Social Security Considerations: Putting It All Together

Social Security is an extensive topic to cover. To digest it easier, we've broken it down into four parts: Break-Even Analysis, Portfolio Withdrawals, Spousal and Survivor Benefits, and Limitations. So, how do we put all of this together?  
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Your Guide to Creating an Impact Plan

on December 23, 2019 |By Jarrod Musick, CFP® | Planning Impact
You won't create the impact you seek without automating how you do it.    Automating your systems for creating impact cuts through the massive number of daily tasks you have, which allows you to avoid feeling like you always come up short on how you are impacting the world around you. Doing it well is important because not doing it consistently feels incredibly negative to yourself.  
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Social Security Considerations: Limitations

So far in our Social Security series, we've covered Break-Even Analysis, Portfolio Withdrawals, and Spousal and Survivor Benefits. Next, let's talk about the limitations to be aware of. Three primary instances where Social Security may be limited include Earnings Test, Windfall Elimination Provision, and Government Pension Offset.  
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Creating Incentives for Key Employees

Keeping the best talent on your team means building a vision for their career at your company.   If you have ever lost someone talented, or are worried about losing someone right now, this article is for you.   The best part about working with talented, motivated people is that they are the ones that drive your company forward. They create the value that you deliver to your clients and customers. They are the ones responsible for driving the business equity growth.  
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Social Security Considerations: Spousal and Survivor Benefits

Now that we have discussed Social Security Break-Even Analysis and Portfolio Withdrawals, let's explore how spousal and survivor benefits impact the analysis.   A worker can be eligible for benefits based on their work history or their spouse’s and can receive the higher of the two benefits. The starting point for determining the spousal benefit is 50% of the primary insurance amount (or full retirement benefit) of the other spouse. For example, let's take a hypothetical couple, John and Jane. If Jane's benefit is $2,000 per month at full retirement age, then the starting point for determining John's spousal benefit is 50% of $2,000. John's spousal benefit would then be $1,000 per month if he waited to receive benefits until his full retirement age. John could potentially claim his spousal benefit sooner, as early as age 62, but the spousal benefit would be reduced. A couple of things to know about the spousal benefit is that it does not receive delayed retirement credits, and it is only available if the other spouse has filed for benefits. So, John's spousal benefit would not increase by him delaying benefits past full retirement age, and he would only be eligible to receive spousal benefits if Jane has already filed.  
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