The Dalai Lama was asked what surprised him in life the most. He
replied, “Man, because he sacrifices his health in order to make money.
Then he sacrifices money to recuperate his health. And then he is so anxious about the future that he does not enjoy the present; the result being that he does not live in the present or the future; He lives as if he is never going to die, and then he dies having never really lived.”
Balance and Perspective. Why then do we fret so much? Simple answer: MONEY or the lack of it. Struggle and strife to get paid, just might be the path to all evil. But hey, baby’s gotta’ eat; and get new shoes.
Be sure to get all of the “free money” available to you and yours.
The problems in Europe and particularly Greece and the Greek debt along with their austerity mandates offer insights as to what we may face here in the USA. Social Security may be broke and busted but it’s still writing checks; get all that you’re entitled to before it changes. Here are three super secrets for married folks:
1. Pick which Retirement you want; yours or your spouse’s:
Obviously select the one that pays you the most. Typically in a marriage there is a huge difference in wages. But even if the lower wage earner has worked, and has earned their own social security benefit, he/she may elect to receive an amount equal to half of their spouses instead. This is called your Spousal Benefit
2. Double Dip:
A person who has reached full retirement age could elect to take his/her Spousal Benefit and delay taking their own social security benefit. Working or not, take your spousal benefit and delay your own and let it grow until you’re age 70. It doesn’t matter if your spouse is taking their social security benefit or not. And upon age 70, if your own benefit is higher than the spousal benefit you’ve been receiving, just swap and take your own. That’s more money for you now and potentially more money for you later.
3. Getting Paid to Wait:
Typically when one spouse hasn’t worked outside of the home as much as their mate, she won’t have much if any social security benefit and will default to receiving her payments when her higher earning spouse retiresand decides to start taking social security payments.
When you need the best local financial advice or budget help available, contact My Money Track to help you get your life back on track. Your IRA or rollover is just too important of an investment to ignore. Local professional advisors are willing and able to help.
Learn too all you can about simple but elegantly sophisticated ways to use new life insurance contracts to provide a lifetime tax free income during your retirmeent years; one that will supplement social security.
DO NOT WAIT. Once both spouses reach full retirement age, the higher earner (Husband in this example) should go ahead and file for his social security benefits, the lower earning wife then file for her spousal benefit and step three, the husband immediately suspends his social security benefit request. His benefit amount will continue to increase (and by about 8% per year too!) and then when he reaches age 70, go ahead and re-file to start taking his social security retirement benefit.
This will give the wife free monthly money instead of thinking she must wait until hubby fully retires and takes a check from social security before she can… very cool idea.
For more details contact http://www.socialsecurity.gov/retire2/applying6.htm
or feel welcome to call www.mymoneytrack.com 972-385-7606.