Blog Posts

By Marc Shaffer

An immediate division of assets is not the only financial consideration that should occur when divorcing. You should also consider the impact of a divorce on your Social Security benefits and the rights of each spouse to those future benefits. Consider some of these questions we typically hear from divorced spouses:

Will Social Security be there when I retire?

We found the following article from Bob Veres to be important content and wanted to share it with you. The question of Social Security being available when you retire is very relevant and worth considering. For conservative planning purposes, we typically suggest that those under age 50 may not want to consider Social Security and those over age 50 should probably plan on it. However, this article suggests that people consider assuming that Social Security will be there for everyone, but at a reduced 75% level. We choose to be more conservative but do welcome second opinions.

By Marc C. Shaffer

Over the past few months, I have participated in six weddings. My guess is not a single one of the happy couples had Social Security spousal benefits in mind as they made the decision to merge their lives, both spiritually and financially. Social Security benefits may seem like less of a concern for these young couples; each of them has decades to go before reaching retirement age. However, for couples currently nearing retirement, the choices they make regarding Social Security can have a dramatic impact on their financial future.

By: Marc C. Shaffer

As you and your spouse near retirement, have you considered if filing and suspending your Social Security benefits makes sense for your needs and lifestyle? You can only file and suspend benefits if you are at or above full retirement age, but the act allows your spouse to begin collecting spousal benefits, while your benefit accumulates delayed retirement credits. The ability to receive a higher monthly payout before activating your full retirement benefits is an attractive option to many couples, but it is helpful to have an advisor walk you through the specifics before you make a decision.

By: Marc C. Shaffer

Have you considered how social security fits into your retirement plan? Social Security is an important factor when determining the amount of income you will have in retirement, but it is also a factor that causes confusion for many. With so many questions surrounding Social Security, such as when to start receiving benefits, the ins and outs of filing and suspending, survivor benefits and how to supplement your Social Security income, making the decision that works best for you can be a challenge. Working with an advisor who can walk you through the process may help you maximize your Social Security benefits. Without help, you may be leaving money on the table.