you know what I want to let the listeners know is, as I talk to clients every day coming in to see me were doing retirement plans for them. So security is just one of the subjects but on each one of these seven worries that we address, and financial plans.

People come with a whole bunch of preconceived notions or repents and shows where they've just things they've read about the rent on the Internet. They read in the newspaper they've heard from things conclusions that they've drawn and all some all of it is part right, but when it's all put together. We start making decisions upon conclusions that you have people that are not professional at this you can make some bad decisions that have lifelong implications now, and I doubt Satan loves to throw half-truth at their some right about that as he totally did God really say and so you got it. You gotta make sure to get the whole truth and that that's the one of the beauties of this is so this earnings statement has a lot of truth in it that you can really count on what Willie does and so don't leave the show listening to the show, thinking they were recommending everybody wait till age 7 I mean it's a good thing if you can do it, but there may be some point sure that it could be all the way to 62 that is going to be best for you so so don't think that were just saying the same thing for everybody were just going over the Social Security statement Robbie situation. My situation a little bit and you're gonna need to draw this thing pull it down from the Internet after you coming to see me for the first time. If you choose to do that because we use this base information to put into your financial plan working to make a recommendation you have to start taking Social Security at this. You are listening to, and I'm sure enjoying this writer show finishing well. A certified financial planner Hans Schild in his book the complete cardinal guide to planning for and living in retirement is available absolutely free.

I have to do is email Hans it cardinal you can find his contact information. If you look at the seven worries tab, you can look at this very chapter of Social Security and down and get a free PDF of a both a workbook or the book of both of which we use today and obviously clear instructions how to go to Social Security and get your statement which is easy so scattered you don't tell CR you can buy the thing on Amazon.

Well on Amazon you give us a call. We just like to get the information to found the right rightness. You know when you get something decisions they can really change the amount of money vitamins that you have. It also benefits in a lot of ways Satan so much more finishing well.

We hope you are enjoying finishing well you by cardinal is a cardinal for free downloads of previous shows, including episodes about Social Security and Medicare. IRAs long-term-care life insurance, investments and taxes as well as Hans best-selling book, the complete cardinal guide to planning for and living in retirement. Plus the accompanying workbook. If you want to follow along with today's topic download free PDF cardinal by going to the seven worries tab of today's show topic to scroll down to useful documents once again for free resources shows going to get Hans book the complete cardinal guide to planning for and living in retirement or the work. Cardinal you have a question, comment or suggestion for future shows. Click on finishing well radio show and send us a word. Once again, that's cardinal cardinal now finishing well by cardinal welcome back to finishing well and work on the show Social Security with the measure you use, it will be measured in you and not how you look at all that and butter were underneath. I don't want to get the sense of not gotta get every penny I got out of Social Security because I really see unfortunately in the way of culture works.

I wish the church took care of all widows and orphans and all that stuff in my life.

I know that's that's just not the case in one of the ways they do get taken care of is for the taxes that we pay to Social Security and you know there's no doubt when you look at the fruit of that that you know there's people that live on Social Security right now. Well yeah and it just get back to what we were talking about earlier you were paying you've paid in you personally have paid in $132,770 and this is granted, your employer is paid in 138,000 so if you if you throw that in there.

It's 270,000 but if you just look at what you personally have paid directly to your money. It's been hundred and $32,000 and if you look at that that if you do delay to 70 and you collect this 3553 that's an estimate is 42 grand a year and you collect They lived 200 containment could happen mean you know that's 1.2 $1.3 million. This thing is going to pay out and what when I would tell you is that I was on $113,000 hundred and 3232 a payment so for every guy like you that Liz that they're going to need three people that are going to do which pastor which pastor says going to happen to you which you can drop dead before he collected nine which brings forth the point that that support motivation for making service. This is because it's not really about getting back the money you paid in its about making good decisions for you personally and your family and your family right because your wife and in some cases you got dependent children that we know that that that affects greatly. I mean we we we just figured that out that if you passed away right before you collected and just like he said and you plan didn't work out like you thought was going to your wife who is younger than you is going to begin collecting and she could live another 30 years, herself and by delaying and not taking it early you greatly enhance her check as well.

So there's there's your survivors are involved in this equation as well. Right. And so when you're looking at getting back 132.

The chances of me not getting that vaccine almost no unthinkable based on the fact that it's me and my wife that I wanted to point out that and I did the math myself because I in a once I got the statement I went okay will how much is the difference tween 27, 818 and 3500, and I saw that was $830. As I recall, some are some like that so you know I went and said okay what happens if I how many years that I have to live in order to make back all the money because if I start taking it at $2147. Now that I'm 63. You know every single year. How much money what I have to make back on so security before I make it so what you get this in your hand.

You'll be able to use your calculator go. What would this look like for me here what it look like for me is if I waited till I was 70. Then I would live need to live to 81.

For that to abandon the smarter strategy. But again, I'm not doing it because it's the smarter strategy, although that's that's a big claimant. The real reason I'm doing it is because I gonna be fine. I work at know make money to care for my family. I love love that for years, but when I'm really concerned about is if I disappear from the scene and how Tammy can do those kind of things and so to reduce her income by $500 a month because I want to start taking the money amount is included. What what what does and then you have for some of the backing out because you're working and earning over the maximum lot of factors involved in this, we must stick to your knitting today is the show today is really for people that haven't started drawing Social Security or maybe their spouse has but they haven't yet and it's to make decisions about Social Security.

Specifically, when am I gonna start this and we got a look at all these other factors like income taxes life. It's not even know that you pay taxes on your social. Or not. If so security is your only income young paying taxes, but if your Social Security and a little other income is still paying taxes useless.

But if you have substantial other income you can think of taxes so we got a look at that and then we got a look at the other six words we get a look at what you got in an IRA or 401(k).

We can look at any pension income.

Any personal savings, investments, real estate money that's available to live off of what you want to pay endear you know what you want to leave in your state. We got a look at long-term care and speaking a long-term care in the statement of Social Security.

It's really kind of on page 4, at page 4 really has some stuff done. The first paragraph. I mean, we've been talking for several weeks here about Medicare because, as Medicare season and says right on here Medicare a separate program run by the centers for Medicare and Medicaid services still under Social Security helps pay for inpatient hospital care nursing care to Bob Obama bought then down here at the bottom it said the bottom of the first paragraph it says Medicare does not pay for long-term care so you may want to consider options for private insurance. Let me just jump there because I've experienced that disrespect it with my father know who really you know when he fell and a lot of my listeners might people that listen to me rightly know he fell. He busted some vertebrae in his neck and and all sorts of complications to his nose and stuff like that so all of a sudden the started to kick in and he hadn't personally experienced what that meant and so you know he came home and he thought well okay well I got have somebody come stay with me because to me I had to go out of town for four days with a bill for that was $1000, $250 a day and when he got the bill you not sit there watching him, and he goes you know that Medicare didn't pay up any of this if there's like no, no, because it does that's considered long-term care and then later EE needed a nurse to come by to help them with some wounds that he was dealing with.

And I was $160 day once again Medicare didn't pay a penny of that. So this is the Social Security Administration and truly.

Page 4 has the most information on here. They're just telling you right that's good. Medicare does not pay for long-term care. You may want to consider options for private insurance me as a financial planner when somebody comes into me for retirement planning, Social Security, and the decisions of when the started and how much money it's going to pay you and then the taxes on that money. What you left to live on relates to Medicare a relates to long-term care. It relates to your IRA money or other investments.

I was thinking about your pastor friend that said that you're one of these guys is gonna die before you collect that I'm if he knew that to be true and you know what I said to you is that by some life insurance and we can we can talk about that is that yeah yeah TVs is certain that's can happen all pay the premium, as I asked that I give you that. But so is it so this this goes through any good touches on a lot of points but Social Security is really at the core of this.

That's the money that we, that is no so much. We know so we know what you're getting get in. You can't outspend that that's going to be there with you live the 7585 9505 Juergen and know that there's a Social Security check there for you and your spouse as long as your either one of you is alive that really matters a lot because there's a lot of gifts in this other staff in this is this is a staple that we can make good decisions and page 4 really is is is a helpful part of the documentation that really you know I find them.

He shows with you. This would be totally new information, but they goes right down the survivors which gets to the other issue that we that is so critical to me. Yeah, I mean a just and you know I have an example might I have a sister that I lost seven years ago and her husband is still our CPA and these still very dear friend of mine and he she made more money and he didn't even know he is a CPA and CFP. My sister us trials are working pokey.

You know that could have been what killed or is just how hard she worked but he is collecting these over 60. These collect in the survivor benefit of her really maximum Social Security check.

And he deserves everything and that's that's the part that I really did not understand, but I think it's worth repeating that even if I had divorced Tammy after we been how many years to chat to check to see if we married you 15 years.

My wife and only been married to me for 10 years in spite of his.

She remarried three times I remarried eight times what if she remarried. That's can affect her Facebook but so I got correct. You were looking at. That's why we have yeah that's what you're certified and I'm certifiable anyway so so what you are saying is that if you had been married and divorced. She still would be entitled to spousal benefits based on your record rind and survivor benefits and yacht gun in my book got a client that there's three women collecting on the spousal benefits. It is buried to ex-wives that he was married to for 10 years and his current wife and when he dies. Three people are to be collecting this full check. So the know that they don't come at the expense of each other. If he predeceases the three of them so it's kind of an extreme example, but there is benefit survivor benefits there for ex-spouse and that's just huge when analyst for our families and things like that so then it even gets an extra help and that's the big question. I know for a lot of folks but is is a program through Medicare were they help you with the payments help you with your drugs and you need to qualify. There's an asset test and income test. It's fairly easy to apply for. But it's another nice thing the government does with Medicare where your not so low in money that you qualify for Medicaid but yet you're at a point in money that the premiums in the co-pays and types on part D. They have this program to disclose the gap I get is apply for private to finish up this then it gets ended. All these things to download and other information which really in your experience is not helpful. That's why I wrote the book is I just try to enter but I've read all those things and I understand him, and knowing the book I just try to make it simple and tell some stories it can just impress upon folks that this is serious business and you need to be have a credible source for your decision-making right again. The book the complete cardinal guide to planning for and living in retirement by certified financial planner and your host on child.

We want to urge you to go to cardinal if you can email Hans any question you maybe wanted us to do a show on something that you got a question for him.

He would love to hear your questions.

You can ask him for the book you sent it out to you freer go Amazon get it down my download the seven ways the most important thing is for my standpoint is here is all this knowledge crying out in the streets you know and and all sorts of information is easily available to you and that's why Hans is put down the air and and is is that that's his heart that you would be able to finish well. Thank you for listening today. Thank you, 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 and life insurance, investments and taxes as well as constant 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 what to get Hans book go to cardinal if you have a question common 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

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