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Managing Your Money Blog

Social Security: How do spousal benefits work?

Submitted by S. F. Ehrlich Associates, Inc. on February 1st, 2017

By John Zeltmann

If you were born after 1929, have 40 credits of earnings history (e.g. 10 years’ of work), and are at least 62 years of age, you are eligible to collect Social Security retirement benefits. (Note that I didn't include being a U.S. citizen as being a requirement...because it isn't one.) 

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When can I collect my Social Security retirement benefit?

Submitted by S. F. Ehrlich Associates, Inc. on February 1st, 2017

By John Zeltmann

You know you're entitled to a retirement benefit from Social Security, but there seem to be a lot of rules regarding when you can actually collect it. To understand some of those rules, let’s assume we’re talking about an individual at Full Retirement Age of 66 with a Primary Insurance Amount of $2,500 per month.

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Stan's World: It's Prediction Time! Or Is It...

Submitted by S. F. Ehrlich Associates, Inc. on January 3rd, 2017

By Stanley F. Ehrlich

January 3, 2017

Happy New Year! Best wishes for a healthy, happy, and prosperous 2017.

As the year drew to a close, we moved into the prediction silly season. In an often futile attempt to predict and outsmart the markets, print, on-line, and television media were filled with pundits predicting the markets will go up (or down); interest rates will rise (or fall); housing prices will climb (or drop); and on, and on. It’s an inevitable occurrence.

Thus, I think it’s only fitting that I make at least one prediction, a prediction I am confident has a 100% probability of occurrence. Unfortunately, I’m unable to tell you the date when it will occur, as my predictive powers are somewhat limited.

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Staying Safe In The Hospital

Submitted by S. F. Ehrlich Associates, Inc. on January 3rd, 2017

By Stanley F. Ehrlich

January 3, 2017

I often tell my near 95-year old mother that we’re in charge of our bodies when it comes to doctors, but I’m constantly reminded that I’m dealing with someone from a generation who scrupulously listened to everything a doctor said.

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A Purpose Driven Life: What Gets You Up In The Morning?

Submitted by S. F. Ehrlich Associates, Inc. on January 3rd, 2017

By Stanley F. Ehrlich

January 3, 2017

As every client, prospect, friend, the Shop-Rite fishmonger, and my spouse can all attest, I think it’s important to discuss what people are going to do in retirement. (I know what they’re not going to do: work...but what are they going to do.) Some tell me they don’t need my help (e.g., my spouse), while others tell me they’re going to continue selling fish for a living (e.g., the fishmonger).

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Social Security - How does the earnings limit work?

Submitted by S. F. Ehrlich Associates, Inc. on October 1st, 2016

By John Zeltmann

While a Social Security recipient can collect her retirement benefit any time between 62 and 70, that doesn’t mean she has completely unfettered access with no strings attached. In fact, the Social Security earnings limit might prevent someone from collecting their full retirement benefit if they have employment earnings.  

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Social Security: Can I claim retirement benefits off of my ex-spouse's record?

Submitted by S. F. Ehrlich Associates, Inc. on October 1st, 2016

By John Zeltmann

The Social Security system is filled with complexity - questions ranging from when should I claim to isn't the Social Security system bankrupt to when can I collect my Social Security retirement benefit are kicked around on a regular basis.

So what if you're divorced?  Thankfully, many rules and strategies remain the same regardless of whether you're married or divorced, albeit with a few caveats.  The requirements that need to be satisfied in order to collect off of an ex-spouse's record are as follows:

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Myth: Take the money and run - it doesn't pay to delay collection of Social Security

Submitted by S. F. Ehrlich Associates, Inc. on October 1st, 2016

By John Zeltmann

"I just turned 62 and am now eligible to collect my Social Security retirement benefit.  Why wouldn't I take the money and run?"

- Overwhelming majority of Americans

Reviewing recent reports on Social Security collections, approximately 90% of people claim at or before Full Retirement Age, and the majority of those folks are collecting at 621.  And possibly with good reason.  For example, would I ever recommend someone go into credit card debt to purchase groceries all in the name of delaying collection of their Social Security?  Of course not!  However, if there are other assets you can tap to meet everyday living needs, it's at least worth considering what value you might be leaving on the table by collecting upon eligibility as opposed to waiting a few more years.

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Myth: I'm not going to live long enough to benefit from delaying collection of Social Security

Submitted by S. F. Ehrlich Associates, Inc. on October 1st, 2016

By John Zeltmann

I was speaking with everyone's favorite skeptic, Billy Know-It-All, recently (you know, the one who claims that Social Security is bankrupt?), and he was up to his old antics again.  We were discussing the optimal time for him to claim Social Security, and inevitably life expectancy comes up.

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Myth: The Social Security system is bankrupt

Submitted by S. F. Ehrlich Associates, Inc. on October 1st, 2016

By John Zeltmann

We've all been there before, a perfectly pleasant and enjoyable evening at a cocktail party is progressing swimmingly.  The kids are tucked in, the dishes are cleaned and put away, and the conversation is engaging.  Enter wise guy, stage left.  We all know who he is; the friend/relative/neighbor/co-worker who knows it all.

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S.F. Ehrlich Associates, Inc. is a Registered Investment Advisor registered with the U.S. Securities and Exchange Commission. S.F. Ehrlich Associates, Inc. does not offer or intend to offer asset management, financial planning, or investment advice through this website. The dissemination of general information pertaining to our investment advisory and financial planning practice is the purpose to which this website is limited. The foregoing information and opinions are for general information only.

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