Tag: Earnings Test

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Q&A: Understanding Differences between Social Security Spousal vs. Survivor Benefits (Ep. 89)

Q&A: Understanding Differences between Social Security Spousal vs. Survivor Benefits (Ep. 89)

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Social Security decisions can feel overwhelming, especially when trying to understand spousal and survivor benefits. 

What benefits are you entitled to based on your spouse’s record? When should you claim them?

In this Q&A episode, I address two common Social Security questions that women face. I walk through the step-by-step process for determining spousal benefits for married couples and explore the strategic decisions widows face when choosing between their own retirement benefit and survivor benefits. I also share practical guidance for a recent widow navigating cash flow challenges, work decisions, and benefit timing in the early months after loss.

Key points:

  • The six-step process to determine spousal benefit eligibility and calculate the maximum benefit amount
  • How survivor benefits differ from spousal benefits and why this distinction matters for your strategy
  • Why starting one benefit early while delaying another can maximize lifetime Social Security income
  • Cash flow considerations when facing the decision to return to work while receiving benefits
  • The importance of sequencing decisions rather than rushing to solve everything at once
  • And more!

Resources:

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Can I Stop My Social Security Benefits If I Go Back to Work? A Listener Case Study (Ep. 71)

Can I Stop My Social Security Benefits If I Go Back to Work? A Listener Case Study (Ep. 71)

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Retirement rarely unfolds exactly as planned, especially when unexpected life changes occur.

In this episode, I share a real listener’s story involving Social Security, divorce, and the possibility of going back to work. I walk through step-by-step strategies to help women understand their Social Security options and prepare for future benefits.

Key points:

  • How to determine whether Social Security payments are based on personal or spousal benefits
  • The rules for withdrawing a Social Security application within 12 months (Form SSA-521) and the repayment requirements
  • The earnings test and how going back to work before full retirement age can reduce or later recalculate benefits
  • How additional work years can replace low-earning years and improve future Social Security benefits
  • The differences between ex-spousal benefits, survivor benefits, and how remarriage affects eligibility
  • And more!

Resources:

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Social Security Planning After Divorce: Crucial Rules and Mistakes to Avoid (Ep. 63)

Social Security Planning After Divorce: Crucial Rules and Mistakes to Avoid (Ep. 63)

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Divorce is difficult enough without letting confusion over Social Security take a toll on your future income.

In this episode, I explain the essential Social Security strategies every divorced woman should know, from the ten-year rule to remarriage traps. I highlight true stories of women who faced preventable financial setbacks and how proper planning could have saved them thousands. 

This episode discusses:

  • The importance of understanding the 10-year marriage rule for eligibility on an ex-spouse’s Social Security record
  • How the timing of claiming benefits, including the impact of claiming early, can affect your lifetime income
  • The effects of remarriage, before and after age 60, on eligibility for both spousal and survivor benefits
  • The distinction between ex-spousal and survivor benefits, including how and when you can switch between them
  • Why consulting a financial advisor or certified divorce financial analyst can help you avoid costly mistakes and make the most of your options

Resources:

Connect with Eric Blake: 

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Top 5 Questions on Social Security Survivor Benefits (Ep. 37)

Top 5 Questions on Social Security Survivor Benefits (Ep. 37)

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Social Security survivor benefits are a vital source of financial stability for many women, but how can you ensure you maximize these benefits when planning for retirement?

In this episode of The Simply Retirement Podcast, Eric Blake dives into the intricacies of Social Security survivor benefits and how they impact retirement planning. 

Eric focuses on the top questions from clients and more about eligibility, the application process, and strategic considerations around survivor benefits. Tune in to discover how to maximize your benefits and make informed decisions that align with your retirement plans.

Eric discusses: 

  • Eligibility criteria and crucial timelines for Social Security survivor benefits
  • Impact of remarriage on survivor benefits and critical ages to consider
  • The importance of timing for filing and how it affects benefit amounts
  • Integration of Social Security benefits with other income sources for a balanced financial strategy
  • And more!

Resources:

Connect with Eric Blake: 

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