Timothy Sumer

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

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

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,

Social Security Survivor Benefits 101 covers the basics that everyone should know about the Social Security Survivors Benefit. This video covers three different scenarios: what the survivor receives if their spouse never filed for Social Security, what they receive if their spouse filed for Social Security at Full Retirement Age (FRA) and what they receive it their spouse filed for Social Security before full retirement age. Shown below is the survivor payment "haircut" schedule discussed in the video. Note this is current as of 2020. Survivor's Age - % of Deceased FRA Payment Age 50-59* - 71.50% Age 60 - 71.50% Age 61 - 75.58% Age 62 - 79.65% Age 63 - 83.72% Age 64 - 87.79% Age 65 - 91.86% Age 66 - 95.93% Full Retirement Age and Beyond - 100% * This applies to those who are disabled only Important Links: Federal Reserve Board Survey of Consumer Finances: Social Security Administration Application for Benefits Current Social Securi

Only 35% of Social Security recipients file at Full Retirement Age (FRA), yet most of them should... This short video will help you make the decision about when to file for this important part of your retirement income. Questions to Ask A Financial Planner to Determine if They Know How Social Security Really Works Please explain what the best age is for me to file for Social Security and Why? Please explain provisional income to me. What is the best age for my spouse to file for Social Security if her/his retirement benefit is less than half of mine? What are Social Security Credits and how are they calculated? What is a Social Security Breakeven Analysis and is this a good way to determine when to file? Do I need to file for for Social Security for my spouse to receive spousal benefits. What is the Survivor Benefit and how is it determined? What is the payout percentage difference between filing at full retirement age and minimum filing age? Note: If you financial plan

In this video, we explain how the death of an ex-spouse affects your social security balance, how you draw social security if you've never remarried, and more. A surviving spouse can collect 100 percent of the late spouse's benefit if the survivor has reached full retirement age, but the amount will be lower if the deceased spouse claimed benefits before he or she reached full retirement age. Watch the video to learn more! 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 50 states. And each year, our family continues to help more and more people with how Medicare works, when to take Social Security, and how to find the best Medicare plans. We kn

Because Social Security is the bedrock of the majority of American's retirement income, when your spouse passes away as you are in or nearing retirement years, this question, "What happens to my spouse's Social Security when they die?", becomes incredibly important for the surviving spouse to answer. This video goes over three different scenarios that could apply to you: when you are both already claiming Social Security, When one or neither of you is claiming Social Security, and when the surviving spouse was a collecting/entitled to a non-Social Security pension. LADIES: Join my online community = ====================== My industry is so regulated that I’m not able to answer comments here. Have a clarifying question? Facebook message us: Want to get started working with me? In the meantime – like & subscribe if you like what you see. ====================== Obligatory disclaimers: Securities offered through Kestra Investment Services, L

Age can be a determining factor in whether or not you qualify for Social Security Disability benefits. If you are under the age of 50, you must be able to prove that your disability has lasted or is expected to last at least one year before you can receive benefits. Those over the age of 50 need only demonstrate that their impairment is severe enough to prevent them from doing any type of substantial gainful activity. Age does not play a role in determining whether or not you qualify for VA benefits. However, veterans who have served during wartime may be able to receive additional compensation based on their age and length of service. Additionally, veterans over the age of 65 are eligible for an increase in their disability compensation. 🔶 Helpful resources for disabled veterans ------------------------------------------------ 🔴 Social Security Disability Benefit Videos SSI SSDI 🔵 If you are looking for a Nexus Letter for Mental Health and all other Medical Con

Are Social Security benefits taxable? Understanding the impact of Social Security Taxes in Retirement. GET YOUR OWN PROFESSIONAL Social Security Analysis and Strategy Report: Free Resources Contact Us ... ( 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 Social Security benefits are a source of income for many retired Americans, but did you know that these benefits are taxed? For those who are not aware, Social Security benefits are subject to federal income tax. In fact, up to 85% of your Social Security benefit could be taxed. Here is what you need to know about how your Social Security benefits are taxed. Who is taxed? Not everyone who receives Social Security benefits is subject to federal income tax. The amount you pay in taxes depends on your total income for the year. Your income includes more than just your Social Security bene

Working While Receiving Social Security - The New rules Personalized Social Security Report: How Social Security Benefits are Taxed Financial Fast Lane ... ( 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 Social Security benefits are a lifeline for millions of American seniors who are retired or disabled. However, many seniors are finding that they still have to work in order to make ends meet. Working while receiving Social Security is possible, but it can be tricky to navigate. Here are a few things to keep in mind: - Social Security has income limits. If you are under full retirement age (which is 66 for those born between 1943 and 1954, and gradually increasing to age 67 for those born in 1960 or later), you will have your benefits reduced if you earn more than a certain amount. In 2021, that amount is $18,960. If you earn more than

If you do these 3 things before retirement, life will be much easier when it's time to quit. //SUBSCRIBE Subscribe to our YouTube Channel: //CONNECT Website: Facebook: Instagram: TikTok: // SCHEDULE Book a Phone Call or Zoom Meeting: #retirementplanning #retirement #retirementincome #retirementplanningat50 #investing #investingtips #savings #investment #annuity #wealth #time #earnmoney #lifetime #finance #financialfreedom #financialadvisor #advice #socialsecurity #goals #protection #protectionusa... ( read more ) LEARN MORE ABOUT: Retirement Annuities REVEALED: How To Invest During Inflation HOW TO INVEST IN GOLD: Gold IRA Investing HOW TO INVEST IN SILVER: Silver IRA Investing Retirement is something that people generally look forward to, the idea of relaxing and enjoying the fruits of years of hard work is quite enticing. However, despite being a popular subject, it still remains a mystery to many people. A lot of people often und

Social Security and Retirement: Working and taking social security benefits can be a tricky proposition, because there are limits to how much you can make before the SSA starts with holding benefits from your social security checks. So today we are talking about the new higher earnings limits for people working and receiving social security in 2023. .............................................................................................................................................. Accords the country many older Americans, seniors and retirees face the challenges of todays economic environment with faith and courage. My hope is that we can improve the lives of our older friends, family members and neighbors by shedding light on the complex, byzantine and frustrating Social Security system that many rely on to make ends meet. So weather it is trying to retire early at 62 , first claiming social security benefits at 67 getting updates about social security topics like

This video discusses the Social Security Annual Earned Income Limit and working while collecting Social Security. The video discusses first year exceptions to the earnings limit, often called the Monthly Earnings Rule, or the "Grace Year" exemption, how this exemption is applied if you earn more than the monthly limit in any given month and what happens to spousal and child benefits if your benefits are suspended due to excess earnings. The video ends with a discussion on what constitutes earnings in the eyes of the SSA. FREE Retirement Ready Checklist: Holy Schmidt Book Club: Important Links: Follow Me on Instagram: Geoff's Facebook Page Federal Reserve Board Survey of Consumer Finances: Social Security Administration Application for Benefits Current Social Security Cost of Living Adjustment Social Security Payment Estimator THE CHANNEL’S MOST POPULAR VIDEOS Should You Take Social Security at Age 62 and Invest it? 7 GOOD REASONS to File

Money expert Clark Howard has always advocated waiting to take Social Security. When you wait to take Social Security, you receive a much larger benefit than you would if you took it as soon as you can. Read more about when to take Social Security here: ***** For information on how you can save money every day visit Clark.com Like us on Facebook: Follow us on Instagram: Follow us on Twitter: Follow us on Pinterest: ... ( 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 Clark Howard, a renowned personal finance expert, has weighed in on the topic of delaying your social security benefit. Howard is known for his plain-spoken approach to financial matters, and his take on the issue is no different - he advocates for delaying your social security benefit for as long as possible. The reason for this, according to Howard, is that delaying your b

Although many of the complicated strategies around Social Security regarding spousal benefits have been eliminated, there are still options to consider regarding when to begin your, or your spousal, benefits with Social Security. In this webinar we covered common questions we receive about Spousal Social Security benefits, and strategies to maximize your benefits. Topics include: - Scenarios when it makes sense for one spouse not to delay their benefits. - The negative impact of beginning your benefit early, even if you qualify for spousal benefits. - Claiming benefits available to you from an ex-spouse. We cover 3 examples of common mistakes we see with spousal social security benefits.... ( 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 Are you considering applying for spousal Social Security benefits? It can be a great way to maximize y