Spousal Social Security Claiming Strategies You Need to Know - 208

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3 • 681 Ratings

🗓️ 12 February 2019

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Did you know there are over 2,700 rules governing Social Security benefits? File and suspend vs restricted claim... the list goes on! Mary Beth Franklin (InvestmentNews contributing editor, "The Goddess of Social Security") goes deep on spousal Social Security claiming strategies after Joe, Big Al and Andi tackle a couple Social Security disability and spousal benefits questions on their own. Mary Beth caps also explains the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). Transcript & show notes: http://bit.ly/YMYW-208

Transcript

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0:00.0	Did you know there are over 2,700 rules governing Social Security benefits?
0:05.0	I'm producer Andy Last, and today on Your Money, Your Wealth,
0:08.0	Joe Big Al and I are going to tackle just a couple of those rules.
0:11.0	Like, will you lose half of your benefits if your better half claims spousal benefits?
0:16.0	How do drawing Social Security disability and filing suspend work, if at all. Then we'll bring in the
0:22.1	goddess of social security, investment news contributing editor Mary Beth Franklin. She'll check our
0:27.0	work. She'll explain why you should scrub the old and busted file and suspend from your vocabulary
0:31.5	and get to know the new hotness filing a restricted claim for spousal benefits. And for you public
0:36.9	sector and government employees,
0:38.7	she'll also talk about the web and GPO. But first, with a spousal social security question from
0:43.8	Tom in San Diego, here are the hosts of Your Money, Your Wealth, Joe Anderson's CFP and Big Alclopine
0:49.9	CPA. My wife turned 62 in February of this year, 2019. Tom turns 70 in July. I have been drawing Social Security since 62 as it was necessary. We were wiped out in the housing crash of 2017-ish. I think it means 2007-ish.
1:13.4	So no savings or other income.
1:17.5	My wife could take her Social Security at about $700 per month,
1:24.4	or I hear she could apply for half my 1900 that I receive.
1:25.6	Question.
1:29.1	Do I lose half my Social Security if she claims half?
1:33.2	Given the scenario above, should she take her SSI?
1:33.8	Thank you.
1:35.7	Okay.
1:37.3	Tom, few different things.
1:41.4	Let me answer, I guess the biggest one that he's afraid of,
	...

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