⑊ Free ⑤ Get What's Yours: The Secrets to Maxing Out Your Social Security (The Get What's Yours Series) (English Edition) ⑨ Author Laurence J Kotlikoff ┏

⑊ Free ⑤ Get What's Yours: The Secrets to Maxing Out Your Social Security (The Get What's Yours Series) (English Edition)  ⑨ Author Laurence J Kotlikoff ┏ ⑊ Free ⑤ Get What's Yours: The Secrets to Maxing Out Your Social Security (The Get What's Yours Series) (English Edition) ⑨ Author Laurence J Kotlikoff ┏ Get Whats Yours 1 GETTING PAUL NEARLY 50,000 IN EXTRA BENEFITS OVER TENNIS This book was born of a simple questionHow old are Paul and his wife Larry and Paul were taking a break from what they call tennis, shooting the breeze, since talking is easier than running after errant shots Larry launched into a harangue, as he often does this one was about Social Securitys impossible complexity Paul was listening, as usual, with his skeptical journalists ear Or, maybe, since it was Larry, just half listening Then Larry asked, How old were Paul and his wife and when were they planning to take their Social Security benefits Proudly, Paul told Larry not to worry he and his wife had it all figured out They would both wait until 70, when Paul would get something like 40,000 a year instead of the 30,000 or so if he took his benefits at 66, his fullbut not maximumretirement age, which was coming right up Paul had been reading and saving those annual green statements from the Social Security Administration for years with their Estimated Benefits Hed been reading his wifes, too As the familys financial planner, he knew just how much they were entitled to But how old are you and Jan Larry asked What difference does it make said Paul Like I say, were both waiting until 70 It makes a big difference, said Larry Okay, Pauls wife would soon turn 66 he, 65 Heres what you do, said Larry, never at a loss when it comes to speaking in the imperative Jan should apply for her Social Security retirement benefit when she turned 66, but then suspend it That is, she would make herself eligible for the benefit but wouldnt take it Then, said Larry, when you Paul turn 66, you apply just for a spousal benefit When you each hit 70, you do as originally plannedyou each take your own retirement benefits, at which point they will start at their highest possible values Or, Larry continued, clearly thinking aloud, you apply and suspend at 66 and Jan begins taking the spousal benefit, since you earned than she did, didnt you Paul can be quite dismissive of what he considers Larrys flights of fantasy, Larry being the epitome of often overstated, but never in doubt Yet Paul had begun to pay close attention Having reported on business and economics on public television for decades, Paul understood the intricacies of business, finance, and economics better than most Americans though admittedly, that may not be saying much The exceptions, however, were the professional economists hed befriended in the course of his career Larry was one of them, and among the most deeply versed in financial planning Spousal benefits Paul had vaguely heard of them He had, however, never imagined he or his wife were eligible for any, though, had you asked him why not, he couldnt have told you Spousal benefits for four years That should be almost 50,000, Larry quickly estimated An aside is in order here Larry is a world famous scold or, he will tell you, a dead on Cassandra, with respect to Social Securitys insolvency Advising people like Paul to take extra benefits from the system while himself decrying the systems funding shortfall was not what Paul expected to hear More on that in Chapter 18 But Larry believes its not fair that some beneficiaries get than others simply because they know the systems rules And Paul and Phil agree with him Fifty thousand dollars Explain, Paul said Well, if Jans Social Security full retirement benefit were, say, 24,000, youd be eligible to get half that as a spousal benefit about 12,000 a year And if you get 12,000 a year from age 66 to age 70, thats 48,000 If, on the other hand, Jan takes the spousal benefit on your Social Security earnings record, shell get per year but for only three years instead of four, because shell be 67 by the time you become eligible, only three years from 70 But still, that would mean etc However number laden the trees, the forest was plain to see there seemed to be an unambiguous strategy for maximizing benefits that Paul and Jan were eligible to collect, having contributed for decades, but had been entirely unaware of If this is true, said Paul, Im buying you dinner Anywhere in the world Boston will do, said Larry, who also lives there But there are dozens of really important details like this one What we should really do were compressing here is write a book And we should include Phil Moeller, a retirement expert whos already spoken with me about such a project Hes been a financial journalist for years, and has written article after article for U.S News World Report and Money about retirees who collectively leave tens of billions of dollars in Social Security benefits on the table by failing to claim everything to which they are entitled Plus, Phil loves the Red Sox although not as much as the Balti Orioles and the New England Patriots Fast forward Pauls wife came of age 66 She filed and suspendedby phone The person she talked to couldnt have been nicer Paul came of age He filed for a spousal benefit The Social Security woman on the phone had never heard of file and suspend, checked with her supervisor, and came back on the line to thank him for enlightening her about a strategy she could now share with everyone who called When they hit 70, both Paul and his wife called again, were again reprocessedgraciously, competently, and within minutes, though his wife was nonplussed when asked if shed ever been a nun And Paul has since taken Larry to dinner, and a pretty good dinner at that SOCIAL SECURITY VERBATIM YOURE RIGHT THERE AND WERE RIGHT HERE The regulations that require a notice for an initial determination contemplate sending a correct notice We consider that an initial determination is correct even if we send an incorrect notice ALL QUOTES FROM OFFICIAL SOCIAL SECURITY RULES GET WHATS YOURSAND YOU DONT EVEN HAVE TO BUY LARRY A MEAL Weve written this book to help people maximize the Social Security benefits they have earned and therefore, we believe, deserve to get We three authorsBoston University economist Laurence Kotlikoff, journalist and aging expert Phil Moeller, and PBS NewsHour economics correspondent Paul Solmanhave spent years studying the system and making it intelligible to the public Why have we bothered to write this book Because Social Security is, far and away, Americans most important retirement asset And thats not only true for people of modest means Middle income and upper income households actually have the most to gain, in total amounts, from getting Social Security right Toting up lifetime benefits, even low earning couples may be Social Security millionaires And except for the Bill Gateses and Warren Buffetts of the worldwhose percentage of the population was exceedingly modest last we checkedSocial Security is a very meaningful income source So, this book is for nearly every one of you whos ever earned a paycheck and wants every Social Security benefit dollar to which you are entitledentitled because you paid for it You earned it Its yours It can even be yours if you never contributed a penny to the system but have or had a spouse, living or dead, who did It may even be yours if you spent some of all of your career working for employers who did not have to participate in Social Security Perhaps you wondered, when you got your first paycheck, what the huge deduction for that four letter word FICA referenced If you learned that it stood for the Federal Insurance Contributions Act, you might have been none too pleased at first, but then assuaged by hearing that these contributionsweek after week, month after month, year after year, out of each and every paycheck up to a limit would lead to higher retirement benefits Even those of us who arent superrich, but have earned and saved a lot, view Social Security as a critical lifeline We realize, after the Crash of 2008, that no assetsnot our homes, not our bonds, and certainly not our stocksare safe from life altering declines We realize that even our private pensions, if we have them, may hinge on our former employer staying in business and inflation not eroding the pensions purchasing power Its the rare private sector pension that boosts payments to protect against inflation We also know that we could, with plausible breakthrough medical discoveries, live to 100 or longer But isnt Social Security a bigger deal for the poor Actually, its not To be sure, Social Security benefits are a crucial lifeline for lower income beneficiaries And, yes, Social Security benefits rise less for higher earners than do their FICA tax contributions But benefits do rise with both time and earnings and they involve very big sums Take, for example, a 60 year old couple, who both stop working at that age, each partner having earned Social Securitys taxable FICA limitthe maximum taxable amount, starting at age 25 That maximum was 22,900 in wage income in 1979, when they began working its 118,500 for 2015, going up every year in lockstep with the nations average wage increases Running coauthor Larrys maximizemysocialsecurity.com software, a 60 year old couple who earned at or above the payroll tax ceiling their entire lives would get 31,972 each or 63,944 a year collectively if they began taking benefits at 66, which is their Full Retirement Age FRA We will have to say about the FRA and other official Social Security terms in Chapter 3, and key terms like this one also are explained in the Glossary at the end of the book If they deferred benefits until age 70, theyd get 42,203 84,406 , which is 32 percent higher than their age 66 benefits, because for every year you wait, Social Security pays you a benefit thats 8 percent higher than the year before, even before its annual inflation adjustment For such a couple, collecting Social Security at 62 represents a 1.2 million asset In other words, youd need a nest egg of 1.2 million to produce the same amount of annual income that youll get from Social Security, assuming you could safely earn 2 percent a year above inflation on your investments Now, 1.2 million is than many upper middle income retirees have saved by retirement age The net worth of a typical household headed by someone aged 65 to 69 is only a fourth of this amount and much of it is in the value of their home And all you have to do is stay alive and those Social Security payments will keep coming each and every monthpayments guaranteed by the United States government and protected against inflation Thats because every January, you get, by law, annual benefit raises that equal the prior years rate of inflation.1 Moreover, there is a huge amount of money at stake in maximizing ones Social Security benefits The 1.2 million valuation, large as it is, actually assumes our 60 year old couple makes the wrong Social Security benefit collection decisions It assumes they take their retirement benefits as early as possible and forgo cashing in on what are, to them, free spousal benefits like the one Paul took If they make the right decisions, they can increase the value of their lifetime Social Security asset by than 400,000, to 1.6 million This 33 percent increase may sound hard to believe, but its true The couple just needs to apply for the right benefits at the right time, as Larry advised Paul and Jan to do Simple enough But figuring out what to apply for and when to do it is not simple Indeed, Social Security is the most complicated simple program youre ever likely to encounter One story, just to drive home the point of complexity It comes from our Technical Expert, Jerry Lutz One day, while Jerry still worked for Social Security, a claims representative approached him with a question A new claimants husband had died of a heart attack while they were having sex They had been married for less than 9 months, the threshold for receiving survivors benefits from Social Security But one of the exceptions to the 9 month duration of marriage rule involves accidental death Up until then, Jerry had considered accidental to mean something like a car wreck But his job was to research tough cases like this one So he searched the vast Social Security rule book and found POMS GN 00305.105, which describes an accidental death in part as follows A bodily injury occurs whenever the outside force or cause affects the body sufficiently to interfere with its normal function The cause of the bodily injury is External if it originated outside the body An external force can include an injury suffered due to weather conditions or exertion NOTE By exertion we mean an activity that involves at least moderate effort for the average person Routine activities, e.g., standing, do not constitute exertion for purposes of finding accidental death Circumstances which readily lend themselves to a favorable finding of accidental death include an unexpected heart attack occurs during moderate exertion an unforeseen event negates the voluntary nature of an activity, e.g., an exercise machine breaks down while exercising some unintended, unexpected, and unforeseen result occurs during exertion, e.g., a fall or slip while running or a crisis or sudden peril requires strenuous exertion Moderate exertion Arguably Unintended and unexpected Indubitably And so, based on the claimants testimony and her husbands death certificate, widows benefits were eventually conferred, but the determination was anything but simple There are 10,000 baby boomers reaching retirement age every day Each of them needs to know precisely how to get Social Securitys best deal But Pauls best movesor Larrys or Phils, for that matterarent necessarily yours The Social Security system has 2,728 core rules and thousands upon thousands of additional codicils in its Program Operating Manual, which supposedly clarify those rules In the case of married couples alone, the formula for each spouses benefit comprises 10 complex mathematical functions, one of which is in four dimensions This book contains minimal math, excepting the simple formula presented in this endnote.2 Rather, it explains in the simplest possible terms the traps to avoid and basic strategies to employ in maximizing a households Social Security retirement, spousal, child, mother father, survivor, divorcee, and disability benefits That covers a whole lot of ground, which is why this book is about Social Security and nothing else And why its not as succinct as we and you might like We will point out Social Securitys windfalls and pitfallsexplain obscure benefits and obscure penalties benefit collection strategies like file and suspend applying for benefits, but not taking them and start, stop, start starting benefits, stopping them, and restarting them , which we bet most of you have never heard of Well also get into the details of Social Securitys deeming rules being forced, in some cases, to take certain benefits early at a very big cost and related gotchas that can handicap you financially for the rest of your life Well walk you through Social Securitys significant incentives to get divorced, to get married, or to live in sin depending on your circumstances Do you know about Social Securitys hidden payoff to working late in life About the Earnings Test loss of benefits at certain ages from earning too much that may not really be a test at all How about the Family Maximum Benefit the limit to the benefits your family can collect based on your work record Its actually not a maximum Its also unfairly low for poor, disabled workers Throughout, well emphasize the often huge payoff from waiting to collect benefits But well also explain lots of situations where its best not to wait Well even throw in the mythical man with four ex wives who could theoretically collect divorce or widower benefits on each of them The ever surprising and often frustrating Social Security Sudoku puzzle goes on and on Were here to solve it Were also relieved that you came to us to learn about Social Security and arent relying solely on Social Securitys advice Frankly, Social Security is not the first place wed send you to learn how to maximize your lifetime benefits With the exception of the systems small number of Technical Experts including former Technical Expert Jerry Lutz, who reviewed this book for accuracy , many of Social Securitys official or phone support staff are insufficiently trained or too beleaguered to dispense information or advice about the systems ins and outs And they arent supposed to give advice anyway Were going to provide specific examples of people losing lots of money by believing or following what the well meaning folks at Social Security told them Unfortunately, the local Social Security office is single stop shopping for most retirees making their benefit decisions And many of them are waiting pretty late in the game before even thinking about managing what for most retirees is their largest financial asset At the surface level, Social Security is complex because it has so many seemingly crazy rules At a deeper level, its complexity reflects social policy that, when translated into practice, produces results that often defy common sense An example is paying survivor benefits, based on the work records of ex spouses, to divorcees who remarry, but only if they remarry after reaching age 60 Get remarried at 59 and 364 days and youre out of luck Another perversity is paying benefits to mothers or fathers of young children if their spouse is collecting retirement benefits, but only if the parents are married If the parents are divorced, too bad The result is a government retirement system that few if any can decipher without the kind of help provided here And yet, for most people, Social Security is their only retirement option Moreover, given the virtual disappearance of company pensions, except for those grandparented under old plans, and the failure of most Americans either to contribute or contribute fully to 401 k , IRA, and other retirement accounts, Social Security is, well, pretty much it for pretty much all of us Our book will be organized around general lessons, supporting examples, specific game plans tailored to your situation, and answers to actual questions posed to Larry in his enormously popular Ask Larry column, which appears weekly on Pauls PBS NewsHour Making Sen e Business Desk A warning that well issue up front and reiterate throughout the book we will often repeat ourselves The worst that can happen, we figure, is that youll simply skim and skip ahead Much worse would be your forgetting some of your key options and thus nullifying, at least for yourself, the whole point of Get Whats Yours And for those of you who might think the repetitions betray a lack of confidence in our readers, know that we authors ourselves still check our notes on these items when we hit the key age milestones, despite having written about Social Security for years PAUL AND JAN GOT WHATS THEIRS TIME TO GET WHATS YOURS. This book was born of Pauls first Social Security encounter with Larry We wrote it to help people like you, who dont happen to know Larry, get every last penny Social Security owes you Weve spent a huge amount of time trying to come up with clear, correct answers to questions we all face so you dont have to Finally, we think its than legitimate for you to feel entitled to these benefits, a feeling deeply rooted in all those years of FICA payments, buttressed by the annual Social Security statements itemizing your past contributions and projecting your future benefits, and guaranteed by our politicians unwavering promises to defend the system and what it owes you You have been forking over payroll taxes your entire working life you deserve to get what you paid for and its the law.Getting smart about Social Security can put tens of thousands of extra dollars in your pocket With that in mind, start by reading, Get Whats Yours The book translatesinto often entertaining Englishthe many convoluted rules that make up the Social Security program Does a great job of helping you make sense of, and get the most from, Social Security Invaluable Glenn Ruffenach The Wall Street Journal An indispensable and surprisingly entertaining guide for anyone who is retiring or thinking of retiring with all of the Social Security benefits theyve earned Jane Pauley Choosing when to take Social Security is one of the biggest decisions of your life By doing it right, you can add hundreds of thousands of dollars to your lifetime income and leave money for your spouse as well This great book tells you how and its funny, too Jane Bryant Quinn, author of Making the Most of your Money NOW Social Security is the biggest source of retirement income for many Americans that just means that Get What s Yours s tricks and tips will be ever relevant Given that there are 2,728 core rules and thousands supplements to them according to the authors, it pays, literally, to seek out a guide Ron Leiber The New York Times I love this book Seriously Who could ever guess that reading about Social Security could be this entertaining And if you think you know enough about the subject, you would be wise to think again Smartly written by an all star, financial expert dream team, the engaging, down to earth prose makes Get Whats Yours the definitive guide to maximizing what is, for many, the most important retirement asset by far From determining the best age to claim hint its not what youve been told to figuring out the intricacies of spousal benefits to avoiding the gotchas that can reduce your checks, this must read guide is truly that And dont be surprised if you actually enjoy it Beth Kobliner, author of Get a Financial Life Goes a long way in educating the public and financial advisers about this important lifetime benefit Get What s Yours is a fun read for advisers with a slightly snarky tone that puts the absurdity of the program s than 2,800 rules into perspective Mary Beth Franklin Investment News The Social Security system has 2,728 core rules You can t be expected to learn them on your own, and you can t depend on Social Security staff members to guide you through them to make the right decisions Use a financial planner with expertise in Social Security, or read and reread an excellent book such as Get What s Yours, to make the decisions that will provide you and your family with the most benefits Elliot Raphaelson The Chicago Tribune A cant miss guide to the system Clear enough for even the most intimidated reader, with a concluding cheat sheet helpfully summing up the books suggestions The authors palpable fervor to help readers get back what theyve paid will energize readers to claim what is rightfully theirs Publishers Weekly Just what we need a clear explanation of how Social Security worksand how to get the highest benefitswithout reading all 2,728 rules of the Social Security system Library Journal Get What s Yours Read More About This Book Name 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NPR Mar NPR coverage Kotlikoff, Philip Moeller, Solman News, author interviews, critics picks Here yours security Don t let government keep rightfully deserve, said get eBay Whats Today, every day, baby boomers reach retirement age become eligible receive explains when tap into Kotlikoff Apple Books bcbsm S GET T WH WHAT FOR MEDICARE MAXIMIZE YOUR COVERAGE, MINIMIZE COSTS IT RIGHT THE FIRST TIME excerpted ALL whats e aware all take work history current spouse, ex deceased spouse timing right Strategize Coming Generational Storm You Need How avoid fiscal crisis next generation protect yourself if acts too late policy recommendations skyrocketing tax rates, drastically reduced health benefits, high inflation, ruined currency Spend Til End Revolutionary Guide Raising Rich poor, young old, school college grad, this book, economist syndicated columnist Scott Burns, life better USA Actually Bankrupt Now Kotlikoff By Greg Hunter USAWatchdog Renowned Boston Economics Professor running President write campaign He says we expert, not politician, fix severe problems radioGoldSeek Gold Review Peter Schiff, head SchiffGold, Euro Pacific Capital, Fund EPGFX joins show his vacation office tropical Crypto Rico, where air conditioning service, heating chief concern today Goodman Institute Public Policy Research Expect From Tax Reform original Ryan Brady reform brainchild Goodman economists Alan Auerbach Berkeley Lawrence Lessig Wikipedia Killswitch, film featuring Lawrence Lessig, Aaron Swartz, Tim Wu, Edward Snowden received its World Premiere Woodstock Film Festival, won award Best EditingIn film, frames story Ask Larry Widow Eligible Benefits Sep Dear Veronica, under passed November given birth, both own benefit spousal Niall Ferguson Niall Campbell n i l born British historian works senior fellow Hoover InstitutionPreviously, he research Jesus College, Oxford, visiting professor New College Humanities, also taught Harvard writes speaks international history, NBER Papers Economics James Poterba, president Poterba National Bureau Economic Research Mitsui MIT PBS NewsHour PBS NewsHour hour long evening news broadcast, hosted Judy Woodruff offers updates, analysis, live studio discussions foreign domestic reports put Money Personal finance news, advice information Latest expert information Pensions, property Get What's Yours: The Secrets to Maxing Out Your Social Security (The Get What's Yours Series) (English Edition)

    • Format Kindle
    • 385 pages
    • Get What's Yours: The Secrets to Maxing Out Your Social Security (The Get What's Yours Series) (English Edition)
    • Laurence J Kotlikoff
    • Anglais
    • 2016-10-07T20:33+02:00