Social Security can be a tricky subject for many clients, with added complexity for small business owners. One common question concerns compensation for family members and their eligibility for Social Security. Here are the factors to consider. A common question asked by business owners is whether or not they should put a spouse on the …

Should Business Owners Put Spouse On Payroll
for Social Security Purposes? Read More »

On November 2, 2015, the Bipartisan Budget Act of 2015 was passed into law. In addition to budgetary provisions, the law closed certain “loopholes,” which changes the way married couples and divorced individuals may take advantage of Social Security benefits. Once the law is fully phased in, a high-earning spouse or divorced individual will no …

Social Security Claiming Under the New Rules Read More »

If you track your Social Security benefit estimates via your annual statement, you’ve probably noticed some variations. How can it be that the amount you are scheduled to receive at full retirement age (FRA) is different – perhaps even lower – than it was a few years ago? Earnings assumptions The reason is that the …

Understanding Social Security Benefit Estimates Read More »

If your employer health plan is a health savings account (HSA) paired with a high-deductible health plan (HDHP), you may have a problem when you turn 65. Why? Because once you enroll in Medicare at 65, you (or your employer) may no longer contribute to your HSA. That’s just a rule. I know what you’re …

Social Security, Medicare, and HSAs Read More »

What if you or your spouse lives to a very ripe old age – to 90, 95, or even 100? The key to having enough income in your old age is to maximize the higher earning spouse’s benefit. This can be done by having the higher-earning spouse delay the start of benefits to age 70. …

Social Security as Longevity Insurance Read More »

According to a recent study, retirees will collectively lose $3.4 trillion in potential income that they could spend during their retirement because they claimed Social Security at a sub-optimal time. The graph above says it all. The age at which most people claim Social Security (green line) is opposite to the age at which they …

Americans Lose Trillions in Social Security Read More »

Wondering how to maximize your Social Security benefits? It’s not as difficult as you may believe. Here are three options almost anyone can do. Not so long ago, baby boomers viewed Social Security as a retirement program for old folks. High-earning boomers felt that Social Security didn’t apply to them because the monthly checks were …

3 Ways to Raise Your Social Security Benefit Read More »

When dealing with financial affairs, actions in one area can spill over into another. Sometimes these unintended consequences can be avoided; other times they don’t reveal themselves until it’s too late. Here’s what you need to be aware of when it comes to Social Security and Medicare. What do you do when a strategy or …

Unintended Consequences Read More »

There is a great deal of confusion about how military pay is counted for Social Security purposes. If you or someone you love is in the military, don’t fall prey to misinformation. At various seminars around the country veterans are told that unless they show DD Form 214, they could lose out on as much …

Military Service and Social Security Read More »

Due to legislative changes, fewer people can take advantage of spousal Social Security strategies. But if you qualify, they can be a major benefit. You may have heard from friends or the media about the “restricted application” for Social Security benefits. This is still available for some people, but you must meet certain criteria. Ordinarily, …

How to File a Restricted Application Read More »