Provided by:
Alexander L Stanchfield
Email: alexs@magellanfinancial.com
Disclaimer
This tool demonstrates options for rece...
Scenario 1
70
66
$1,819,454
You Spouse
Age 63 61
Monthly benefit at Full Retirement Age $2,245 $1,790
Assume live to 85 90...
Scenario 1You Suspend, Spouse Files Restricted
You Spouse
Age 63 61
Social Security start age 70 66
Monthly Benefit at Ful...
Scenario 2
63
62
$1,350,955
You Spouse
Age 63 61
Monthly benefit at Full Retirement Age $2,245 $1,790
Assume live to 85 90...
Scenario 2File for Benefits
You Spouse
Age 63 61
Social Security start age 63 62
Monthly Benefit at Full Retirement Age $2...
Scenario 3
68
66
$1,751,723
You Spouse
Age 63 61
Monthly benefit at Full Retirement Age $2,245 $1,790
Assume live to 85 90...
Scenario 3You File Restricted, Spouse Files
You Spouse
Age 63 61
Social Security start age 68 66
Monthly Benefit at Full R...
Definitions and Important Information
Marital Status
Married: Currently married under federal definition of marriage. Appl...
benefits without any adjustments for inflation. More information can be found at
www.socialsecurity.gov/cola.
Modified Adj...
*All$calculations$based$on$assumptions$and$NOT$GUARANTEED,$consult$an$accountant$prior$to$deciding$on$final$strategy.$$$$$...
*All$calculations$based$on$assumptions$and$NOT$GUARANTEED,$consult$an$accountant$prior$to$deciding$on$final$strategy.$$$$$...
*All$calculations$based$on$assumptions$and$NOT$GUARANTEED,$consult$an$accountant$prior$to$deciding$on$final$strategy.$$$$$...
*All$calculations$based$on$assumptions$and$NOT$GUARANTEED,$consult$an$accountant$prior$to$deciding$on$final$strategy.$$$$$...
*All$calculations$based$on$assumptions$and$NOT$GUARANTEED,$consult$an$accountant$prior$to$deciding$on$final$strategy.$$$$$...
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Social Security Case Study 1

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Transcript of "Social Security Case Study 1"

  1. 1. Provided by: Alexander L Stanchfield Email: alexs@magellanfinancial.com Disclaimer This tool demonstrates options for receiving your Social Security benefits. The results shown are hypothetical based on the information you provided and are not a guarantee of future benefit values or investment results. Contact your financial professional or the Social Security Administration for more information. Social Security Explorer helps you become better informed prior to filing for your Social Security retirement benefits. It is not intended to provide an exact analysis, but it will help you determine the strategy and age you want to start your benefits. You will be able to explore different starting age combinations as well as different strategies that may be available. There are over 2,000 rules that may be applied. Although you may file for your retirement benefits on-line, some of the strategies illustrated in this report may require you to file in person. Social Security Explorer assumes that you stop work when you start your benefits. In some cases, your benefits will be reduced if you continue to work; however, any amounts withheld are repaid after you reach full retirement age. The cumulative benefits will be unchanged. Your Social Security Administration office is an excellent source of any specific questions about your benefits. Their website can be extremely helpful. Social Security Explorer helps you frame your thoughts before filing. It shows strategies and age combinations that you might not have considered. It eliminates guessing or rules-of-thumb by calculating all possible combinations and illustrating the largest benefit. Patent Pending. Copyright © 2012-2013 Impact Technologies Group, Inc. All Rights Reserved. https://www.planfacts.com/AlexanderStanchfield/SSE 1 of 9 6/25/13 12:54 PM
  2. 2. Scenario 1 70 66 $1,819,454 You Spouse Age 63 61 Monthly benefit at Full Retirement Age $2,245 $1,790 Assume live to 85 90 Investment rate 0% Cost of living adjustment 2.5% Marital status Married Ages for Maximum Benefits You start benefits at age Spouse starts benefits at age Cumulative Lifetime Benefits: How to File You Suspend, Spouse Files Restricted At your age 66 (Full Retirement Age), you file for your Social Security benefits and immediately suspend payments At your age 70, you start your own Social Security benefits with delayed credits At your spouse's age 66, your spouse files a restricted application for spousal benefits At your spouse's age 70, your spouse files for his or her Social Security with delayed credits Best Strategy by Age - Optimal Ages Colors represent best strategy for an age combination Monthly Benefits by Year Assumes annual Cost of Living adjustments 70 69 68 67 66 65 64 63 62 62 63 64 65 66 67 68 69 70 Your Benefit Start Age 65 63 70 68 75 73 80 78 85 83 90 88 Your Age Spouse's Age $9,000 6,750 4,500 2,250 Spouse'sBenefitStartAge https://www.planfacts.com/AlexanderStanchfield/SSE 2 of 9 6/25/13 12:54 PM
  3. 3. Scenario 1You Suspend, Spouse Files Restricted You Spouse Age 63 61 Social Security start age 70 66 Monthly Benefit at Full Retirement Age $2,245 $1,790 Assume live to 85 90 Investment rate 0% Cost of living adjustment 2.5% Marital Status Married Ages Your Benefit Spouse's Benefit Total Cumulative Value of Benefits 63/61 0 0 0 0 64/62 0 0 0 0 65/63 0 0 0 0 66/64 0 0 0 0 67/65 0 0 0 0 68/66 0 15,240 15,240 15,240 69/67 0 15,621 15,621 30,861 70/68 42,271 16,012 58,283 89,144 71/69 43,327 16,412 59,739 148,883 72/70 44,411 35,410 79,821 228,704 73/71 45,521 36,295 81,816 310,520 74/72 46,659 37,202 83,861 394,381 75/73 47,825 38,132 85,957 480,338 76/74 49,021 39,086 88,107 568,445 77/75 50,246 40,063 90,309 658,754 78/76 51,503 41,064 92,567 751,321 79/77 52,790 42,091 94,881 846,202 80/78 54,110 43,143 97,253 943,455 81/79 55,463 44,222 99,685 1,043,140 82/80 56,849 45,327 102,176 1,145,316 83/81 58,271 46,461 104,732 1,250,048 84/82 59,727 47,622 107,349 1,357,397 85/83 0 61,220 61,220 1,418,617 86/84 0 62,751 62,751 1,481,368 87/85 0 64,320 64,320 1,545,688 88/86 0 65,928 65,928 1,611,616 89/87 0 67,576 67,576 1,679,192 90/88 0 69,265 69,265 1,748,457 91/89 0 70,997 70,997 1,819,454 https://www.planfacts.com/AlexanderStanchfield/SSE 3 of 9 6/25/13 12:54 PM
  4. 4. Scenario 2 63 62 $1,350,955 You Spouse Age 63 61 Monthly benefit at Full Retirement Age $2,245 $1,790 Assume live to 85 90 Investment rate 0% Cost of living adjustment 2.5% Marital status Married Summary at Selected Ages You start benefits at age Spouse starts benefits at age Cumulative Lifetime Benefits: How to File File for Benefits At your age 63, you file for your Social Security benefits At your spouse's age 62, your spouse files for his or her Social Security benefits Best Strategy by Age - Selected Ages Colors represent best strategy for an age combination Monthly Benefits by Year Assumes annual Cost of Living adjustments 70 69 68 67 66 65 64 63 62 62 63 64 65 66 67 68 69 70 Your Benefit Start Age 65 63 70 68 75 73 80 78 85 83 90 88 Your Age Spouse's Age $5,300 3,975 2,650 1,325 Spouse'sBenefitStartAge https://www.planfacts.com/AlexanderStanchfield/SSE 4 of 9 6/25/13 12:54 PM
  5. 5. Scenario 2File for Benefits You Spouse Age 63 61 Social Security start age 63 62 Monthly Benefit at Full Retirement Age $2,245 $1,790 Assume live to 85 90 Investment rate 0% Cost of living adjustment 2.5% Marital Status Married Ages Your Benefit Spouse's Benefit Total Cumulative Value of Benefits 63/61 21,552 0 21,552 21,552 64/62 22,091 16,513 38,604 60,156 65/63 22,643 16,926 39,569 99,725 66/64 23,209 17,349 40,558 140,283 67/65 23,789 17,782 41,571 181,854 68/66 24,384 18,227 42,611 224,465 69/67 24,994 18,683 43,677 268,142 70/68 25,619 19,150 44,769 312,911 71/69 26,259 19,628 45,887 358,798 72/70 26,915 20,119 47,034 405,832 73/71 27,588 20,622 48,210 454,042 74/72 28,278 21,138 49,416 503,458 75/73 28,985 21,666 50,651 554,109 76/74 29,710 22,208 51,918 606,027 77/75 30,452 22,763 53,215 659,242 78/76 31,214 23,332 54,546 713,788 79/77 31,994 23,915 55,909 769,697 80/78 32,794 24,513 57,307 827,004 81/79 33,614 25,126 58,740 885,744 82/80 34,454 25,754 60,208 945,952 83/81 35,315 26,398 61,713 1,007,665 84/82 36,198 27,058 63,256 1,070,921 85/83 0 37,103 37,103 1,108,024 86/84 0 38,031 38,031 1,146,055 87/85 0 38,982 38,982 1,185,037 88/86 0 39,956 39,956 1,224,993 89/87 0 40,955 40,955 1,265,948 90/88 0 41,979 41,979 1,307,927 91/89 0 43,028 43,028 1,350,955 https://www.planfacts.com/AlexanderStanchfield/SSE 5 of 9 6/25/13 12:54 PM
  6. 6. Scenario 3 68 66 $1,751,723 You Spouse Age 63 61 Monthly benefit at Full Retirement Age $2,245 $1,790 Assume live to 85 90 Investment rate 0% Cost of living adjustment 2.5% Marital status Married Summary at Selected Ages You start benefits at age Spouse starts benefits at age Cumulative Lifetime Benefits: How to File You File Restricted, Spouse Files At your age 68, you file a restricted application for spousal benefits At your age 70, you file for your own Social Security benefits with delayed credits At your spouse's age 66, your spouse files for his or her Social Security benefits Best Strategy by Age - Selected Ages Colors represent best strategy for an age combination Monthly Benefits by Year Assumes annual Cost of Living adjustments 70 69 68 67 66 65 64 63 62 62 63 64 65 66 67 68 69 70 Your Benefit Start Age 65 63 70 68 75 73 80 78 85 83 90 88 Your Age Spouse's Age $8,000 6,000 4,000 2,000 Spouse'sBenefitStartAge https://www.planfacts.com/AlexanderStanchfield/SSE 6 of 9 6/25/13 12:54 PM
  7. 7. Scenario 3You File Restricted, Spouse Files You Spouse Age 63 61 Social Security start age 68 66 Monthly Benefit at Full Retirement Age $2,245 $1,790 Assume live to 85 90 Investment rate 0% Cost of living adjustment 2.5% Marital Status Married Ages Your Benefit Spouse's Benefit Total Cumulative Value of Benefits 63/61 0 0 0 0 64/62 0 0 0 0 65/63 0 0 0 0 66/64 0 0 0 0 67/65 0 0 0 0 68/66 12,151 24,303 36,454 36,454 69/67 12,455 24,910 37,365 73,819 70/68 42,271 25,533 67,804 141,623 71/69 43,327 26,171 69,498 211,121 72/70 44,411 26,826 71,237 282,358 73/71 45,521 27,496 73,017 355,375 74/72 46,659 28,184 74,843 430,218 75/73 47,825 28,888 76,713 506,931 76/74 49,021 29,610 78,631 585,562 77/75 50,246 30,351 80,597 666,159 78/76 51,503 31,109 82,612 748,771 79/77 52,790 31,887 84,677 833,448 80/78 54,110 32,684 86,794 920,242 81/79 55,463 33,501 88,964 1,009,206 82/80 56,849 34,339 91,188 1,100,394 83/81 58,271 35,197 93,468 1,193,862 84/82 59,727 36,077 95,804 1,289,666 85/83 0 61,220 61,220 1,350,886 86/84 0 62,751 62,751 1,413,637 87/85 0 64,320 64,320 1,477,957 88/86 0 65,928 65,928 1,543,885 89/87 0 67,576 67,576 1,611,461 90/88 0 69,265 69,265 1,680,726 91/89 0 70,997 70,997 1,751,723 https://www.planfacts.com/AlexanderStanchfield/SSE 7 of 9 6/25/13 12:54 PM
  8. 8. Definitions and Important Information Marital Status Married: Currently married under federal definition of marriage. Applicable spousal benefits and survivor benefits have been included. Widowed: Currently not married under federal definition of marriage. Survivor benefits have been considered throughout the tool. Divorced: If you were married for at least 10 years before divorce. You may receive spousal benefits based on an ex-spouse's benefit. It does not have to be the most recent ex-spouse, but your marriage must have lasted ten years. Claiming this benefit will in no way affect your ex-spouse’s benefits. Single: Currently not married under federal definition of marriage (or were married for less than 10 years before divorce). Benefits will only consider your earning record. Monthly benefit at Full Retirement Age from your Social Security Statement The monthly value on the printed Social Security statement or from the on-line statement is the monthly value shown in today's dollars. Social Security Explorer has automatically applied the cost-of-living adjustment for you. Government Pension Offset (GPO) This provision affects only individuals who have earned a pension from work not covered by Social Security (usually government employees). Two-thirds of the monthly "Non-Covered Pension amount" may reduce any spousal benefits you are otherwise entitled. It does not reduce any benefits based on your work record covered by Social Security. Windfall Elimination Provision (WEP) Individuals who are entitled to a monthly pension from work not covered by Social Security and also qualify for Social Security benefits may have their Social Security benefits reduced. The years and earnings covered by Social Security determine the reduction, if any. The Social Security Administration has a calculator on the website to help you determine your monthly retirement benefit after any reduction. Since each year worked up to starting retirement may affect benefits, the Social Security Administration does not include this reduction in your annual statement. It is calculated when you file for benefits. "Your monthly retirement benefit" shows the adjusted benefit used in the calculations. For 2013, this reduction is limited to the lesser of $395.50 or half of your non-covered monthly pension. Investment rate An investment rate of return of 0% should be used if the plans are to use Social Security benefits for income needs. When an investment rate is not used, "Cumulative Lifetime Benefits" are shown; when an investment rate is shown, "Future Value of Benefits" reflects the growth of benefits received. If there is not an inherent need for Social Security benefits to provide income, an assumed rate of return other than 0% can be used to calculate investing the benefits instead of spending the benefit. Please note that in order to provide a recommendation about the investment rate of a securities product, the financial professional must hold the proper securities registration and be currently affiliated with a broker/dealer or registered as an investment advisor. Cost of Living Adjustment Social Security Administration determines if a cost-of-living adjustment is made, and if so, how much. Typically, benefits have increased by 2.5% to 3.0% in the past. Using 0% will show basic https://www.planfacts.com/AlexanderStanchfield/SSE 8 of 9 6/25/13 12:54 PM
  9. 9. benefits without any adjustments for inflation. More information can be found at www.socialsecurity.gov/cola. Modified Adjusted Gross Income Modified adjusted gross income (MAGI) is generally defined as all of your taxable income, plus certain net foreign income, minus allowed deductions. MAGI may include income such as taxable pensions, wages, interest, dividends, and other taxable income plus tax-exempt interest income (such as interest on municipal bonds) and any exclusion from income, such as interest from US savings bonds. See Internal Revenue Code 86b(2) or Internal Revenue Service Publication 915 for more information. Available Reports Best Strategy by Age shows the strategy with the highest cumulative lifetime benefits value, with an option to show future value at a selected investment rate. Strategies to Maximize Benefits shows all possible calculations and age combinations for the strategy selected. Basic Benefit Calculation indicates values for basic benefits, without any special filings. Calculations show annual benefits for you and your spouse (if any), the total, and the cumulative total for each year. Comparison: Early vs. Late displays the differences between early benefits at age 62, benefits at full retirement age (FRA), and benefits at delayed or late benefits at age 70. Taxation of Social Security Benefits will show how, if you have other income, a portion of Social Security benefits may be subject to income taxes. If you have income above certain thresholds, you may pay a federal income tax on 50% or up to 85% of your Social Security benefits. Optional Strategies demonstrates a selected strategy for given starting age(s), lives to age(s), optional investment rate and cost of living assumptions. This tool and support materials are designed to provide general information on the subjects covered. Pursuant to IRS Circular 230, it is not however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. You are encouraged to consult your tax advisor or attorney. The results represented in this tool are provided by Impact Technologies Group, Inc., and are deemed reliable but are not guaranteed. Impact Technologies Group, Inc. shall have neither liability nor responsibility to any person or entity with respect to any loss or damage caused, or alleged to be caused, directly or indirectly, by information contained in this report. Always consult with your tax advisor concerning your own situation. Please note that in order for your financial professional to provide a recommendation about the transfer of funds from an investment product to a fixed insurance product or annuity, your financial professional must hold the proper securities registration and be currently affiliated with a broker/dealer or registered investment advisor. If you are unsure whether or not the information you are receiving represents general guidance or a specific recommendation to liquidate a security, please contact the individual state securities department in the states in which your financial professional conducts business. Guarantees are backed by the financial strength and claims-paying ability of the issuing company. Variable annuity guarantees do not apply to the performance of the variable subaccounts, which will fluctuate with market conditions. https://www.planfacts.com/AlexanderStanchfield/SSE 9 of 9 6/25/13 12:54 PM
  10. 10. *All$calculations$based$on$assumptions$and$NOT$GUARANTEED,$consult$an$accountant$prior$to$deciding$on$final$strategy.$$$$$$ ©2013$E$Social$Security$Rescue$E$Not$affilated$with$US$Government$or$Social$Security$Administration$$$$$$ Prepared By: 6/15/2013 Income Stream Ending Year: 29 Spouse Name: Susan S. Spouse Age: 61 Desired Retirement Age(s): 68/66 Estimated Benefits: Recommended Strategy Income Stream Amount: Income Stream Starting Year: 6 Income Increase Per Year: 2.5% YOUR PERSONALIZED SSI ANALYSIS Your Name: David S. Your Age: 63 Your FRA Benefit: $2,245 You Live Until Age: 85 Case Study Date Prepared: You File Restricted, Spouse Files $1,751,723 $23,500 Spouse FRA Benefit: $1,790 Spouse Lives Until Age: 90 Investment Rate: 0.0% Inflation/COLA %: 2.5% Desired Monthly Income: $6,500 Immediate Benefits: $1,350,955
  11. 11. *All$calculations$based$on$assumptions$and$NOT$GUARANTEED,$consult$an$accountant$prior$to$deciding$on$final$strategy.$$$$$$ ©2013$E$Social$Security$Rescue$E$Not$affilated$with$US$Government$or$Social$Security$Administration$$$$$$ Prepared By: 6/15/2013 29.7% ONE SPOUSE SUSPENDS - ONE SPOUSE FILES RESTRICTED One spouse files for benefits at FRA but does not collect benefits. The other spouse becomes eligible to file a restricted application to receive spousal benefits until age 70. At age 70, the spouse begins taking their own benefits, potentially increasing the total amount of benefits. The amount of additional benefit received will depend on life expectancy and the Cost of Living Adjustment (COLA). YOU FILE RESTRICTED OR SPOUSE FILES RESTRICTED One spouse files a restricted application at Full Retirement Age (FRA). This provides benefits based on the other spouse's benefit amount. The first spouse begins receiving their own benefits (sometime before age 70), receiving increased payments for starting benefits after FRA. The other spouse must already be taking benefits to file a restricted application. Prepared for: David S. Susan S. Based on the information provided YOUR RECOMMENDED STRATEGY IS... You$File$Restricted,$Spouse$Files The recommended strategy will provide an estimated $400,768 Case Study Date Prepared: LEARN MORE ABOUT FILING STRATEGIES FOR MARRIED COUPLES YOU FILE & SUSPEND OR SPOUSE FILES & SUSPENDS One spouse files for benefits at Full Retirement Age (FRA) and suspends benefit payments. The remaining spouse files for benefits and is eligible to receive 50% spousal benefit if the amount is higher than his or her own benefit. At age 70, suspension ends and the first spouse collects their benefits. Increases for delaying benefits are received by the first spouse. More Lifetime Benefits vs. Starting Now Increase in Benefits BEFORE$INCOME$PLANNING$ =$Social$Security$Income$ =$EsBmated$Income$Gap$ Numbers(diplayed(above(provide(an(es2mate(based(on(assumed(level(infla2on(and(COLA(adjustment(provided(during(ini2al(report.( What%is%Your%Es-mated%Income%Gap?% $0$ $20,000$ $40,000$ $60,000$ $80,000$ $100,000$ $120,000$ $140,000$ $160,000$ 63/61( 64/62( 65/63( 66/64( 67/65( 68/66( 69/67( 70/68( 71/69( 72/70( 73/71( 74/72( 75/73( 76/74( 77/75( 78/76( 79/77( 80/78( 81/79( 82/80( 83/81( 84/82( 85/83( 86/84( 87/85( 88/86( 89/87( 90/88( 91/89( G( G( G( G( G( G(
  12. 12. *All$calculations$based$on$assumptions$and$NOT$GUARANTEED,$consult$an$accountant$prior$to$deciding$on$final$strategy.$$$$$$ ©2013$E$Social$Security$Rescue$E$Not$affilated$with$US$Government$or$Social$Security$Administration$$$$$$ 6/15/2013 YEAR 1 63/61 $0 $0 $0 $0 $78,000 $78,000 100.0% 2 64/62 $0 $0 $0 $0 $79,950 $79,950 100.0% 3 65/63 $0 $0 $0 $0 $81,949 $81,949 100.0% 4 66/64 $0 $0 $0 $0 $83,997 $83,997 100.0% 5 67/65 $0 $0 $0 $0 $86,097 $86,097 100.0% 6 68/66 $12,151 $24,303 $36,454 $36,454 $88,250 $51,796 58.7% 7 69/67 $12,455 $24,910 $37,365 $73,819 $90,456 $53,091 58.7% 8 70/68 $42,271 $25,533 $67,804 $141,623 $92,717 $24,913 26.9% 9 71/69 $43,327 $26,171 $69,498 $211,121 $95,035 $25,537 26.9% 10 72/70 $44,411 $26,826 $71,237 $282,358 $97,411 $26,174 26.9% 11 73/71 $45,521 $27,496 $73,017 $355,375 $99,847 $26,830 26.9% 12 74/72 $46,659 $28,184 $74,843 $430,218 $102,343 $27,500 26.9% 13 75/73 $47,825 $28,888 $76,713 $506,931 $104,901 $28,188 26.9% 14 76/74 $49,021 $29,610 $78,631 $585,562 $107,524 $28,893 26.9% 15 77/75 $50,246 $30,351 $80,597 $666,159 $110,212 $29,615 26.9% 16 78/76 $51,503 $31,109 $82,612 $748,771 $112,967 $30,355 26.9% 17 79/77 $52,790 $31,887 $84,677 $833,448 $115,791 $31,114 26.9% 18 80/78 $54,110 $32,684 $86,794 $920,242 $118,686 $31,892 26.9% 19 81/79 $55,463 $33,501 $88,964 $1,009,206 $121,653 $32,689 26.9% 20 82/80 $56,849 $34,339 $91,188 $1,100,394 $124,695 $33,507 26.9% 21 83/81 $58,271 $35,197 $93,468 $1,193,862 $127,812 $34,344 26.9% 22 84/82 $59,727 $36,077 $95,804 $1,289,666 $131,007 $35,203 26.9% 23 85/83 $0 $61,220 $61,220 $1,350,886 $134,283 $73,063 54.4% 24 86/84 $0 $62,751 $62,751 $1,413,637 $137,640 $74,889 54.4% 25 87/85 $0 $64,320 $64,320 $1,477,957 $141,081 $76,761 54.4% 26 88/86 $0 $65,928 $65,928 $1,543,885 $144,608 $78,680 54.4% 27 89/87 $0 $67,576 $67,576 $1,611,461 $148,223 $80,647 54.4% 28 90/88 $0 $69,265 $69,265 $1,680,726 $151,928 $82,663 54.4% 29 91/89 $0 $70,997 $70,997 $1,751,723 $155,727 $84,730 54.4% 30 Q $0 $0 $0 $0 $0 $0 0.0% 31 Q $0 $0 $0 $0 $0 $0 0.0% 32 Q $0 $0 $0 $0 $0 $0 0.0% 33 Q $0 $0 $0 $0 $0 $0 0.0% 34 Q $0 $0 $0 $0 $0 $0 0.0% 35 Q $0 $0 $0 $0 $0 $0 0.0% INCOME SUMMARY: Before Planning Prepared Exclusively For: David S. Date Prepared: Prepared By: Susan S. Case Study Income$$$$$$$ Gap$% Income$$$$$$$ Gap$$ Spouse's$ Benefit Your$$$$$$$$$ Ages Your$ Benefit Annual$ Total Lifetime$ Total Desired$ Income
  13. 13. *All$calculations$based$on$assumptions$and$NOT$GUARANTEED,$consult$an$accountant$prior$to$deciding$on$final$strategy.$$$$$$ ©2013$E$Social$Security$Rescue$E$Not$affilated$with$US$Government$or$Social$Security$Administration$$$$$$ Prepared By: 6/15/2013 YOU FILE RESTRICTED OR SPOUSE FILES RESTRICTED One spouse files a restricted application at Full Retirement Age (FRA). This provides benefits based on the other spouse's benefit amount. The first spouse begins receiving their own benefits (sometime before age 70), receiving increased payments for starting benefits after FRA. The other spouse must already be taking benefits to file a restricted application. Case Study Date Prepared: Prepared for: ONE SPOUSE SUSPENDS - ONE SPOUSE FILES RESTRICTED One spouse files for benefits at FRA but does not collect benefits. The other spouse becomes eligible to file a restricted application to receive spousal benefits until age 70. At age 70, the spouse begins taking their own benefits, potentially increasing the total amount of benefits. The amount of additional benefit received will depend on life expectancy and the Cost of Living Adjustment (COLA). YOU FILE & SUSPEND OR SPOUSE FILES & SUSPENDS Based on the information provided YOUR RECOMMENDED STRATEGY IS... You$File$Restricted,$Spouse$Files The recommended strategy will provide an estimated $400,768 29.7% David S. Susan S. One spouse files for benefits at Full Retirement Age (FRA) and suspends benefit payments. The remaining spouse files for benefits and is eligible to receive 50% spousal benefit if the amount is higher than his or her own benefit. At age 70, suspension ends and the first spouse collects their benefits. Increases for delaying benefits are received by the first spouse. More Lifetime Benefits vs. Starting Now Increase in Benefits LEARN MORE ABOUT FILING STRATEGIES FOR MARRIED COUPLES =$SSI$+$AddiBonal$Income$ =$EsBmated$Income$Gap$ Numbers(diplayed(above(provide(an(es2mate(based(on(assumed(level(infla2on(and(COLA(adjustment(provided(during(ini2al(report.( AFTER$INCOME$PLANNING$ What%is%Your%Es-mated%Income%Gap?% $0$ $20,000$ $40,000$ $60,000$ $80,000$ $100,000$ $120,000$ $140,000$ $160,000$ 63/61( 64/62( 65/63( 66/64( 67/65( 68/66( 69/67( 70/68( 71/69( 72/70( 73/71( 74/72( 75/73( 76/74( 77/75( 78/76( 79/77( 80/78( 81/79( 82/80( 83/81( 84/82( 85/83( 86/84( 87/85( 88/86( 89/87( 90/88( 91/89( G( G( G( G( G( G(
  14. 14. *All$calculations$based$on$assumptions$and$NOT$GUARANTEED,$consult$an$accountant$prior$to$deciding$on$final$strategy.$$$$$$ ©2013$E$Social$Security$Rescue$E$Not$affilated$with$US$Government$or$Social$Security$Administration$$$$$$ 6/15/2013 YEAR 1 63/61 $0 $0 $0 $78,000 $0 $0 $78,000 2 64/62 $0 $0 $0 $79,950 $0 $0 $79,950 3 65/63 $0 $0 $0 $81,949 $0 $0 $81,949 4 66/64 $0 $0 $0 $83,997 $0 $0 $83,997 5 67/65 $0 $0 $0 $86,097 $0 $0 $86,097 6 68/66 $12,151 $24,303 $36,454 $88,250 $59,954 $23,500 $28,296 7 69/67 $12,455 $24,910 $37,365 $90,456 $61,453 $24,088 $29,004 8 70/68 $42,271 $25,533 $67,804 $92,717 $92,494 $24,690 $224 9 71/69 $43,327 $26,171 $69,498 $95,035 $94,805 $25,307 $230 10 72/70 $44,411 $26,826 $71,237 $97,411 $97,177 $25,940 $235 11 73/71 $45,521 $27,496 $73,017 $99,847 $99,605 $26,588 $242 12 74/72 $46,659 $28,184 $74,843 $102,343 $102,096 $27,253 $247 13 75/73 $47,825 $28,888 $76,713 $104,901 $104,647 $27,934 $254 14 76/74 $49,021 $29,610 $78,631 $107,524 $107,263 $28,632 $260 15 77/75 $50,246 $30,351 $80,597 $110,212 $109,945 $29,348 $267 16 78/76 $51,503 $31,109 $82,612 $112,967 $112,694 $30,082 $273 17 79/77 $52,790 $31,887 $84,677 $115,791 $115,511 $30,834 $280 18 80/78 $54,110 $32,684 $86,794 $118,686 $118,399 $31,605 $287 19 81/79 $55,463 $33,501 $88,964 $121,653 $121,359 $32,395 $294 20 82/80 $56,849 $34,339 $91,188 $124,695 $124,393 $33,205 $302 21 83/81 $58,271 $35,197 $93,468 $127,812 $127,503 $34,035 $309 22 84/82 $59,727 $36,077 $95,804 $131,007 $130,690 $34,886 $318 23 85/83 $0 $61,220 $61,220 $134,283 $96,978 $35,758 $37,305 24 86/84 $0 $62,751 $62,751 $137,640 $99,403 $36,652 $38,237 25 87/85 $0 $64,320 $64,320 $141,081 $101,888 $37,568 $39,192 26 88/86 $0 $65,928 $65,928 $144,608 $104,435 $38,507 $40,172 27 89/87 $0 $67,576 $67,576 $148,223 $107,046 $39,470 $41,177 28 90/88 $0 $69,265 $69,265 $151,928 $109,722 $40,457 $42,206 29 91/89 $0 $70,997 $70,997 $155,727 $112,465 $41,468 $43,261 30 Q $0 $0 $0 $0 $0 $0 $0 31 Q $0 $0 $0 $0 $0 $0 $0 32 Q $0 $0 $0 $0 $0 $0 $0 33 Q $0 $0 $0 $0 $0 $0 $0 34 Q $0 $0 $0 $0 $0 $0 $0 35 Q $0 $0 $0 $0 $0 $0 $0 Your$$$$$$$$$ Ages Your$ Benefit Spouse's$ Benefit Annual$ Total Desired$ Income Prepared Exclusively For: David S. Susan S. Date Prepared: Prepared By: Case Study INCOME SUMMARY: After Planning Total$ Income Additional$ Income Income$$$ Gap$$

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