Kelly, Frank Koller, George discussed on Pro-Tech A/C and Heating's Around the House
Here on Wdbo, one of 73 FM and am 5 80, Orlando's Jews and talk You Go ahead and join us here on the airwaves at 844580 Wdbo 8445809326. 844580 wdbo, Joe and Ehrenberg here with us live on the radio. So go ahead, give his colleague for 4580 Wdbo and Joe and Erin. We got we got a good friend of yours calling And I guess I don't have any friends. Let's see who this is. Oh, I'm not Maybe maybe I should have pressed a little more. It's hopefully not Frank Koller is something that that's gonna go south quick. Well, Frank Corso Junior. Hey, Frank. How are you? How's your family? Everyone's good. Mom and dad are enjoying retirement. And, um Just wanted to let you and Aaron No. I've been enjoying the show listening to it for the last few weeks, and you guys are doing a great job. Very informative. And I know it's been a while. But happy. Belated birthday, Mr Burton. Well, thank you very much. And please call me Joe. My father was Mr Bert Frank. So, you know, Okay, Joe, what you want Once you get over the age of 40, you can call the old people by their first name. I appreciate that very much, though, Frank. I am 55. Can you believe it? I can't believe it. I know. Yeah. You guys are doing a great job. I don't want to keep you too long, but just wanted to call and say thank you. And you and Aaron, Uh, just doing a fantastic job, very informative show and I just wanted to say hello. Well, that's very kind of you invest to you and your family friends. Hey, Erin. Good talking to you guys have a great rest of your day. And thank you for taking my call. You're welcome. Thanks for calling. Yeah, good to hear from, you know, we have a lot of family and friends are tuned in on Saturday, and, uh, Good here for? I haven't seen them in quite quite some time. Yep. Yep. It's a weird topic today. Erin is yes. So we were going to talk about considerations for married couples. Especially when one starts as one is passing away or one has passed away. One of the biggest misconceptions really is social Security benefits and how that really works with spousal coordination, and a lot of people don't understand the impact of the Social security decisions that they make. And how that actually impacts their spouse. When we do financial planning for people we really dig into the Social Security aspect and typically really encourage the old the higher earning spouse to delay Social Security as long as possible. Just because of the impact that it has, on the on the other, the lesser earning spouse. The higher earning spouse or the higher earning spouse that benefit passes on to the lesser earning spouse when they pass away so as long so we always encourage them to try and get that benefit as big as possible. Kind of as a longevity insurance. To try and get the biggest benefit available from the Social Security administration. However, that does get impacted if the younger spouse starts Social Security earlier, so that's something that we always take into account and always try and coordinate whenever we meet with clients. Of Social Security. Social Security is a very important thing that that passes on and needs to be considered when one of the spouses passes away. The other thing that you need to consider to his pension benefits. We get a lot of questions. Now This is becoming less and less frequent. I should say, but regarding pension benefits and whether they should take a survivor benefit most people with a pension. They have some options when they go to choose that pension. And one of the options is you can do Single life and single life is the the You Get it for the lifetime of the person who had earned the pensions so husband and wife the husband has a pension if he takes the single life option when he passes away that pension stops. There are survivor options usually available as well. And you can do 100% survivor, which means that the spouse gets the exact same amount that the husband was getting. And then there's 50% survivors. Some have 75% of I mean, there's all sorts of different survivor when the single life option, I think you mean you tell our listeners that may be not be familiar with it. The single life option. You get the biggest check. That's the good news. The bad news is, as you said, Aaron, when you pass on, it's over, right. So so and then with 100% survivor, you get the smallest checks, so you have to have a conversation there about you know. Is it better to get the single life option? Is it better to do the smaller amount? Is it better to get some sort of life insurance to ensure that benefit Is there a lump sum option? Um, there's all sorts of different things that the spouses need to consider the of the way to protect the other spouse. Health plays into this a lot as well. So just some stuff that we need that spouses need to think about when they have pension options that are sitting there in front of them. Same thing is true with an annuity. If you have an annuity, there's different options also available for their especially if you're going to a new, it ties it, But there's a couple other things going to talk about. It looks like we have a call from George. So we want to try and get Georgia in here before the break. We had about two minutes here. Let's go ahead and bring George on here. And if we need morning charge Hey, Good morning, guys. Listen, I'm working on my last will and I have a son and a daughter and I order some forms from my financial institutions. To so they can claim their money. When I go, there are two quick questions. What this contingent and what is first earpiece. Good questions. Contingent means who gets the money when the primary isn't there, so you're going to name beneficiaries Primary beneficiary is first in line if the primary beneficiary is not there, then it goes to the contingent and You can name the beneficiaries in any percentage that you want. If you like your son more than your daughter, you give him more otherwise 50 50, However, you want to do it per stir peas. That's that's Latin for by bloodline. What does that mean? Erin? Yeah. So first earpiece means what happens to it. If that beneficiary pre decease is, um as well, So we always like to use example. I'll use the example. I'm married. Let's say I'm the owner of the account my primary beneficiaries. My wife, Kelly, and then I have three Children, Bennett, Anna and Sam..