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Social Security Benefits: Surviving Spouse – Deemed Filing

September 9, 2021 admin Leave a comment

Hey Marc! – I have a client that we are working with who has questions about her widow benefit. The husband passed away, and the wife is age 58 and is eligible to receive a widow’s benefit at age 60. Her FRA is 67. I looked back on the NSSA training and found that deemed filing does NOT apply. Doesn’t this mean, that the client can claim her own SS benefit and wait to take her widow benefit until her FRA so that it isn’t reduced?

Answer – You are correct that DEEMED FILING does not apply to surviving spouses. A surviving spouse may begin their own retirement benefit at age 62 and switch to a full widow(er) benefit at FRA or begin the widow(er) benefit at age 60 and switch to their own benefit as late as age 70. You are a quick learner!

Hey Marc

Social Security Benefits: Delayed Retirement Credits

September 8, 2021 admin Leave a comment

Hey Marc! – We have a client who called SSA. My primary question is how could the client be getting the exact same amount of Benefit if he files in November compared to filing at FRA this past July. To me it doesn’t make sense but she swears she called three times. Three SSA representatives, and they all said the same thing. Why isn’t the benefit increasing for Delayed Retirement Credits.

Answer – DRC’s are not added to a persons benefit until after the year they are earned. His full retirement age is reached July 2021. If he takes benefits in July he will receive his full retirement age benefit with no DRC’s. If he files effective November the payments he receives for November and December will not include any DRC’s so it is the same amount as if he took benefits in July. However, in January he will receive the 4 months DRC increase (2.67%) added to his benefit. He eventually gets the increase but not until the year he earned the credits ended. DRCs earned in year of beginning benefits are credited to record in January of the following year. Exceptions is beginning at age 70. In this situation recipient will receive all of DRCs when benefits begin.

Hey Marc

Social Security Online Account – Second Factor Authentication

September 7, 2021 admin Leave a comment

Hey Marc! – My client recently changed her e-mail address and cell phone number. How does she change the Second Factor Authentication in her online My Social Security account?

Answer – Social Security recently issued instructions on changing the Second Factor Authentication. Second Factor Authentication serves as an extra level of security to prevent prying eyes from viewing sensitive information. Step by step instructions to change this feature can be found at SSA.gov.

Situational Social Security

Situational Social Security – Spousal Benefits

June 4, 2021 admin Leave a comment

FOR ADDITIONAL TIPS AND CUTTING EDGE STRATEGIES PLEASE ATTEND THE NATIONAL SOCIAL SECURITY ADVISOR CERTIIFICATE PROGRAM EDUCATION. WWW.PREMIERNSSA.COM.

We emphasize SITUATIONAL SOCIAL SECURITY in the NSSA® Certificate program, as all your clients are UNIQUE. Your clients may be single, married with wide age differences, married with narrow age differences, divorced, surviving spouses, eligible to file a Restricted Application, children, public employees, etc. Advisors, (YOU), must understand the issues and questions that relate to every unique client. You are your clients’ trusted advisor and must understand Social Security.

My partner, Jim Blair, worked for the Social Security Administration for 35 years and retired in January, 2010. Jim and I began our journey together at that time to help folks to understand and maximize their Social Security benefits. In January 2013, we created the National Social Security Advisor Certificate program. To date, 2,500 advisors across the country have earned the NSSA® certificate.

In this installment of Situational Social Security, (SSS), we are going to discuss spousal benefits. In our class we spend significant time discussing spousal benefits as this is a key factor in deciding when spouses should begin benefits. First, the rules for YOU to collect off YOUR spouse:

You must be at least age 62
Your spouse MUST be COLLECTING a RETIREMENT or DISABILITY benefit.
Marriage duration – 12 continuous months
Spousal benefit is equal to 50% of other spouse’s PIA (FRA benefit)

You can see that your spouse must be receiving a Social Security RETIREMENT or DISABILITY benefit. Thus, a husband must be receiving a benefit so his wife can receive a spousal benefit. The opposite is also true. A wife must also be receiving a RETIREMENT or DISABILITY benefit so her husband can receive a spousal benefit. Does a husband (or wife), turn on benefits at FRA so a spousal benefit can be paid? Or does the husband/wife wait to age 70, thereby, maximizing DRCs, but delaying the payment of a spousal benefit? You as the advisor will help your client make this decision.

How much is a spousal benefit? Easy – 50% of spouse’s PIA. PIA or Primary Insurance Amount is the amount of benefit that an individual receives at Full Retirement Age. Assume that my PIA is $2,000 and that my FRA is June 2022. I will receive $2,000 if I begin in June, 2022. My benefit will be reduced if I begin prior to June, 2022 and will be increased if I begin after that month. Half of PIA actually means half of PIA! If I begin my benefits at age 62, my wife will still receive half of my PIA or $1,000 at her FRA. If I begin my benefits after reaching FRA, my wife will still receive half of my PIA.

For example, assuming my FRA is age 66 and I begin at age 62, I will receive $1,500. If I begin at age 70, I will receive $2,640. In either situation, my wife will receive half of my PIA or $1,000 at her FRA. If she begins the spousal benefit at age 62, the spousal benefit is reduced by 30% to $700. So, it does not matter if I begin benefits prior to FRA or after FRA, my wife still ONLY receives 50% of my Primary Benefit Amount (PIA).

Spousal benefits do not increase beyond Full Retirement Age, so there is no reason to begin a spousal benefit after FRA, unless not eligible. Of course, to be eligible for a spousal benefit, the other spouse must be receiving a retirement or disability benefit.

Restricted Application – Tom and Barbara came in last week and met with Jim Blair. Tom and Barbara have been married for 25 years. Tom was born January 25, 1952. Tom asked if the strategy to collect a spousal benefit is still available. Jim indicated that Tom is referring to the Restricted Application and that this strategy is available to folks born by the MAGIC birthday of January 1, 1954. Jim indicated that when Barbara turns on her benefits, Tom can file a Restricted Application to collect a spousal benefit while at the same time his own retirement benefits are accruing the Delayed Retirement Credits. The Restricted Application is a very valuable strategy – like having your cake and eating it too. Tom is receiving a spousal benefit while accruing DRCs on his own work record. Unfortunately, this strategy will be completely phased out by December 31, 2023. Advisors must be aware of client’s birthdates and take advantage of the Restricted Application when appropriate.

Surviving Spouse Benefit – Frequently, the main factor when to begin SS benefits is the impact on a surviving spouse benefit. Generally, the husband will pass away before the wife and is the higher income earner. If he begins prior to his FRA, the reduction may last two lifetimes. If he begins after FRA up to age 70, the increase may also last two lifetimes. Should the husband begin at Full Retirement Age or should he begin at age 70? Be sure to factor in the importance of a surviving spouse benefit when deciding when to begin benefits.

Common Strategy – If the wife is also eligible for Social Security benefits, a strategy gaining in popularity is for the wife to file for her benefits at age 62. Beginning benefits at age 62, might allow her husband to wait to FRA or even to age 70. AND, if he was born by the MAGIC birthdate of January 1, 1954, he can file a Restricted Application to receive a spousal benefit while his benefits increase for the Delayed Retirement Credits.

FOR ADDITIONAL TIPS AND CUTTING EDGE STRATEGIES PLEASE ATTEND THE NATIONAL SOCIAL SECURITY ADVISOR CERTIIFICATE PROGRAM EDUCATION. WWW.PREMIERNSSA.COM.

For additional information about the National Social Security Advisor Certificate program, please visit www.premiernssa.com or contact Marc Kiner at 513.218.8505 or by email at mkiner@mypremierplan.com.

General

National Social Security Association selects 2020 NSSA Advisor of Year

December 10, 2020 admin Leave a comment

Thursday, Dec. 10, 2020

The National Social Security Association in Cincinnati has selected Beau Henderson, CEO of RichLife Advisors, LLC of Gainesville, Ga., as its National Social Security Advisor (NSSA) Advisor of the Year.

The award was announced by Marc Kiner of Blue Ash, board member of the National Social Security Association. Kiner is partner at Premier Social Security Consulting of Cincinnati, which teaches the NSSA Social Security education courses to professional advisors across the nation.

“Beau has shown himself to be a dedicated advocate for Social Security education in his community and the surrounding area,” said Kiner. “He and his company have conducted more than 200 Social Security information seminars around Gainesville, including Hall, Gwinnett, Forsyth, and Fulton counties. He uses media, podcasts and social media effectively to help workers and soon-to-be retirees learn how to secure a more comfortable retirement by maximizing their Social Security income.”

The NSSA program is the nation’s only accredited Social Security education certificate program. Accreditation is provided by the Institute for Credentialing Excellence (ICE) in Washington, D.C. The NSSA Advisor certificate is awarded to professional advisors who take the NSSA course and pass an assessment.

Henderson is the founder of RichLife Advisors, a financial advisor firm focused on retirement planning. He and his five employees have reached an estimated 3,000 clients over the past 20 years to help them improve their relationships with money and plan for a successful retirement that includes six components: maximizing income, including Social Security; optimizing assets for long-term growth; paying less in taxes; healthcare planning; protecting people and things they care about most; and helping them “live out their unique definition of a RichLife in retirement,” according to its website.

“Our philosophy is education first,” said Henderson. “We teach people how to realize their retirement goals by making the best decisions possible. If we teach people, they become much more capable about their money, which cuts down on regret and fear. With the right strategy, your retirement will be successful.”

Henderson was 23 years old and a graduate student in psychology when his father died of lung cancer at the age of 49. He helped his mother navigate difficult financial decisions as their family grieved, which led him to embrace a financial advising career as a way to help others and make a profound difference in their lives.

Henderson said the NSSA Advisor of the Year Award reinforces his company’s commitment to client education. “We’re grateful to be acknowledged for our commitment to financial education, including Social Security education,” said Henderson.

Henderson is the author of 10 books, including The RichLife: Ten Investments for True Wealth; The RoadMap to a RichLife: Success with Life, Relationships, and Money; Customized Social Security; and 12 Steps to a Successful Retirement. He is a podcast enthusiast and studio owner of North Georgia Business Radio X.

“There are more than 500 possible ways to claim Social Security,” said Jim Blair of Ross, Premier partner and a Social Security expert. “The best decision on when and how to claim goes back to your unique situation, which we call ‘Situational Social Security.’ More than 90 percent of workers today don’t claim optimally and can lose around $100,000 over the course of their retirement.

Premier teaches professional advisors the ins and outs of the Social Security system so they can in turn show their clients how to optimize Social Security income.”

The U.S. has an estimated 76 million baby boomers, which is about 20 percent of the nation’s population. Ten thousand boomers reach the full retirement age of 65 each day nationwide.

Blair is a 35-year veteran of the Social Security Administration. He is regularly interviewed by national media on Social Security issues.

The National Social Security Association has awarded certificates to more than 2,500 advisors nationwide since 2013. NSSA Advisor certificate training is offered during the pandemic via webinar training, where students participate in a live, one-day program with an NSSA instructor. They can also opt for a 19-module, video-based, on-demand course taught by NSSA instructors. On-demand students can complete workshop lectures and activities on their own time.

NSSA certificate holders receive ongoing Social Security support and education resources throughout the year. Ongoing support includes questions answered and monthly webinars. The webinars help NSSA certificate holders maintain Social Security knowledge and keep up to date.

Once pandemic concerns are lifted, NSSA training will be offered again in live classroom settings and for private groups in cities across the nation.

For more information on RichLife Advisors, LLC., visit https://richlifeadvisors.com or call (770) 249-7424.

For more information about the NSSA Advisor certificate program, visit https://www.nationalsocialsecurityassociation.com or call Kiner at (513) 247-0526.

Melinda Zemper, Oak Tree Communications

Situational Social Security

Situational Social Security – Divorced Spouse

November 30, 2020 admin Leave a comment

FOR ADDITIONAL TIPS AND CUTTING EDGE STRATEGIES PLEASE ATTEND OUR HOLDAY SPECIAL WEBINAR ON DECEMBER 29 / 30. (Time – 10 – 2 EST both days.) DISCOUNT 50%. REGISTER AT WWW.PREMIERNSSA.COM.

We emphasize SITUATIONAL SOCIAL SECURITY in the NSSA® Certificate program, as all your clients are UNIQUE. Your clients may be single, married with wide age differences, married with narrow age differences, divorced, surviving spouses, eligible to file a Restricted Application, public employees, etc. Advisors, (YOU), must understand the issues and questions that relate to every unique client. You are your clients’ trusted advisor and must understand Social Security.

My partner, Jim Blair, worked for the Social Security Administration for 35 years and retired in January 2010. Jim and I began our journey together at that time to help folks to understand and maximize their Social Security benefits. In January 2013, we created the National Social Security Advisor Certificate program. To date, 2,500 advisors across the country have earned the NSSA® certificate.

In this installment of Situational Social Security (SSS), we will discuss Social Security benefits relating to divorced individuals. First, the rules for YOU to collect off an ex-spouse:

1) You must be single

2) You must be at least age 62

3) Marriage duration – ten continuous years

4) Your spouse MUST be COLLECTING a RETIREMENT or DISABILITY benefit if divorced for less than two years.

The requirement that your ex-spouse be receiving a benefit does not apply if the following conditions are met as “Independently Entitled Divorced Spouse” status will apply:

1) You and your ex are at least age 62

2) You are single

3) Marriage duration – ten continuous years

4) You and your ex have been divorced for at least two years

Restricted Application for Ex-spouse – Tom came in last week and met with Jim Blair. Tom was married to Alice for 25 years and have been divorced for 5 years. Additionally, Tom was born January 25, 1952. Tom told Jim, that Alice filed a Restricted Application and is collecting a spousal benefit off his work record. Tom asked Jim if he can also file a Restricted Application. Tom is eligible to file a Restricted Application as he was born by the MAGIC date of January 1, 1954 and the requirements stated above have been met.

Filing a Restricted Application will allow Tom to receive a spousal benefit while his own retirement benefit earns Delayed Retirement Credits. This is a very powerful strategy. Do you want to supercharge this strategy? Tom is also eligible to file The Restricted Application effective six months ago, (May), receiving a lump sum check for SIX months of retroactive spousal benefits. WOW!!!! Tom better file the Restricted Application by the end of November 30, 2020 or risk losing a month of spousal benefits.

Impact of Marriage – One of the requirements to collect off an ex-spouse is that the ex-spouse seeking to collect must be single. Mary come in a couple months ago. Mary has been receiving Social Security off her ex-husband, Sid, for several years. Mary plans on marrying Bob in March of 2021. Mary is concerned that her Social Security benefits off Sid will be impacted if she marries Bob. Her friend, Harold, told Mary that her benefit off Sid will continue after she marries Bob. Mary is not sure of Harold’s advice! Mary is correct as she must be single to collect a spousal SS benefit off Sid. Harold is wrong again! Upon marrying Bob, Mary’s benefits off Sid will terminate. However, Mary is eligible to collect a spousal benefit off her new husband, Bob if he is receiving a retirement of disability benefit. Generally, Mary would have to wait until married to Bob for a year. This requirement does not apply if Bob is collecting a Social Security benefit upon marriage.

Amount of Benefit off of Ex-Spouse – we will cover the calculation of spousal benefits, (current or divorced), in greater detail in another installment of Situational Social Security. For now, pleases understand that a spousal benefit is equal to 50% of the other spouse’s Full Retirement Age benefit, or Primary Insurance Amount, PIA. For example, if my PIA is $2,000 then my ex-spouse is eligible for $1,000 at her Full Retirement Age. If she takes early, the spousal benefit will be reduced for age. Spousal benefits do not increase after Full Retirement Age. As indicated, I will discuss the spousal benefit calculation in greater detail in an additional installment of SSS.

Additional strategies relating to ex-spouses will be discussed in the next installment of Situational Social Security.

FOR ADDITIONAL TIPS AND CUTTING EDGE STRATEGIES PLEASE ATTEND OUR HOLDAY SPECIAL WEBINAR ON DECEMBER 29 / 30. DISCOUNT 50%. REGISTER AT WWW.PREMIERNSSA.COM.

Situational Social Security

Situational Social Security – Retroactive Benefits

November 23, 2020 admin Leave a comment

We emphasize SITUATIONAL SOCIAL SECURITY in the NSSA® Certificate program, as all of your clients are UNIQUE. Your clients may be single, married with wide age differences, married with narrow age differences, divorced, surviving spouses, eligible to file a Restricted Application, public employees, etc. Advisors, (YOU), must understand the issues and questions that related to every unique client. You are your clients’ trusted advisor and must understand Social Security. Advisors attending the National Social Security Advisor Certificate program change their mindset and become PROACTIVE. NSSA® Advisors do not wait for clients to bring up the topic Social Security. NSSA® Advisors are confident in their knowledge, and actually BEGIN THE DISCUSSION. Which type of advisor are you? Hesitant to discuss SS? Confident in your understanding of SS? Proactive?

In this installment of Situational Social Security, we will discuss a very powerful SS strategy that is available to married couples when the spouses are over Full Retirement Age and have not begun their retirement benefits. I have discussed this strategy with advisors and clients several times this week.

Retroactive Benefits – Clients beginning Social Security benefits after reaching Full Retirement Age can apply for six months of retroactive benefits. Your client, Samantha is eligible for Social Security benefits of $2,000 per month at age 68. Her PIA is $1,724. As a matter of fact, today, (November 21, 2020) is Samantha’s birthday! Samantha is thinking about beginning her benefits this month, November, 2020. Samantha’s husband, Robert, also turns age 68 today. What a coincidence! Robert’s Social Security benefit at age 68 is $2,500. Robert’s PIA is $2,155. Neither Samantha nor Robert have filed for benefits.

Clients beyond FRA may elect six months of retroactive benefits. Six months of retroactive benefits are available upon reaching FRA. However, the six-month period cannot precede Full Retirement Age. Thus, an individual, age 68 can elect six months of retroactive benefits. An individual age 66 and 3 months can only receive three months of retroactive benefits. Retroactive benefits are paid in a lump sum.

Consider the following strategy for Samantha and Robert:

Samantha files for benefits effective six months ago, May, 2020. Samantha receives a lump sum payment of $11,304! ($1,884 (SSB with 14 months of DRCs) * 6). Her benefit will increase to $1,930 effective 1/2021 to include the DRCs earned in 2020.
Robert is eligible to file a Restricted Application and receive a spousal benefit of $862 ($1,724*.5). Robert was born November 21, 1952. Robert files the Restricted Application also effective May, 2020 and receives a lump sum payment of $5,172
Robert switches to his own retirement benefit at age 70 and receives Social Security benefits of $2,845.

The above strategy provides for combined lump sum benefits of $16,476.

Even if your clients are not able to file a Restricted Application, it may still make sense to consider the six months of retroactive benefits even though DRCs associated with these months will be lost.

Only cutting edge and proactive advisors need to consider this strategy. All other adivsors just ignore!

DO NOT FOREGET THE BENEFITS OF FILING FOR RESTROACTIVE BENEFITS. DO SO AT YOUR OWN PERIL!

General

Situational Social Security – Restricted Application

October 13, 2020 admin Leave a comment

We emphasize SITUATIONAL SOCIAL SECURITY in the NSSA® Certificate program, as all of your clients are UNIQUE. Your clients may be single, married with wide age differences, married with narrow age differences, divorced, surviving spouses, eligible to file a Restricted Application, public employees, etc. Advisors, (YOU), must understand the issues and questions that related to every unique client. You are your clients’ trusted advisor and must understand Social Security. Advisors attending the National Social Security Advisor Certificate program change their mindset and become PROACTIVE. NSSA® Advisors do not wait for clients to bring up the topic Social Security. NSSA® Advisors are confident in their knowledge, and actually BEGIN THE DISCUSSION. Which type of advisor are you? Hesitant to discuss SS? Confident in your understanding of SS? Proactive?

In this installment of Situational Social Security, we will discuss a very powerful SS option, the Restricted Application. The majority of advisors are clueless about the Restricted Application, but this is a very powerful Social Security strategy.

RESTRICTED APPLICATION – This strategy allows your client to file for a spousal benefit while their own benefit earns Delayed Retirement Credits. What? WOW! Impossible! Say what? Yep, your client can file for a spousal benefit while earning DRCs on their own retirement benefits. Let’s say that my FRA is 66 and that I am eligible for $2,000 of SS benefits at my FRA. Additionally, I am also eligible for a spousal benefit of $1,000 at my FRA as my wife worked and is eligible for her own retirement benefits. At my Full Retirement Age, I can file a Restricted Application and receive a spousal benefit off of her work record. I will receive $1,000 benefits for 48 months, ($48,000), and then at age 70 will turn on my benefits. At age 70, my benefits will have increased 32% due to DRCs, resulting in a monthly benefit of $2,640. WOW! WHAT? Kind of like having your cake and eating it too. I receive $48,000 in spousal benefits and earn Delayed Retirement Credits of 32%. This strategy, (Restricted Application), is only available upon reaching Full Retirement Age. A very powerful strategy. Unfortunately, only clients born by January 1, 1954 are able to use this strategy. SO, if you are meeting with a client that was born by January 1, 1954, you must consider a Restricted Application in your client’s Social Security options. Just think what your clients can purchase with $48,000 – 9,000 cups of coffee at Starbucks!!!!! Or a brand new car!!!!!

But the next question you should be asking is does the other spouse have to be receiving a Social Security benefit for a Restricted Application to be beneficial? YES, YES, YES and YES. I cannot file a Restricted Application if my wife is not receiving a SS RETIREMENT or DISABILITY benefit. I will repeat, my wife must be receiving a SS RETIREMENT or DISABILITY benefit, otherwise I am not able to file for a spousal benefit off of her work record. So, my wife turns on her Social Security allowing me to file a Restricted Application and receive a spousal benefit.

A very common strategy for married couples is for a wife to take her own benefits as early as age 62. This may allow the husband to delay to FRA or as late as age 70. And if the husband was born by January 1, 1954, he can file a RESTRICTED APPLICAITON for spousal benefits while he waits to begin his own benefits. In this scenario, widow benefits are maximized as the husband waits to age 70. Thus, sometimes it makes sense for folks to begin benefits prior to reaching FRA.

About half our our clients can still file a Restricted Application as they were born by January 1, 1954. The benefits of a Restricted Application will disappear in 2024. The RESTRICTED APPLICATION must be in your Social Security toolbox. If you are meeting with clients and discussing their Social Security options please ask this easy question – what is your birthdate? If born my what date? Oh yea, January 1, 1954, you MUST include the RESTRICATED APPLICATION in the discussion.

DO NOT FOREGET THE BENEFITS OF THE RESTRICTED APPLICATION. DO SO AT YOUR OWN PERIL!

For additional information about the National Social Security Advisor Certificate program, please visit www.premiernssa.com or contact Marc Kiner at 513.218.8505 or by email at mkiner@mypremierplan.com.

General

Social Security Retirement Benefits Eligibility

October 5, 2020 admin Leave a comment

We emphasize SITUATIONAL SOCIAL SECURITY in the NSSA® Certificate program, as all of your clients are UNIQUE. Your clients may be single, married with wide age differences, married with narrow age differences, divorced, surviving spouses, eligible to file a Restricted Application, public employees, etc. Advisors, (YOU), must understand the issues and questions that related to every unique client. You are your clients’ trusted advisor and must understand Social Security. Advisors attending the National Social Security Advisor Certificate program change their mindset and become PROACTIVE. NSSA® Advisors do not wait for clients to bring up the topic Social Security. NSSA® Advisors are confident in their knowledge, and actually BEGIN THE DISCUSSION. Which type of advisor are you? Hesitant to discuss SS? Confident in your understanding of SS? Proactive?

In this installment of SITUATIONAL SOCIAL SECURITY, (SSS), we discuss the eligibility requirements to receive Social Security retirement benefits.

There are only two requirements to become eligible for Social Security retirement benefits;

1) Forty credits – you can earn a maximum of four, (4), credits per year. Thus, you need 10 years of part time work to earn 40 credits. Social Security Administration used to refer to this requirement as “quarters” but changed this to “credits”. How is a credit earned? By working in every quarter? No. A credit is earned based on earned income (wages and net s/e income). In 2020, one credit is earned when you have earned income of $1,410. If you earn $5,640 in 2020, you will receive four credits. It does not matter when the $5,640 is earned. If it takes all twelve months to earn $5,640 or you earn this amount in January alone, you will earn four credits. Many advisors believe that clients must work in every quarter. This is not the case. Clients earn credits just by having earned income. If you earn $1,410 you will receive one credit. If you earn $2,820 you will receive two credit. Pretty simple!

Your clients, Tom and Cindy, come into your office to discuss their Social Security benefits. You review their Social Security benefit statements and see that Tom is eligible for retirement benefits as he has earned more than 40 credits. Cindy only has 36 credits. How can Cindy obtain four additional credits to qualify for her own SS retirement benefits? Qualifying for her own benefits might allow Tom to wait until his FRA or longer, (up to age 70) to claim his benefits resulting in increased benefits for himself along with an increased widow benefit to Cindy. If Cindy works in 2020 and earns $5,640, she will receive the additional four credits. Cindy can earn this amount in one month and not work another day the rest of the year. If Cindy only has 32 credits, she can work in 2020 and 2021 to obtain the additional eight credits. If Tom owns a business, Cindy can do some administrative work to earn compensation and receive the necessary credits to be eligible for her own benefits. As your clients’ trusted advisor please understand how credits are earned and how you can help your clients to obtain the necessary credits to be eligible for retirement benefits.

2) Must have attained age 62 for the entire month. Attained age 62? Whoa! What do we mean by “attained”? What is the difference between turning age 62 and attaining age 62? You turn age 62 on your birthday and your attain 62 the day before your birthday. Thus, if Albert turned age 62 on June 18th, then he actually attained age 62 on June 17th. Your clients must have attained age 62 for the entire month to be eligible for SS retirement benefits. If Samantha turned age 62 on June 18th, she would not be eligible to begin Social Security retirement benefits until July. The only folks that can begin their retirement benefits in the birth month of turning age 62 are those that were born on the 1st or 2nd of the month. Everyone else is not eligible until the month after reaching age 62. I was born on February 13th, thus am not eligible to begin my benefits until March!

So your clients must have 40 credits and have attained age 62 for the entire month to qualify for SS retirement benefits. Now the question is when will SSA begin sending your clients SS benefits? Your clients must file for benefits. The Social Security Administration will not automatically send benefits upon reaching age 62. Furthermore, SSA will not automatically send benefits upon reaching age 70. Your clients MUST file!

To learn more about the National Social Security Advisor Certificate program, please visit www.premiernssa.com or contact Marc Kiner by phone 513.218.8505 or by e-mail mkiner@mypremierplan.com.

Situational Social Security

Situational Social Security (SSS)

October 3, 2020 admin Leave a comment

Do you know that all of your clients are unique? Every one of your clients is in a different Social Security situation. Advisors across the country must understand the questions and issues that relate to every unique client. In the National Social Security Advisor certificate program we focus on Situational Social Security. Your clients may be single, married, divorced, surviving spouses, children, public employees or may be eligible to file a Restricted Application. Do you know the questions and issues relating every one of your unique clients?

In this series, we will discuss the concept of Situational Social Security and prepare you to meet every one of your unique clients guiding them through this difficult decision. We will also share our “rugged” three legged stools for single folks, married couples, divorced couples and surviving spouses. Wouldn’t it be nice to meet with your clients with the CONFIDENCE to discuss Social Security with all of YOUR clients. Wouldn’t it be nice to have the KNOWLEDGE and EDUCATION to help your clients proactively and not waiting for your clients to begin the discussion?

In the next installment of this series, we will discuss single folks and the requirements to be eligible for a Social Security Retirement benefit.

But, at this time, I want to define a couple key terms, 1) Full Retirement Age and 2) Primary Insurance Amount.

Full Retirement Age (FRA) – the age you receive 100% of your Social Security Retirement benefit. See the table below. Clients turning age 62 in 2020 were born in 1958 and have a FRA of 66, 8 months.

Year of birth Full Retirement Age

1943 – 1954 66
1955 66 and 2 months
1956 66 and 4 months (this is my FRA as I was born in 1956!)
1957 66 and 6 months
1958 66 and 8 months
1959 66 and 10 months
1960 67

Benefits are reduced for age if you client is receiving a benefit prior to reaching FRA and are increased if begun after reaching FRA.

Primary Insurance Amount (PIA) – The amount of benefit that you are eligible to receive at your Full Retirement Age. Examples:

PIA of $2,000 means that you will receive $2,000 at your FRA
PIA of $1,500 means that you will receive $1,500 at your FRA
PIA of $750 means that you will receive $750 at your FRA.

For additional information about the National Social Security Advisor Certificate, please visit www.mypremierplan.com or contact Marc Kiner at 513.218.8505.