social security: how to get $250,000 more
DESCRIPTION
TRANSCRIPT
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Social Security: How to get $250,000 More
Matthew Illian
Marotta Wealth Managementwww.eMarotta.com
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Social Security Quiz
1. Social Security Income is never taxed □ □
2. You should always file early for SS (age 62) □
□
3. Earned income can penalize your Social Security income before age 66
□ □
4. You need to have worked to get SS. □ □
5. Social Security paychecks keep up with Inflation □
□
True or False
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-25% +32%
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AGE: 64 AGE: 62Basic Benefit
(AGE 66): $2300Basic Benefit (AGE
66): $800
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$800 X 75% = $600
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Everything you need to consider beforeFiling for Social Security
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Everything you need to consider beforeFiling for Social Security
$2300 X 35% = $805
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Everything you need to consider before filing for Social Security
$2300 X 100% = $2300
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Primary Income
HomemakerAGE: 61 AGE: 60
Basic Benefit (AGE 66): $2300
Basic Benefit (AGE 66): $400
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Option 1: Primary Income at 62
$688,620
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Option 2: Primary Income at 70
$724,032
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Option 3: Homemaker at 66 and Primary at 68
$774,288
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Primary Income
62 63 64 65 66 67 68 69 70
62 -$85,668 -$80,148 -$70,366 -$62,101 -$56,928 -$48,636 -$44,760 -$45,300 -$50,256
63 -$82,908 -$77,388 -$61,546 -$53,731 -$49,008 -$41,166 -$37,740 -$38,730 -$44,136
64 -$73,552 -$68,032 -$52,189 -$37,865 -$33,979 -$26,975 -$24,386 -$26,214 -$32,458
65 -$66,955 -$61,435 -$45,593 -$31,268 -$20,035 -$13,846 -$12,072 -$14,714 -$21,773
66 -$62,208 -$56,688 -$40,846 -$26,521 -$15,288 -$936 $0 -$3,480 -$11,376
67 -$76,008 -$70,488 -$54,646 -$40,321 -$29,088 -$14,736 -$4,800 -$7,896 -$15,408
68 -$89,808 -$84,288 -$68,446 -$54,121 -$42,888 -$28,536 -$18,600 -$13,080 -$20,208
69 -$103,608 -$98,088 -$82,246 -$67,921 -$56,688 -$42,336 -$32,400 -$26,880 -$25,776
70 -$117,408 -$111,888 -$96,046 -$81,721 -$70,488 -$56,136 -$46,200 -$40,680 -$39,576
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Option 4: Primary Income “File and
Suspend”
$785,164
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1. Primary Earner Files at 66 and “Suspends” Benefit
2. This makes Secondary earner “eligible” for spousal benefits
3. Primary Earner Re-files at 704. Secondary Earner keeps lower
spousal benefit even though Primary Earner has raised their personal benefit.
“File and Suspend”
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Charles “Chuck” Schwab
Mrs. SchwabAGE: 66 AGE: 62
Basic Benefit (AGE 66): $1,930
Basic Benefit (AGE 66): $1,193
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Option 1: Both File at 62
$653,836
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Option 2: Chuck at 70 and Mrs.
Schwab at 64
$754,620
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Option 3: FAASF
$782,172
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1. Lower wage earner files.2. Higher wage earner files for
spousal benefits at age 66.3. Higher earner re-files at 70.4. Surviving spouse receives higher
benefit amount.
“File As A Spouse First”
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1. Must have been married 10 years2. Must not be remarried.3. You can claim even if other spouses
are claiming.
Divorced Spouse Benefits
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Taxable Portion of Social Security
MAGI = ½ of SS Income + Income from all sources
Filing StatusOver Max Amount Taxed
Single, HOH 25,000 34,000 50% over $25k34,000 Unlimited 85% over $34k
MFJ 32,000 44,000 50% over $32k44,000 Unlimited 85% over $44k
MFS Any 85% over $34k
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CONCLUSIONS
1. Joint Income Maximization vs. Individual Income Maximization
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2. Social Security is very complicated
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3. Consider Longevity Insurance
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R E T I R E M E N TR E T I R E M E N T
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Social Security: How to get $250,000 More
Matthew Illian
Marotta Wealth Managementwww.eMarotta.com