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.c...
🏃🏻 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

[@gripgolf8392]

How do I get in touch with you?

[@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?

[@OakHarvestFinancialGroup]

Thank you for sharing. We would need much more information about your specific situation before coming to the same conclusion you have shared. A few thoughts: For most parents, there is always the desire to help our children. However, there are many longer-term pitfalls that can build for both you and your children should you continue the track you are on. We recently did a blog on cutting the financial cord with your adult children if you want to check it out - oakharvestfg.com/blogs/cutting-the-financial-cord-with-your-adult-child-it-can-benefit-both/ Before you make any investments, you should consider building up a cash reserves account for yourself first. This will permit you to cover any unplanned expenses that may arise. Afterwards, save as much as you can while you’re working and earmark these funds solely for your retirement. Finally, work with a trusted advisor that can provide visibility to your entire retirement picture. This will clarify if you are on track. If you are not as you claim, it will also help uncover what you need to do now to get back on course. Thanks for watching!

[@beheavenlyforever3158]

Can I get some of his benefits (spousal benefits ) if I was divorced from my husband, but we were married for 10 years before our divorce?

[@OakHarvestFinancialGroup]

Thank you for your question. Generally speaking, yes! However, there are several considerations. First, if you have not reached the age of 60, you need to still be single to remain eligible. You also need to be age 62 or older to qualify to receive your benefits. It also depends on how long you have been divorced from your ex-spouse. If you have been divorced for less than 2 years, your ex-spouse must be receiving their own SS benefit. If you have been divorced for over 2 years, this requirement does not apply. There are other considerations like earning limitations if you plan to work after beginning your benefits. These can reduce your benefits. In addition, if you plan to take your benefits before your Full Retirement Age, this will also reduce your benefit. With Social Security such an important part of your overall retirement, it is best to consider all aspects of your income (and tax) plan during your retirement years. Feel free to call our office to discuss. Thanks for watching!

[@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

[@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.