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Social Security: How to Get $250,000 More
1. Social Security: How to get $250,000 More
Matthew Illian
Marotta Wealth Management
www.eMarotta.com
2.
3. Social Security Quiz
True or False
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 □ □
16. “File and Suspend”
1. Primary Earner Files at 66 and
“Suspends” Benefit
2. This makes Secondary earner
“eligible” for spousal benefits
3. Primary Earner Re-files at 70
4. Secondary Earner keeps lower
spousal benefit even though Primary
Earner has raised their personal
benefit.
23. “File As A Spouse First”
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.
24.
25. Divorced Spouse Benefits
1. Must have been married 10 years
2. Must not be remarried.
3. You can claim even if other spouses
are claiming.
26. Taxable Portion of Social Security
MAGI = ½ of SS Income + Income from all sources
Filing Status
Over Max Amount Taxed
Single, HOH 25,000 34,000 50% over $25k
34,000 Unlimited 85% over $34k
MFJ 32,000 44,000 50% over $32k
44,000 Unlimited 85% over $44k
MFS Any 85% over $34k
31. Social Security: How to get $250,000 More
Matthew Illian
Marotta Wealth Management
www.eMarotta.com
Editor's Notes
Dispel common misconceptions – “always file early” – “always file late”. “social security is actuarially neutral.”Social Security = 41% of income for elderly (Employee Benefit Research Institute)Using stories
3. Cash flow deficits start in 2016 and reserves exhaust in 20374. You become vested after earn 10 years worth of credit – or 40 credits.
Life expectancy: 82, 85.
$50,256 More in lifetime benefitsAdditionally – Assuming that Kate outlives William – she receives a benefit that is 60% greater because William waited (inherrits Delayed Retirement Credits)
$137,673 more than Option 1 (62/62) and $31,176 more than Option 2 (62/70)
($4,517) less than optimalWorks well when spouse has little if any earnings record
In the case of Barack and Michelle – this doesn’t add income but it does front end load income – more in earlier years.Senior Citizens’ Freedom to Work Act of 2000– Primary Worker must be at Full Retirement Age• Files for worker benefits and immediately suspends• Spouse transitions from “eligible” to “entitled”File and suspend – when primary wage earner has short life expectancy. This allows the spouse to claim spousal benefit even when the primary earner continues to work and earn delayed retirement credits.
Start with $1MConservatively investedBreakeven age is 78Taking Early Runs out at 96
Life expectancy: 82, 85.
$112,027 more than Option 1 (62/62)
Additional $27,552 over optimal without FAASF (70,64)
Dispel common misconceptions – “always file early” – “always file late”. “social security is actuarially neutral.”Social Security = 41% of income for elderly (Employee Benefit Research Institute)Using stories
