Are you leaving Social Security benefits on the table? Let’s take a moment and talk about spousal and ex-spousal benefits.
Today on the Simply Retirement Podcast, Eric Blake delves into what women need to know about maximizing their Social Security benefits, specifically spousal and ex-spousal benefits. He clarifies the eligibility criteria, benefit calculation, timing strategies, and the impact of working on social security benefits. Eric emphasizes the importance of understanding the rules around social security benefits to maximize your financial security during retirement.
Here’s what you can expect to learn about:
How spousal and ex-spousal benefits are calculated
The eligibility criteria for spousal and ex-spousal benefits based on marriage duration
What the earnings test is and the implications of working while receiving benefits
How provisional income affects the taxable portion of your social security benefits
Deciding between taking Social Security benefits before and after full retirement age
Tax implications associated with Social Security benefits and the importance of accurate planning
Are you a caregiver (or will be) with concerns about your financial future?
In a compelling episode of The Simply Retirement Podcast, host Eric Blake turns the spotlight on women’s unique retirement planning needs, especially for those who are serving as a caregiver or very likely will be one day. Caregivers often face specific challenges that can drastically alter their financial future. As a seasoned financial professional specializing in retirement planning, Eric explores the specific challenges women encounter when taking on the honorable role of caregiver for parents, family, or close friends. This interview comes from a special Virtual Caregivers Conference hosted by Jeannie Dougherty, certified money coach. The conference was a passion project for Jeannie designed to support both caregivers and their families and was inspired by Jeannie’s 11 years serving as a caregiver for her parents, who both suffered from Alzheimer’s.
Key Insights:
Savvy Social Security Planning: Learn the importance of understanding Social Security, highlighting nuances in eligibility for various benefits
Case Study Insight: Eric presents a poignant case study of a widow facing financial difficulties, emphasizing the need for personalized financial planning
Navigating Early Retirement: Explore the implications of early retirement decisions on Social Security and health insurance
The Emotional Factor: Recognize the significant emotional stress caregivers endure, underlining the crucial role of professional financial advice
Simply Retirement Roadmap: Eric introduces a structured planning process for comprehensive retirement planning
Social Security for Divorcees: Clarify eligibility requirements for ex-spouse benefits and potential Social Security policy changes
Full Retirement Age and Work: Highlight the importance of understanding full retirement age and its implications on benefits
As a determined woman ready to positively impact the world, Jeannie Dougherty continues to help people from all walks of life. She is a coveted counselor, certified money coach, mental fitness coach, and speaker.
She graduated with a master’s degree in counseling from Ottawa University. She graduated from the prestigious Money Coaching Institute as a Certified Money Coach for Individuals, Couples, and Businesses. She’s passionate about her area of expertise, and Jeannie set forth on her quest to do great things.
Moreover, she works with businesses, individuals, and couples to help them find better ways to reach their goals. Over the years, her efforts have earned her a reputation among clients who are ever eager to vouch for her holistic services.
She graduated with a master’s degree in counseling from Ottawa University. She graduated from the prestigious Money Coaching Institute as a Certified Money Coach for Individuals, Couples, and Businesses. She is also a former Federal Retirement Readiness professional. She’s passionate about her area of specialty, and Jeannie set forth on her quest to do great things. Evidently, her perspective on life is simple, and she’s wholly gentle in her approach to the clients. That’s precisely why her customer base continues to grow today.
You see, both of her parents passed away from Alzheimer’s. She spent 11 years of her adult life being a caregiver, dealing with financial and healthcare decisions with her family and their providers.
Her parents’ financial journeys were different, as well as how their diseases manifested. Jeannie understands why lots of folks who become caregivers overnight have their money-handling skills and financial psychology shifts.
As Elananor Roosevelt once said; “A little simplification would be the first step toward rational living, I think”.
In this episode, Eric Blake discusses important aspects of Social Security benefits specifically for women who are looking to financial plan and navigate their portfolios. He covers topics such as social security filing strategies, the three keys to a successful retirement for women, eligibility requirements for benefits, spousal benefits, survivor benefits, the impact of age on benefits, and challenges faced by business owners in saving for retirement.
Eric discusses:
Social security as a guaranteed retirement income source that increases annually
Eligibility requirements for Social Security retirement benefits
Spousal benefits and eligibility based on spouse’s or ex-spouse’s work history
Filing benefits off of a spouse’s work history does not reduce benefits for the higher earning spouse
Choosing benefits if married multiple times for at least ten years each
