Delaying Social Security with Surviving Spouse Benefit: Insights from Certified Financial Planner

Our usual host, Troy Sharpe CFP®, introduces Ed Rossi CFP®, one of Oak Harvest’s highly qualified financial advisors specializing in Social Security to answer a comment on one of our recent videos related to disability, the Surviving Spouse Benefit, and the strategic timing of taking Social Security benefits. After making a few assumptions about her situation, he breaks down how much she could be receiving and estimates the potential benefit of delaying social security.
Watch the original video that our viewer commented on: Receive Up To An Extra $1,500/Month Using a Restricted Application When Applying for Social Security
Learn more about Ed Rossi, CFP®, CTS™, CPWA®, AAMS®, CRPC®, NSSA®, CES™, CMFC®, Financial Advisor, here: oakharvestfg.com/ed-rossi/
🏃🏻 Jump right in:
00:37 Common Social Security Questions
02:20 Basic Parameters of this Case Study Breakdown
03:23 The Potential Outcome, and Limitations of this Case Study Example
#socialsecurity #survivingspouse #retirementincome
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Disclaimer:
This video discusses fixed-income investing and utilizes the 10-year U.S. treasury as a general representative fixed-income investment. Conclusions reached, opinions stated, and downside risks and potential returns presented should not be construed as applying to other types of bonds or fixed-income assets. Other types of fixed-income products carry different levels of risk and return potential and should be evaluated as an element of a diversified portfolio with your specific risk tolerance, investment objectives, and timeline in mind. Nothing in this video is investment advice, an investment recommendation, or an offer to buy or sell any security. Investing involves risk.

[@OakHarvestFinancialGroup]

➡ Do you need a Retirement Success Plan that goes beyond allocating funds to truly fit your needs? We can help you create a retirement life plan customized for your retirement vision and legacy. Call us at [phone] or fill out this form for a free consultation: click2retire.com/schedule

[@TheMostHighDaughter180]

I’m screwed, period! Started a very late nursing career in my fifties and now working for contractors as a school nurse with not much SS benefits. I’m currently drawing social security from my former spouse’s retirement and I’m entitled to a Sims portion of his military pension because we were married for 26 years. I recently turned 65 and don’t have much in savings. I’ve loaned so much of it out to my adult children and I know that I’m not going to get it back. I’m still working and maybe working until I’m well into my 70s. How can I best invest the small savings that l have and also, since I’m 65, can I start drawing from my SS?

[@Thisishard2333]

Wife and I taking at 62. We are not trying to build it up and leave money on the table .We both have large life insurance policies that are paid from our cash value for 20 years. No bills and a good pension with medical paid by my union. At 65 we switch to Medicare with my union continuing to pay for my prescriptions and eyeglasses

[@randolphh8005]

Plan for the couple sounds good, but what about the widow, if you die at 77? Does she get all your perks?

[@Thisishard2333]

She would retain a portion . But she could then sign up for Medicare C and D. Also have a 500k term policy carrying me to 83.

[@mark7035]

Interesting video. My wife and I are 61. I’m retired Army with a VA disability. She’s just retired from teaching after about 35 years. Five of those were as a teacher in Texas and two as a teacher in California. No SS withholding in either state. She has (by our count) 30 good years in SS so she shouldn’t be subject to WEP. She’ll have a pension from TRS when she files. We rolled the two years in California over into an IRA so no further distributions and she wouldn’t have qualified for a pension. Under current law she would be subject to GPO at least on the Texas pension. How do we put that all together into a Social Security strategy? Her filing last may be best for her even though her PIA is less than mine. We don’t need SS at this point.

[@OakHarvestFinancialGroup]

Hey Mark! There's some additional information we'd need in order to give the best recommendations - click this link and we can set up a complimentary consultation with one of our advisors to try and answer your question. You can ask for Ed if you like. click2retire.com/schedule