I want to begin this week’s Hidden Wealth Solution Insight by wishing everyone a happy Easter holiday weekend. I also want to send out prayers to the victims and the families of those who were caught up in the Brussels terrorist attacks this past week.
If you’re a Baby Boomer, pay close attention to this!There’s just about a 30 day window for electing some important Social Security income benefits. Fox News reports that the new rules which take effect at the end of April mean that Baby Boomers will only get back 75% of what they paid into Social Security. This window applies if:
- One or both spouses reached full retirement age (FRA) by the end of 2015 and
- At least one spouse reached the age of 62 by the end of 2016.
If you fall into this group, you have until April 29th (the 30th is a Saturday and the government is closed) to have the Social Security Administration process your election to file and suspend. I want to cover this twice so that it’s abundantly clear; that dead line is not just to file the election, that’s to file the election and have the Social Security Administration process it. So, if you fall into this group and you have not yet submitted your election, you should do so without delay!
I recently met with a client couple that fall into this group. By the husband electing to file and suspend and the wife electing to take the spousal benefit, the wife’s Social Security income benefit went from $300.00 a month to $1,300.00 a month! Just by following the correct Social Securities benefit election strategies, many couples are able to increase their lifetime income benefit by and average of $60,000 to $100,000! If you qualify, you need to take action now!
This coming Tuesday, I will be teaching how to optimize all of your retirement income. I will be teaching how to not just protect your Social Security from unnecessary taxes, but how to enjoy a totally tax-free retirement income. Please join us for our no-cost, no-obligation educational webinar this coming Tuesday. To register, simply click the link below or call our toll free number.
For those that register and attend, I will gift you my recent book, The 44 Social Security Secrets All Baby Boomers and Millions of Current Recipients Need to Know. I encourage both spouses to attend this educational event together.
You must hurry and register! Due to the Social Security filing window, this event will fill up quickly.