Maximizing Social Security for Couples: The Ultimate Guide to Dual Benefits

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This episode of Retire Ready with Kyle Hammerschmidt is your ultimate guide to maximizing Social Security benefits for married couples. Whether you’re approaching retirement or just starting to plan, you won’t want to miss these crucial strategies that could put thousands of extra dollars in your pocket. 

In this episode, you’ll learn:

• Understanding Social Security Basics: How benefits are calculated based on your earnings record and what options are available for married couples.
• Spousal Benefits Explained: The ins and outs of claiming spousal benefits and how to potentially receive up to 50% of your spouse’s benefit.
• Effective Strategies: Key strategies like the "split strategy" and the benefits of having the lower-earning spouse claim first.
• Survivor Benefits: How to plan for survivor benefits and ensure financial security for the surviving spouse.
• Advanced Claiming Strategies: The "restricted application" for those who turned 62 by the end of 2015 and how it can benefit your long-term financial plan.
• Important Considerations: How to evaluate your full retirement age, health, and overall financial situation when planning your benefits.
• Common Pitfalls to Avoid: Mistakes to watch out for, such as not coordinating claiming strategies and the impact of continuing to work while receiving benefits.
• Action Steps: Practical steps to get estimates of your benefits and the value of consulting a financial advisor.
• Real-Life Example: A case study of John and Jane, showcasing how different claiming strategies can maximize lifetime benefits.

Listen now to discover how careful planning and strategic claiming can enhance your retirement security and ensure you and your spouse get the most out of Social Security!

Don’t forget to subscribe and leave us a review if you found this episode helpful. For personalized advice, consult with a financial advisor to tailor these strategies to your specific situation.

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Disclosure: You should always consult a financial, tax, or legal professional familiar with your unique circumstances before making any financial decisions. This podcast is intended for educational purposes only. Nothing in this podcast constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns. Past performance does not guarantee future performance. Future returns may be lower or higher. Investments involve risk. Investment values will fluctuate with market conditions, and security positions, when sold, may be worth less or more than their original cost. MOKAN Wealth Management is a registered investment adviser with the SEC. Registration of an investment adviser does not imply a certain level of skill or training.