Urgent Note to Couples in their ’60’s Re: Social Security Benefits
You know how you hear those ads on Sirius or A.M. radio threatening some ominous change in our lives? They want us to buy a video or book, or get if free for a “handling charge”.
Well I heard one today, and I think its legit. I wrote about this in April of 2015. https://hunterlawfirm.net/what-you-do-not-know-about-insurance-and-social-security-can-hurt-you/
Apparently, this very important Social Security Retirement benefit, worth up to $60,000, is getting ready to go away! It is called a “loophole”, I called it a “tax increase”.
If you are 65-70, this can be very important, especially if you are planning to hold off registering for your retirement benefits to 68 – 70.
What I learned, on NPR, and from a book that cost me $20 on Amazon, is that even if you plan NOT to apply for benefits, when the older of you reaches 65, apply and suspend your benefits.
THIS WILL ALLOW YOUR YOUNGER SPOUSE TO APPLY FOR DEPENDENT SPOUSE BENEFITS ON THE DAY SHE/HE REACHES 65 WITH NO PENALTY!
Since I held off applying until age ’70, THIS MEANT FIVE YEARS THAT MY WIFE CAN RECEIVE $1200/MONTH WITH ABSOLUTELY NO PENALTY OR REDUCTION IN THE MONTHLY AMOUNT.
For us, we LOST about $30,000 because we didn’t know about this, and GOT around $30,000 after she applied.
That is the benefit that is going away in the very near future. I hope a few of you are eligible for this and can get it before it disappears.
This post was written by Burton Hunter
Thanks, Burt. Excellent advice.