3 Social Security Secrets Couples MUST Know BEFORE Claiming Benefits in 2024 👩‍❤️‍👨

Рет қаралды 16,920

2 ай бұрын

Medicare School is here to give you the top 3 Secrets you need to know about Social Security benefits as a couple before you claim in 2024. In this video, Marvin Musick looks into three crucial aspects every couple must understand to decide on their Social Security Retirement.
Understanding your exact Full Retirement Age, down to the month and year, is vital to avoid penalties, but how is that calculated? Did you know there are a variety of Social Security benefit options available, each with its own unique advantages? These include retirement benefits based on your work record, spousal benefits, and survivor benefits. What are the impacts of claiming SSI early? Marvin is here to talk about all that and more!
Video Chapters:
0:24 Know How to Calculate Your Full Retirement Age
04:10 Know All Your Options for SS Benefits
20:52 Before or After FRA
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Пікірлер: 30

@JohnJohn-wr1jo Ай бұрын

As always thanks for educating those closing in on retirement age. I'm 68 and retired 5 years ago. Unfortunately Medicare and SS only provide the basic information and local government even less. I worked for a national corporation with over 40K employees and they were even more lacking in providing solid information on Medicare and SS. They were happy to pass me on to their health insurer who gave me the hard sell on a Disadvantage plan. My point to your viewers is do your research and drill down to what works best for you. Everyone is different and don't rely on one source for making these important decisions decisions

@R-xb4wv Ай бұрын

What I have never seen anyone take into consideration doing the breakeven calculation is the value of money over time. I am in my early 60's. I will retire at or before 65. I have more than enough assets to delay claiming SSI to 70, so far so good. But it is not a zero-sum calculation. Those assets are currently growing. If I spend down some of my assets the current and future growth is gone. I would love to see some kind of comparison between the two scenarios. The other consideration on my mind is spending non inheritable SSI vs inheritable investments.

@ron8566 Ай бұрын

Great video explaining this topic in less than 30 minutes. The only thing I would add is that the break even point could be sooner if you invest the money and live off of other funds. But this is too complex for a thirty minute discussion. Many thanks for tackling a tough topic that many people don’t fully think through.

@LTVoyager Ай бұрын

And it could be much later if you make the wrong investment.

@stevenovotny9391 Ай бұрын

So...did I miss it...if my wife is 63 and she takes ss at 63(so b4 full retirement age) so a reduction...im not taking ss. When I apply at 70, she will be full retirement age...can she then take spousal benefits(yes I assume) but will she have any reductions off her spousal under mine)

@scottduncan6991 Ай бұрын

My question on spousal benefit is, if my wife takes her benefit at 63 but cannot take the spousal benefit until I turn 67, when she will be 70, will the spousal benefit be decreased because she took her benefit early?

@nanner3200 Ай бұрын

I was questioning the same thing. Hope someone sees this and we get a more in depth video on this.

@TheHavocdog Ай бұрын

Yes, her spousal benefits will be reduced by the same percentage that what her benefits were reduced for early retirement on her full retirement benefits.

@TheHavocdog Ай бұрын

You won't regret not getting enough money after you die, because you will be dead But if you live a longer life, but took early retirement and a reduced benefit, and you now can't pay the bills, then you will regret retiring early.

@masterlee4370 Ай бұрын

Simply another awesome video in easy to understand language. Would love to see one on how someone's social security is affected by a state retirement . My wife worked 23 years for the state as a nurse and gets a state retirement check. But she then went into the regular workforce paying fica as a nurse. I heard there is a formula they use. Great Job!

@patthornton1212 Ай бұрын

I am 12/1957 so now is my full retirement age. I don't feel ready yet. Wife is 7/1961 so her full is 4 more years. We had a financial guy tell us since she was a stay at home mom to collect hers $600 a month at 62 then when I retire she could collect 50% of mine $2800 = $1400. I researched it and as you say her share of mine would be reduced by taking hers early. So we are waiting just don't know how long, I have diabetes - on meds and have lost weight but probably reduced lifespan I also have PEERs retirement 12 years worth. But we owe a lot of credit card dept.

@dufrenesguideservice8398 Ай бұрын

You are a wealth of information. Thankyou Sir

@MedicareSchool Ай бұрын

You're welcome!

@nanner3200 Ай бұрын

Would you please do a video about spouse and survivor when one person is on disability? Actually including more about disability in general. Thank you!

@user-pd6mh4oq8f Ай бұрын

Thank you!

@scottjackson163 Ай бұрын

Why do you need to need to calculate FRA benefits when that information is available on the SSA website?

@thumper823 Ай бұрын

You really provide a great service to us nearing retirement...thank you!

@MedicareSchool Ай бұрын

We're happy we can help!

@realmccoy2119 Ай бұрын

My wife is 3years younger, can she collect her ss at 62 and switch to spousal benefit at 67. This is assuming I wait till 7o to collect my benefit. Thus spousal benefit is not available to her because I have to be collecting. Is this correct?

@kikajala7821 Ай бұрын

Awesome video .. need to factor in interest rate and survivorship on when to take benefit. Makes it more beneficial to take early

@thomaskim3849 Ай бұрын

I collect my social security at 62. My spouse is 2 years older than me and collected benefits at 65 year old. My own benefit didn’t equal 50% of my spouse benefit at all. WHEN CAN I FILE SPOUSAL BENEFITS to receive 50% of spouse benefits? I am 64 now and my spouse is 66. Please reply Thanks.

@PaulPelletier2025 Ай бұрын

Thanks for the effort. How can someone qualify for SS benefits if they have never contributed because he or she was homeless all of their life ?

@MedicareSchool Ай бұрын

If they are married they could qualify through their spouse.

@Samirbakrol Ай бұрын

👍

@anthonyestrada1301 Ай бұрын

I retired at 65 but my retired my full age retirement is 66.4 months when I reach retirement age will SSA recalculate my SSA my payment. ?

@MedicareSchool Ай бұрын

Yes, they will.

@jeffreyg201 Ай бұрын

The benefit amount on my SS statement and SS.gov account.... are they accurate? I was born in 1960 and my FRA is 67. I retired from work 10 years ago at age 53 1/2 and have slightly less than 35 working years. I am currently 64 y/o. So on my SS statement, it shows 0's from 2014 until now (2024). I plan on drawing my SS benefit in about 1 1/2 to 2 years from now at age 65 1/2 to 66 depending on the remaining balance of my Roth IRA. I just want to know if the $$$ shown at age 65 to 66 is what I will actually receive (understanding that Medicare will deduct from that amount). I`ll be enrolling in Medicare in one year from now at age 65 and will have to pay out of pocket for a little while until SS kicks in. I just want to know if my SS statement $$$ amount is what it will be knowing that I left work 10 years ago.

@MedicareSchool Ай бұрын

You will want to contact SS directly yo verify if they have updated you profile on SSA.gov

@barnabyjara4751 Ай бұрын

AFTER 70 IT CAN'T GROW???? False. If you reach 70 and you have worked less than 35 years, keep working. THE AMOUNT WILL KEEP GROWING AFTER YOU ARE 70.