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May 7, 2022 8:30 am
Hans and Robby are back again this week with a brand new episode! This week's show is about social security spousal benefits.
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This is Robbie Gilmore from the Christian car guy and kingdom pursuit where we hear how God takes your passion and uses it to build the kingdom your chosen Truth Network podcast is starting in just a few seconds. Enjoy it and share it but most of all, thank you for listening and for choosing the truth network. This is the Truth Network welcome to finishing well brought to you by Cardinal guy, certified financial planner belonged to Schild, best-selling author and financial plan of helping families finish well over 40 years of finishing well will examine both biblical and practical knowledge to assist families in finishing well, including discussions on managing Medicare IRA long-term care life insurance and investments and taxes.
Now let's get started with finishing well, finishing well is a general discussion and education issues facing retirees guide.com partner advisors on Schild CFP some insurance this show does not offer investment products or investment advice are welcome to finishing well, a certified financial planner Hans Schild and today's show is Social Security spousal benefits, and I think there's a surprise coming for you is yours in surprise government for me matters and strategies here that really are just wonderful, wonderful, wonderful but in light of that, I was in a share, a spousal benefit, you may not be aware of just that in the Bible and so many are aware that Jacob was in his name that changed Israel in and that he had actually four different wives that bore children that became the 12 tribes of Israel. But the two more famous ones were Rachel and Leah and at Christmas time we hear about Rachel who died in Bethlehem and was buried there in Bethlehem on the side of the road, rather than getting in the cave immaculate.
I like biker sister would, but she is quoted at Christmas time because Herod killed all those children that were there in Bethlehem. And so this passage in Jeremiah 3115 says, thus says the Lord of voice was heard in Ramah, lamentation, and bitter weeping Rachel weeping for her children refused to be comforted for her children were not and what's happening there.
If you think about it. Rachel's been dead for thousands of years. At this point in time and see is clearly an end. By the way, this is related to the Babylonian exile that was originally what this was for later as Jesus was born of those children, but originally as the children left from I'm from Jerusalem on the way to Babylon. The exile, they had to pass down this road where Rachel would be weeping for her children that they would come back into the land and so the thing that's not very often quoted as the next passage or in Jeremiah 3116, where God answers these cries and says, thus says the Lord. Repaint refrain by voice from weeping in my nice frontiers for thy work shall be rewarded, saith the Lord, and they meeting the children shall come from the land of thy enemy which is really cool.
All sorts of levels but the thing I was pointing out as far as a spousal benefit it if you really thought that your wife or your husband as the case may be, is going to continue to live in with God and that their tears will continue to have effect. In other words, when you look at this passage and think about what is God saying here is a saying that this woman is crying thousands of years after her death for her children are great great great great great grandchildren. It says that her work shall be rewarded and so how cool is that that our spouses and even even think about it are grandparents like I know my grip are completely covered some of the decisions that I've made Hans and so how cool is it that, but that we get that benefit on into eternity because that's just how cool God is will you will. One lady came to me she'd been looking for a good while and she did that she needed to get her planning straightened out and she was gonna retire at some point she might have to retire and she really didn't have a lot of money.
We work through Medicare we work through a number of things and then she just up and retired after she turned 65 and we were looking through the Social Security and she didn't have a very large Social Security check either and she was going to have to make up the difference of her 401(k) which was not real large demeanor Social Security check at full retirement age is currently 1779, but she was only 65 1/2, so she was looking it taken like 14 1500 bucks taken in early and maybe get a part-time job.
Things were a lot in the year and what what ended up happening in the middle of making all these decisions right after she retired her admitted decision to retire her ex-husband passed away and so she was, not jubilant about that.
She was very sad about that as well and their son still lives with her and so she she was asking me do it in or doing any benefits that are I was saying to her as you need to check and see if the pension anywhere because you might be eligible for something and then she Monday that the other family and think it is time to go along and she had made her decision to just delay her Social Security regular part-time job and just live out of some money out of your 401(k) to make it until she could get a little bigger Social Security check. And then something just hit me that I said you know I need to show this case Tom and so I did and then I got Tom looking at it. Tom says that she can file on her ex or deceased asked and he/she can collect that and then she can let her own benefit, accumulate, and I saw understand time I got in touch with Tom and then we actually met over in the Greensboro office and I'm just amazed that is how Tom proposal is like pulling rabbits out of the hat meaning he he showed me the guideline in the Social Security for they got rid of this provision where you could do that if both spouses were living you to file this restricted application what he had her do.
And they did an online was applied for her widows benefit on his Social Security which was 1975 a month. She's Artie been awarded that they paid her a few months back and then her benefit.
She filed a you know a restricted application which means because he's deceased. She can do that and she can collect the 1975 really for the rest of her life but her benefit continues to grow all the way till 70 and 70. We projected this can be 2408 so she can flip it.
She can go from his benefit to her increased benefit in one pile of money in a Tom was able to get yeah it's just it's almost mind blowing to think that you know she would've not had any income for. Time as she waited for full retirement age and so there's all those months of 1900 hat and then you know this just keeps growing and growing to where you know that 2400 dependent on how long she lives is is like the gift that just keeps on giving what you were able to make smaller withdrawal of the 401(k) is the first thing really did about a month and so we need to preserve that money for when she gets really old and and then she is in the process of getting a part-time job and when she gets part-time job. You know she can't make more than 19,000 year but she's not can make that honest and want to make that she just need enough to supplement the 1975 to get her up to about three grand month 3200 a month and then will have no deductions from the 401(k) met maybe for a long time and that'll just be able to accrue for her. This is the blessing right so apparently from what you said in the video, which again it Cardinal advisors at this YouTube channel is outstanding and you got Tom and I are going into all the that happened apparently up until I 2015.
This was something everybody could kinda do it as as they were getting to the point were one of them could hold and let their proceeds grow in order to go to full 70 while the other one pile. The smaller amount but now they've made this allowances for widows and widowers right since 2015, and it's called file and suspend thing called file and and it wasn't really a security term strategy developed by people like me where you really can't work in the system you would have the lower earner is not working in Canada retired and live times you spout and then you have a higher earners still doing the job and see you have that lower earner file under their own benefit and then you have the working spouse file as the spouse of the lower earner be collecting a spousal benefit will you she is still working there benefits increasing the whole convoluted think.
No point getting into the details of it because the next they stopped in 2015 but they preserved that benefit of the restricted application that you can file which allows your benefit to continue to accrue grow while you're connecting another in the cases of the deceased spouse.
So parents, figures all the stuff out and believe me he didn't read it in a book unnecessary consists of beautiful thing for lower income windows and widowers right that you know there are absolutely because that difference of you know, for $500 a month for them if they can grow their no benefit to 70 makes a huge difference on on the life that they can live it's it's it's absolutely a lifesaver.
I would imagine in many many cases so you know the thing that that that I can't help but think, is it seems complicated. I'm sure if you listen to this and and you hadn't really heard about the spousal benefits and Social Security or thought about the different strategies that were talking about.
I guess the overall principal is that man you know what is were doing our financial planning. There's nothing like having somebody that you can reach out and call author or email or whatever. And the ideas it Cardinal advisors right Cardinal guide.com is the website that you know is the host of the show Cardinal guide.com and in there you can email Hans or or get their phone number and call you know you can talk to Tom. You can talk to to to Hans and these things are just like man really can make a huge difference in and it's not just for the people that are making in of six figures right this is this is something for really helpful for people lower income, yet we come back after the break up until the second story. The finish heard that he would totally come in the door over there. The truth is that the story for after the break a gallon, which will be right back a lot more can go visit Cardinal guide.com and complete Cardinal guide to planning for and living in retirement as low as all the shows and finishing well and links to the YouTube merit review right back when Hans and I would love to take our show on the road to your church and Sunday school Christian or civic room. Here's a chance for you to advance the kingdom through financial resources and leveraging Hans expertise and qualified charitable contributions veterans aid and attendance and IRA, Social Security, Medicare, and long-term care. Just go to Cardinal guide.com and contact Tom to schedule a live recording of finishing well at your church, Sunday school, Pacific contact Tomczyk Cardinal guide.that's Cardinal guide.com welcome back to finishing well, a certified financial planner Hans Schild in today show or talk about Social Security spousal benefits and when we left her hero, Hans, you know we had this lady, wow.
I mean, what a difference really God's provision made in this woman's life which he would come into the mix. She was taught, arguing that it was close to arguing with Tom.
I talked so security data then get no benefit is you know and then Tom just patiently listen to this is okay but that I want to stick your Zen right about that and he just went ahead and anyhow she she got even a `what I want to share with you is the very first time I met her over the Truth Network and we met in the conference room there she she just said I can't believe that I'm talking to you I I thought it would be somebody in your office and I said now you talk to me and then we went over the fact that I was, not can charge her later because of her limited means and I mean I will talk with her about just valuing herself and you let me worry about my money and you worry about your money and I'll worry about your money and just cannot and will talk with her about just kind of wish you can get a new job and she's gotta go quit her job with guy that was very nice and so Justin can working with people. I'm here to help and you nonmember German Vienna Christian radio show and when it somebody that comes in is what you would call poor and what am I gonna do not help them or or I'm going to charge them the same Fiona charge somebody that makes a lot of money or a minute, send them down to somebody who they perceive is lower than me to do their work, and I don't think so. So you know anybody it's got a problem or they get somebody in need by all means call me. I'm here to help. Okay time and knowing you guises I do both you and Tom. Not really, since there is more joy in the hearts of Tom and Hans over this lady was going to have to struggle to make ends meet and then save and you know somebody that was making six figures in another 50 Granderson in the yet elegant dentist.
This story really touched my heart because here's a guy that really man Liz and his wife and she was on disability and this is a real story to like wow estate is just really heartwarming when I'm sorry to interrupt Hans I'm just excited to hear it again yeah will the next guy comes in about one or two weeks later Satan new client what is on YouTube turning 65 and I'm really just talking to him about Medicare learning where his assets are talked about Social Security and then proceed to help me taking the benefit of 2643 Lisette his plan he wanted to hear what I'm have say about the sky 64 and these two years away from full retirement.
Artie told me that his wife passed away that I had really asked for the details that I could sense a lot of sad and which is to be expected in so as we we can dig deeper man.
I was just I told him right out quiet. I just don't like given up a bunch of benefits that I got to know I'm a little more met that I said on the support. He kinda got defended a little bit and then taken the Social Security because he had worked in a couple years he been living off of savings and because of the pandemic.
He doesn't think now is not to go back to work and so then I started asking about his wife and that whole situation she passed in January 2020. So I guess was right with the pandemic and she had actually qualified for Social Security disability with breast cancer because it was several times reoccurring and she had gotten three checks so I thought would dissolve a copy of a recent and deathly when Gonnerman came back and it will not 1950 bucks because when you qualify for Social Security disability and matter what age you are, you get your full retirement benefit you, your dear FRA benefit, so that the reason I want to know what that was.
The candidate forgiveness. Where were benefit.
I want to know how much were going to get and then we have to discount that because he's not 66 1/2 yeti 64 1/2 sleeves to get something less than 1900.
Although we factored it up because this was 2019.
So because of the inflation increases where it ended up to his so security can be paying him 1936 a month starting now at 64 1/2 and the pain that until well for the rest of his life at 21 so he's in a fiery has filed a restricted application and he's not taking the 2649 benefit which was two years early and that's going to continue to grow. Will you collect in the 1936 is check will be 3831 27 so 1936. Now 38 and 31 course Volvos will be adjusted for inflation. Pretty cool now absolutely amazing again. You got somebody who and what events are struggling and and setting there in a benefit level low for an all time to wear now and he's got the extra money and in and when he turned 70.
Like man I mean it really takes off in the he's just a whole lot better position as is the beautiful beautiful strategy and but also love what Tom did with this gentleman. He actually walked them through being able to do it online right guy with a lot more tech savvy than the First Lady with First Lady Tom did the hurt online but we went and met her at our Greensboro office.
She got on the SSA.gov under her coat and then, and then pushed all the buttons for Anton knows what to put in the low notes section about the restricted application.
What Tom did went back to her application copied and pasted it deleted her name any email that to this day and this guy went online and eat it all by himself.
He once we explained it to me is very savvy and it actually came to life an agency, a depressed guy that you know he's been just shut in with the pandemic is because New York City's over in Connecticut grants Connecticut in the not decide whether you can remove it just is very sappy you livened up with this and then the rest of the stuff is working to put a plan together. You don't have a lot of money but in April, Peter Scott money and work in a Social Security check can make a big difference. And then the fact that we nakedness supplemented out of his 401(k) and knowing that he can have a checkup, 38, 31, at age 70. We only need to supplement by 2000 bucks a month for five years five and half years and then so we can draw down on the on the on the 401(k) does make his income level and then I guess we'll have to decide whether that amount is you will will figure all that out with that he can live off of the end put a plan together form, but this is fundamental to write in and that we see this time and again, really, that the Social Security you. You said that for the years that we've done this together now. John Hans, I keep his name was Hans actually put sometimes a call in John but anyway is is that that's kind of the building block that you put the home thing together is to start with that because quite often it represents an adjuster sizable income would basically meet 1936, a month is 1936 months of two grand, 500 bucks a week if that's all he had, you would pay taxes so we had 500 bucks a week of take-home pay and when you're working, you gotta make 77 5800 take-home 500 so and then 38, 31, at age 70 knows almost a thousand a week and again that he had nothing else I can pay much of anything at taxes and you know that Minnesota security matters.
I don't care where the rich who were in between somewhere and is fundamental in the work we do and we just made a study we just decided to study this likely study investments.
Medicare long-term care estate planning tax laws were just learning all the ins and outs and you know it may well be that you're somebody listening today.
This does not apply to you. Your spouse's living in Welland plan to be that way but this is just showing you the ins and outs of the system and how Tom learned this despite serving clients in the doing it for another and another. You wouldn't surprise me at some point down the line somebody from Social Security called over and asked for time to the content that that's the analysis and it's really really cool that that that you know again that there's all these different because we don't, you know, I know I'm to and 66.
Now in you losing my spouse isn't something that you just crosses your mind. It all know you don't sit there and plan on it or think about it or any of those kind of things and so is just nice to know from my perspective and I think very helpful to go okay. There's people out there are experts on this, stuff and so if I find myself in this position.
I know somebody that's in this position like wow I know a Christian guy that loves to help people, especially when they're in a bind and there you go. It's cardinal with you know cardinal guy.com and on child finishing well hey easy to find cardinal advisors on YouTube right you can't go wrong. Help a lot of widows out people my white lady was in our wedding. Her husband was killed in a plane crash on his own plane 25 years ago.
She was just not getting anything out of him. We sheltered all the incoming she's really in a bad way. Now I really had a can of course not, you know I just said man and I think settlement might become a doctor like that in minute appointment at Social Security went down there. The seven begin 1800 a month for years now and she thinks Mary tendencies my wife. She mentioned the just made 1800 bucks a month. Not she's too young to file for Social Security and she didn't even have to do a restricted application because she was under 62 so she just file for the spousal benefit is collecting it and then she asked about the she still works with part-time. She's worked all along she had to because of losing him 25 years ago that her benefit is accumulating so she may get substantially more. She may be like the First Lady where she'll get substantially more accepted.
Right now she's very thankful for that 1800 bucks and season we've run out of time before he ran out a shallow but have great stuff. Let me remind you one more time. Cardinal guide.com Hans's book the complete cardinal guide to planning for living in retirement and a coarser YouTube channel cardinal advisors. Thank you Hans thank you finishing well is a general discussion and education of the issues facing retirees Cardinal guide.com cardinal advisors upon child CFP some insurance this show does not offer investment products or investment advice. We hope you enjoyed finishing well brought you by Cardinal guide.com visit Cardinal guide.com for free downloads of the show or previous shows on topics such as Social Security, Medicare and IRAs, long-term care, life insurance, investments and taxes as well as cons best-selling book, the complete cardinal guide to planning for and living in retirement and the workbook once again for dozens of free resources past shows what you get. Hans both go to Cardinal guide.com if you have a question, comment or suggestion for future shows.
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