Mister Brian Darty discussed on Wealth Without Risk


Our usual format of a live financial talk show either opening up the phone lines or recapping the weekly events because I had a very unique opportunity to get Mister Brian Darty on my program on the weekly wealth report here this morning and as I've mentioned before Brian is an expert in his field it which of course is related directly to social security he is the author of that book that I mentioned before a critically acclaimed and award winning book getting paid to wait bigger social security benefits the simple and easy way if you get an opportunity to pick up a copy of that book hopefully it it helps you but that Brian has been extremely knowledgeable and informative here this morning on the program as a kind of tease you all before we stepped out of the last segment I wanted Brian to take the opportunity to discuss how the spousal benefits for social security filing work so bright it maybe we can touch on that just a moment that would be great yeah spousal benefit is I think it's another incredible thing that social security does and you know when I first started learning about social security I I had a lot of surprises and most of them were good ones no I think social security really does bend over backwards and jumping through hoops to give people every opportunity to maximize the benefits and more on the way that the spousal benefit intimate in your industry are running this all the time say working with a married couple one of the spouses as a very large benefits in one of the spouses of the very small benefits in that case well we just real quickly sure the house spousal benefit works when we give you an extreme example let's say let's say the the the white was the breadwinner in her full retirement age but if it's going to be two thousand dollars if you wait until age sixty six to claim it let's say the husband he never worked a day in his wife and his benefits going to be zero so you think he would get anything on he's still entitled to receive a spousal benefit so if the white way since the late sixty six the claim her benefit she's going to get that two thousand dollars a month let's say of the same age husband turned sixty six the same time he can claim a spousal benefit and get fifty percent of his wife's full retirement age benefit fifty percent of two thousand is one thousand dollars it doesn't affect the size of the whites benefit she still gets two thousand dollars he gets a thousand dollars in the form of spousal benefits two thousand plus one thousand is three thousand dollars a month and he never worked a day in his wife if people need to be aware of this and you know situations where a ride the the husband is but if it is three thousand dollars in the white there's only five hundred dollars they they need to realize that a lot of times they don't that she's entitled to a spousal benefit it she could claim or five hundred dollars a day early and a husband good you know we'll be waiting to claim his benefits but whatever the hot the husband has to clean his benefits first in order for the white the claim a spousal benefit so what's the sequence or five hundred dollars to the husband has reclaimed his benefit yet he's still the lane it and this is where the run into situations were married couples we too much money on the table because let's say she claims it's sixty two whatever and she's gonna it's gonna be reduced only three hundred fifty dollars our own benefit that five hundred dollars is reduced let's say the husband wait until sixty six or sixty seven or sixty eight the claim when he does that she's entitled to step up to a spousal benefits increase her income by probably about a thousand dollars a month a lot of times married couples don't realize this and when he claims he doesn't step up to that spousal benefits and a lot of time social security won't tell you about this this is why I tell people you need to know what your options are when you go into social security because you can't count on them telling you that but she could step up to that Basel benefit increase and your monthly income from thirteen fifty skews me from three hundred fifty dollars the thirteen hundred and fifty dollars or another twelve thousand dollars a year what you need to be aware of that otherwise you lose that money and you believe a lot of money on the table so you need to be aware of all your options especially when it comes to the spousal benefits kind of like going right away to the grocery store and you know purchasing maybe boxes cereal paying full price for this year only to find out that if you would've waited until the next day I did that back sale goes on and it's two for the price of one right yeah exactly I I yeah so I mean they're they're willing so security I guess as a whole as you just mentioned they're not gonna they're not gonna publicize that spousal benefit if a spouse husband or wife has a year took their benefit early like you mentioned a moment ago five hundred dollars as their monthly benefit and the other spouse husband or wife has not filed yet they're gonna delay there's until age sixty eight or H. seventy and and there is three thousand dollars a month then that other spouse has the ability to get half of that three thousand which is fifteen hundred so step up to that amount correct even though they're only already getting a social security benefit yep they're they're entitled to take if they claim their own benefit prior to their full retirement age like the wife with five hundred dollars when when the husband claims because they claim their own benefits early they're not going to get quite fifty percent okay that's okay the formula that social security uses but it's still going to be a substantial jump in their income and when the husband goes into the claim there is a way around it sixty eight they need to be aware of that and I saw those the White should go win Intel social security now he claims I want to step up to the spousal benefit because again I've run into situations where social security doesn't automatically do this in the the wife is gone a number of years where she could have been receiving a much bigger spousal benefits but didn't know it so you you need to know this stuff when you go in well this is all great information here this morning again we're being joined by Mister Bryant RT president and CEO Phil tech assaulting company.

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