Timothy Sumer

In this video I cover the highlights of the recent changes announced for the Social Security program beginning in 2024. Resources mentioned in the video: →Social Security Cheat Sheet →My video “How Social Security Retirement Benefits Are Calculated [3 Easy Steps]” →My video “Working While Receiving Social Security (The New 2024 Rules)” 🔥🔥 Get the Ultimate Social Security Cheat Sheet! It takes the essential information from the 100,000 page Social Security website and condenses it down to just one page! 🔥🔥 📍We can show you how to retire with confidence! 📍In our Retirement Roadmap plan, we can help make your retirement savings last longer and reduce your taxes by coordinating your Social Security filing strategy, retirement account withdrawals, and Roth conversions. 📞Schedule your call and see if this plan is a fit for you. 🎤 If you're preparing for retirement or already enjoying it, you'll definitely want to catch my podcast, Big Picture Ret

Are you navigating the Social Security jungle and wondering when to take your benefits? In this episode of the Retire With Purpose Podcast, we explore two methods that can be leveraged to determine how to maximize the money that ends up in your pocket. Join us as we discuss: * Why some elements of Social Security are commonly overlooked * Where Social Security calculators and software fall short * How to calculate your minimum and maximum benefit * Factors that impact your Social Security claiming strategy * Breakeven analysis vs. present-value calculations * Why the concept of utility should be implemented into your decision 📅 SCHEDULE A CONSULTATION: Book a 15-minute call with a Howard Bailey Advisor to see how the topics discussed here apply to your individual situation: 📧 WEEKEND READING FOR RETIREES: Receive CFP® insight on 4 hand-picked financial articles delivered straight to your Inbox each Friday: ==================== ABOUT YOUR HOST CASEY WEADE: Casey We

If you are facing the question of whether to apply for Social Security at 62 or wait for maximum benefits at 70, this video will outline my thought process behind my decision to wait for 70. Sure, some break-even calculations say why wait? But if you have a spouse counting on spousal benefits and more, the calculations could change. I am not a financial professional, so take this video as entertaining ideas from one educated consumer to another. Always do your own due diligence and seek professional counsel for your specific situation.... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERTING IRA TO GOLD: Gold IRA Account CONVERTING IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA Why I'm Waiting for 70! As the world has progressed in terms of advancements and achievements, it is not uncommon for many individuals to wait for significant milestones in their lives. Some eagerly wait for their 18th birthday to become an adu

When should you claim Social Security? It's an important question. One study found that retirees have lost $3.4 trillion because the start taking Social Security too early. In this video we'll look at two strategies. One optimizes Social Security assuming you and your spouse will live long past your life expectancy. The other optimizes the claiming strategy based on life expectancy. Join the newsletter: ———————————— Video Resources ———————————— A Guide on Taking Social Security: How to Help Americans Claim Social Security at the Right Age: Maxifi: New Retirement: Open Social Security: Maxifi Review: New Retirement Review: ———————————— Investing Tools ———————————— My Book (Retire Before Mom and Dad): Personal Capital (Investment Tracking, retirement planning ): New Retirement (Retirement Planner): Stock Rover: M1 Finance $30 Bonus (IRA & Taxable Accounts): ———————————— Credit Cards & Banks ———————————— My Favorite Credit Cards: My Favorite O

While we often focus on tax-efficient withdrawals, it's just as important to consider the tax implications of your savings plan throughout your lifetime. The question we all face at some point is whether we should prioritize tax savings today or in the future. In this video we walk through how to analyze the trade-offs and figure out which savings bucket can give you the most tax-efficient outcome. We'll focus on the decision between contributing to a pretax 401(k) or a Roth 401(k) and break down the pros and cons of each. By the end of this video, you'll have a better understanding of how to make the right choice for your unique financial situation and goals. 🔥🔥 Get the Ultimate Social Security Cheat Sheet! It takes the essential information from the 100,000 page Social Security website and condenses it down to just one page! 🔥🔥 📍We can show you how to retire with confidence! 📍In our Retirement Roadmap plan, we can help make your retirement savings l

Seven Social Security Tax Examples GET YOUR OWN PROFESSIONAL Social Security Analysis and Strategy Report: The Earnings Limit explained How Social Security Benefits are Taxed Lane's Financial Planning Firm: Free Downloads Amazon - Lane's book: The Holistic retirement planning Revolution ... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERTING IRA TO GOLD: Gold IRA Account CONVERTING IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA How much of your Social Security will be taxed? Social Security, a government program that provides financial benefits to retirees, disabled individuals, and the surviving family members of deceased workers, plays a crucial role in ensuring financial security for millions of Americans. However, many people are unaware that their Social Security income may be subject to taxes. Understanding how much of your Social Security will be taxed is essential for effective financial plannin

A Social Security bridging strategy involves spending from your assets after you stop working instead of taking your retirement benefit immediately. There are pros and cons of this approach, but the benefits can be substantial. In particular, you might: ☑️ Maximize your retirement income ☑️ Reduce risk over the long term ☑️ Open the door to tax strategies ☑️ Possibly help improve things for a surviving spouse ☑️ And more But there are no guarantees in life, and there are always tradeoffs. That’s true with a Social Security bridge, as well. For instance, you might be hesitant to spend down your assets while you wait. That’s understandable. And delaying benefits isn’t right for everybody. Whether you have health issues or you just want the income sooner than later, it could be appropriate to take benefits early. Get free retirement planning resources: 🔑 9 Keys to retirement planning 🐢 6 Safest Investments In this video, we explore how the strategy works, we cover som

Explanation of MAGI, or Modified Adjusted Gross Income. There are various definitions of MAGI used throughout the U.S. tax code. This video discusses the six you're most likely to come across in retirement planning : 👉 MAGI for deductibility of traditional IRA contributions 👉 MAGI for eligibility of making Roth IRA contributions 👉 MAGI for Medicare premium surcharges known as IRMAA 👉 MAGI for ACA premium tax credit eligibility 👉 MAGI for the Net Investment Income Tax, or NIIT 👉 Provisional Income (not really a MAGI...) for determining how much of your Social Security benefits may be federally taxable Links in this video: retirement planning Insights - Taxes in Retirement - ​ #MAGI #ModifiedAdjustedGrossIncome #TaxPlanning DISCLAIMER: This video is only helpful hints and education. It is not specific tax, legal or investment advice. Before considering acting on anything you see in this video, first consult with your tax, legal or investment advisor. While the

Let's talk about the Social Security rules for divorced spouses because it can be confusing. Everyone remembers the ten-year rule, but did you know you have to wait to draw until your ex is eligible for benefits? To be eligible, you must have been married to your ex-spouse for 10 years or more. If you have since remarried, you can't collect benefits on your former spouse's record unless your later marriage ended by annulment, divorce, or death. AND, if you're separated but not divorced, the RULES are different!! We discuss this in depth so you can plan your social security accordingly. Download FREE Cheat Sheet, CLICK HERE 👉 Starting Medicare soon and don't know where to start? WATCH MEDICARE BASICS: Learn exactly how Medicare works in our free workshop here: 📺 Subscribe to our channel if you want more information on Medicare & Social Security: The Medicare Family has been making Medicare and Social Security easy for 40+ years, across all

What is the best age to file for Social Security? What factors should you consider when making the decision to claim your Social Security benefits? It can be confusing and Social Security claiming mistakes are common. GET YOUR OWN PROFESSIONAL Social Security Analysis and Strategy Report: Free Resources University of Holistic Retirement Planning - Online Course Contact Us ... ( read more ) LEARN MORE ABOUT: Retirement Pension Plans REVEALED: Best Investment During Inflation HOW TO INVEST IN GOLD: Gold IRA Investing HOW TO INVEST IN SILVER: Silver IRA Investing What's the Best Age to Claim Social Security: 62, 66, or 70? One of the most important decisions retirees face is determining when to start claiming their Social Security benefits. With various options available, the question arises: what is the best age to claim Social Security? Will you be better off starting at 62, full retirement age (FRA), or at the maximum age of 70? Ma

Strategies to increase Social Security payments in retirement. Personalized Social Security Strategy Analysis and Report: Free Online Resources: ... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERTING IRA TO GOLD: Gold IRA Account CONVERTING IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA When Social Security Isn't Enough In today's fast-paced world, retirement planning has become more important than ever. While Social Security was designed to provide financial support to retirees, many individuals are finding that it simply isn't enough to cover all their expenses. As a result, it is crucial for individuals to take proactive steps to ensure a comfortable retirement. Social Security is a government program that provides income to retired individuals, disabled workers, and the surviving spouses and children of deceased workers. While the program has been successful in reducing poverty rates among the elderly,

Clients come in to us all the time with some decisions already made like starting Social Security too early. They say “I wish I knew about you………” Sometimes it’s a lower earning spouse with a very low check who started Social Security early not knowing about the 50% spousal benefit. The second check is compromised for life. We’ve done several “DO-OVERS” for clients lately. In the video above, you can see how we dealt with this process and set up a better financial plan for our client. Questions? Email us at Hans@CardinalGuide.com, call us at (919) 535-8261, or visit our website at CardinalGuide.com. Investment advisory services offered through Brookstone Capital Management, LLC (BCM), a registered investment advisor. BCM and Cardinal Advisors are independent of each other. Insurance products and services are not offered through BCM but are offered and sold through individually licensed and appointed agents. The content of this channel is provided for informational purpos

Video from Facebook live stream from the Facebook group, "Taxes in Retirement," from March 3, 2021. Discussions of what to consider when deciding when to start claiming your Social Security benefits Apologies for the poor video quality 😢 🎥 For some reason, the stream that day was poor. But the audio was fine throughout To join Taxes in Retirement - #SocialSecurity #FinancialPlanning​​​ #RetirementPlanning DISCLAIMER: This video is only helpful hints and education. It is not specific tax, legal or investment advice. Before considering acting on anything you see in this video, first consult with your tax, legal or investment advisor. While the information expressed in this video is believed to be accurate, neither Andy Panko, CFP®, RICP®, EA nor Tenon Financial LLC make any guarantees to its accuracy.... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERTING IRA TO GOLD: Gold IRA Account CONVERTING IRA TO SILVER: Silver IRA Account REVEALED:

Social Security retirement checks refer to the monthly benefit payments that eligible individuals receive from the Social Security Administration upon reaching their eligible retirement age and applying for benefits. These payments are intended to provide financial support to retirees and help them maintain a basic standard of living during their retirement years. Key points about Social Security retirement checks: Eligibility: To be eligible for Social Security retirement benefits, individuals generally need to have accumulated enough work credits through their employment history. Work credits are earned based on the individual's earnings and the number of years they have worked and contributed to the Social Security system. Full Retirement Age (FRA): The full retirement age is the age at which individuals can receive full Social Security retirement benefits. It varies based on the year of birth, ranging from 65 to 67 years. Individuals can choose to start receiving r

In today’s video we’ll cover the 2023 Medicare part B premium and talk about how this premium can increase drastically. If you don’t know the rules, these premium increases can take you by surprise and hit hard! So today, I’ll cover how this works and tell you how you can appeal the higher premiums and get the additional surcharge removed. Get your own written retirement income plan here Download the Retirment Planning Cheat Sheet here Here are some additional resources to continue learning about Medicare premiums: IRMAA Reconsideration Form Medicare Premiums: Rules For Higher-Income Beneficiaries POMS Policy for MAGI POMS section on IRMAA Reconsideration 🔥🔥 Get the Ultimate Social Security Cheat Sheet! It takes the essential information from the 100,000 page Social Security website and condenses it down to just one page! 🔥🔥 Don’t miss my free online workshop, “How to Choose the RIGHT Age to File for Social Security.” In this workshop you’ll learn: