Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
And our phone lines are open to you right now
at six oh eight three two one thirteen ten. That's
six oh eight three two one thirteen ten. If you
have questions for our retirement planning professionals from Class Financial
love to hear from you this morning, get your ride
on the air. Of course, you can learn more about
COSS Financial on their website Coss Financial dot com. That's
spelled klaas Financial dot com. Website's got a ton of
(00:23):
great information about Coss Financial. Learn about their separate divisions.
You can learn about the team at Costs Financial. You
can also sign up right online for the weekly Market
Pulse newsletter. Again, that available to you at Cossfinancial dot com.
Their telephone number six oh eight four four two five
six three seven. No charge for that initial get to
know your appointment at Costs Financial. It will be complementary
(00:44):
for you again their telephone number six oh eight four
four two five six three seven. And you get on
the air and join the program this morning, give us
call six oh eight three two one thirteen ten. That's
six oh eight three two one thirteen ten. Joined this
week by CJ Closs and Eric Schwartz. CJI, how you
doing this morning?
Speaker 2 (01:01):
I'm doing great. Good morning Sean, morning Cej.
Speaker 1 (01:03):
Great to talk with you.
Speaker 2 (01:04):
Eric.
Speaker 1 (01:04):
How have you been?
Speaker 3 (01:06):
Good morning Sean. I'm I'm doing great, and it's it's
been a good week.
Speaker 1 (01:09):
It has been. It looks like a great week and
great weekend ahead. And yeah, we've got a great conversation
ahead as well, one of I think out of all
of them, and I put it back to you guys,
because I think you probably would agree on this as
anytime we talk so security seems to be one of
those biggest, bigger topics and we get a lot of
questions and a lot of interaction as well, so it
should be it should be a pretty good show ahead. Again,
(01:32):
we'll be talking about navigating that social security maze and
certain terms and things that you hear when it comes
to social security and why they matter and how they
matter as well as mentioned of course, oftentimes get questions
about social security and whether it's on the exact topic
we're talking about, or if you just have a question
about retirement planning in general. We'd love to have you
join us helpful number here at station six eight three
(01:53):
two one thirteen ten. That's six oh eight three two
one thirteen ten. Before we start this week's conversation though
about so scarity, let's actually take a look back at
last week's program. Of course, each and every week we
do the Class Quiz Question week. This week will be
no exception, chance to win a great prize from our
friends at class Financial, chance to win a twenty five
dollars gift card to Sephora. Typically the question and answer
come up during the program, so listen closely for the
(02:16):
question and answer for the Class Quiz Question week. We'll
get you more details on how you can win it
later on in the program. But again, before we get
rolling on this week's topic, let's actually look back at
last week's program and talk about the click Closs Quiz
question week. Get the question and the answer there as well.
Speaker 3 (02:31):
Yeah, so thank you to everybody for listening. As always,
in big congratulations to our winner from last week, and
that was Penny from Stoton. The question was there are
three simplified types of investor personalities and it's a fill
in the blank so that they are conservative, moderate, and
blank and the answer was aggressive. So again congratulations to
(02:53):
Penny forgetting that question right.
Speaker 1 (02:55):
And of course, if you want to listen back to
last week's program, or maybe a miss part Today Show,
or catch any of the programs. You can always head
on over to Clossfinancial dot com. That's Closs k l
a as financial dot com. Listen to the podcast and
subscribe there as well. Congratulations. As Eric points out to Penny,
you two can be like Penny, listen close to the
program because again typically the question answer to class quiz
(03:17):
question we come up during the show, and of course
we're diving into social security and kind of that maze
this week and full retirement age of course starts sixty two.
What's kind of the real deal and let's kind of
get that get that low down CJ. Nope, did we
lose CJ? Oh No, Eric, are you able to.
Speaker 3 (03:40):
Charms to hear me?
Speaker 1 (03:41):
I can hear you, lon and clear. For some reason,
we're not we're not hearing CJ. But would you like
to like to take this one? Take a take a
crack at it.
Speaker 3 (03:47):
I sure can, excellent. Yes, yes. So. One of the
biggest questions we get, you know, as it relates to
retirement is surrounding social security. This is a big piece
of the puzzle for a lot of folks, and it
seems to be in the news. No matter what's going
on in the world. So let's just kind of dive
into to some of the I'll say, like big details here.
(04:10):
So first things. First, full retirement age or FRA. Think
of this as your Social Security sweet spot. Okay. It
is the first age at which you can receive your
full Social Security benefit without a reduction for claiming early.
So full retirement age it does vary a little bit.
It's somewhere between sixty six and sixty seven. For folks
(04:35):
who are born between nineteen forty three and nineteen fifty four,
your full retirement age is sixty six. And then those
folks born between fifty five nineteen fifty five and nineteen
fifty nine, you will have your Social Security full retirement
age be sixty six and some number of months it varies.
And then finally for people born after nineteen sixty, it's
(04:58):
pretty simple. Sixty seven is your full retirement age. And
again this is where you're gonna get one hundred percent
of your benefit. Now, you can start receiving benefits before
your full retirement age, okay, So you can start as
early as sixty two. Now there's a trade off. You're
gonna get less each month, right, but you are collecting
for potentially more years. And the other thing is you
(05:22):
can start as early as sixty two, but you can
start on any month between sixty two and seventy. Okay,
So sometimes people think, gosh, I can only collect at
sixty two, sixty five, and sixty seven. No Social Security
will will pro rate your benefit down to the month,
so you can start anytime between between sixty two and seventy.
(05:46):
How much will you get? When we get this question
on the best place to get that information is to
get a personalized number is to go to SSA dot
gov make an account, and historically we away to wait
for things to be mailed to us and they would come,
you know, maybe once a year, sometimes not. And SSA
(06:06):
doc gov has a ton of great tools just to
understand what your benefits going to look like, how much
you can get, and what your options are. So I
really really encourage people go to SSA doc gov and
find out more about your Social Security benefit and when
is the best time to collect? Oh, this one is
another good one. It depends, you know. We love to
(06:29):
say that, but waiting until you're full of retirement age
usually means you'll get bigger checks. The reason we always
say it depends is we can't really answer this question
perfectly unless we know exactly how long everybody's going to live.
Right If we know that, I mean, it's really easy
to determine, you know what, when is the most opportune
time to start. So where we tend to start with folks,
(06:53):
is say, okay, well, based on the other income sources
you have in retirement, based on how much you've saved,
how much you want spend. That's how we can help
you figure out when you need to draw your Social
Security to kind of accomplish your goals of having retirement income.
And you know, maybe you have some legacy goals, so
we can use Social Security as a tool to kind
(07:14):
of help you those hit those targets. Now, if you
wait past your full retirement age, so remember that's between
sixty six and sixty seven, you do get an increase
each year until you get to age seventy. So you
are actually going to have an eight percent increase to
your monthly benefit every year until you turn seventy. Now
(07:35):
that is a pretty good deal. We at Class Financial,
we obviously have an investment management team here and they
would tell you eight percent guaranteed is a pretty good deal.
When you get to seventy though, that is pretty much
that is go time. There are very few reasons to
wait past age seventy to actually start your benefits.
Speaker 1 (07:57):
A great information there from Air Schwartz and CJ. Closs,
our retirement planning professionals from Class Financial. And before we
get to some of the math of the CJ, is
there anything you wanted to add to that add to
that last section?
Speaker 2 (08:08):
There no sorry about that. I my microphone kind of
went blank there, but I'm back in.
Speaker 1 (08:14):
Good to have you along. Yet, technology is, as we
all know, is fantastic. When it works, then it's like,
oh goodness, but good to have you back with us.
Back with us CGF course talking with CJ. Closs and
Eric Schwartz, as mentioned, our retirement planning professionals from Class Financial.
Phone lines are open if you've got a question six
oh eight three two one thirteen ten. That's six soh
eight three two one thirteen ten. You can learn more
(08:34):
about Class Financial on their website COSS Financial dot com.
That's Coss k l Aasfinancial dot com Telpha number six
oh eight four four two five six three seven. No
charge for that initial gets to know your appointment at
loss financial it will be complementary to you again their
number six oh eight four four two five, six three seven.
So Eric, let's break down that that math when it
(08:56):
comes to those numbers and kind of calculations when it
comes to your your Social Security benefit. And I think
a lot of folks wonder is will I ever get
a boost?
Speaker 3 (09:07):
Yeah? So, at a very basic level, in order to
qualify for Social Security benefits, you have to earn what
are called credits, Okay, So you have to essentially work,
pay payroll taxes, and earn those credits over your working years.
So in twenty twenty five, if you earn one eight
hundred and ten dollars, that is equal to one credit,
(09:30):
and you can earn a maximum of four credits per year.
And in order to qualify for benefits, you need to
have forty credits. Okay, so four per year, forty credits.
That's ten years of work history. That is the goal
to qualify for Social Security benefits. Now, if you don't
have forty but you are, Let's say you work for
(09:51):
maybe five years and then something takes you out of
the workforce. If you return later, you can keep adding
to your total and and get get up to that
forty credits. They don't need to be consecutive.
Speaker 2 (10:05):
Now.
Speaker 3 (10:07):
The reason that this is one we hear a lot
so talking about talking about how how your benefit is calculated.
I'll have people say to me, you know, towards the
end of their working years, gosh, I got to make
sure that you know, I'm putting in as many hours
as I can and making as much as I can
because they're gonna they're gonna calculate my Social Security based
(10:27):
on my you know, my last years of work, right,
maybe my three or my five last years. That is
not true. So Social Security is going to use your
thirty five highest earning years to calculate your your benefit.
And that is adjusted for inflation. So when you look
at your Social Security statement, you may look back and see,
you know, twenty five years ago, maybe you earned less money.
(10:49):
But when we adjust it for inflation, it, you know,
it brings the dollars back up to today's time value
of money, and it it provides you with a larger
larger benefit than it looks like. But if we think
about this thirty five year average of working work history,
(11:10):
we all start with thirty five zeros right, if we've
never worked before, we have zero's for thirty five years.
So every year that you work, regardless of how much
you're earning, you are increasing your Social Security benefit because
you are taking away one of those years of zero earnings. Okay,
So no matter how much you're earning, you are you
are improving your benefit by working. Now, you'd asked about
(11:33):
will you ever get a boost on your Social Security benefit?
So that is what we would call a cost of
living adjustment or a COLA. And you do get cola's
starting at age sixty two, even if you wait to
get your benefit. And twenty twenty five that was two
and a half percent, and then the year before last
year was three point two percent. Okay, So definitely we'll
(11:56):
be seeing those cost of living adjustments over time.
Speaker 1 (11:58):
Talking this morning with Eric Schwartzee J. Coloss. They are
our retirement planning professionals from Claws Financial online Class Financial
dot com. That's Class k l a as Financial dot
Com Telpha number six oh eight four four two five
six three seven. No charge for that initial gets no
appointment at Class Financial. It will be complementary to you. Again,
they're number six oh eight four four two five six,
(12:19):
three seven, Things are a little different if you are
a government worker.
Speaker 3 (12:22):
Correct, they are. They are. And we I feel like
we talk about social Security with quite often on the
show because it's such an important program, but it's an
old program and we don't often have a lot of
new things to talk about related to it. This is
a this is an exception here. So beginning in twenty
(12:43):
twenty five, specifically back on January fifth, the Social Security
Fairness Act was signed into law, and that made some
pretty big changes for folks who worked for or who
have a government pension. So the Social Security Fairness Act
ends what's called the Windfall Elimination Provision or WEB and
(13:05):
the Government Pension Offset GPO. So these are these two provisions.
They've essentially reduced or eliminated the Social Security benefits of
over three point two million people. And those were folks
who received a pension based on work that was not
covered by Social Security, so they had a non covered pension. Okay,
(13:26):
so this is probably strange to hear for a lot
of folks, especially in Wisconsin. We don't have very many
positions in our state government that don't pay into that
don't pay into Social Security, but our neighbors to the south.
In Illinois, there are a number of positions working for
the state government where actually instead of paying into Social Security,
(13:49):
employees actually pay into all of their retirement contributions into
the state pension. So the Social Security Fairness Act it
increases social secure benefits for certain types of workers, including teachers, firefighters,
police officers in some states, federal employees who are are
(14:10):
covered by the Civil Service Retirement system, and people whose
work had been covered by like a foreign social security
system for example. So complicated topic, but it is a
big change. So if you are one of those workers
who has a government pension and maybe have been impacted
by this, go to SSA dot gov and get up
(14:33):
to date information on how this might affect you.
Speaker 1 (14:36):
Talking this morning with Eric Schwartz and Cjcklass, they are
our retirement planning professionals from Class Financial, I hope you've
had a chance to check out the website. If not,
head on over their COSS Financial dot com that's coss
k l a a s financial dot com. Can of
course learn more about everyone at COSS Financial, the separativations
as well how they can help you or if you're
an employer, some options there and what they all can
(14:58):
provide at COSS Financial. I'll send up for the weekly
Market Pulse newsletter that at the website COSS Financial dot com.
Tell for number six oh eight four four two five
six three seven. No charge for that initial get to
know your appointment tech loss financial. It will be complementary
to you again. Their number six oh eight four four
two five six three seven. Talk about you hear that
term break even. We'll find out from c Jan Eric
(15:18):
what that is and is it possible to figure that out?
What We'll get all those details and so much more
as we continue our conversation Money in Motion here at
Costs Financial on thirteen ten. Wuib I walking this week
with our retirement planning professionals CJ. Closs and Eric Schwartz.
Of course they come to us from Class Financial the
website colss financial dot com. That's coss k l aa
as Financial dot com at telephon number six O eight
(15:41):
four four two five six three seven. No charge for
that initial gets to know your appointment tech loss Financial.
It will be complementary to you again. Their number six
oh eight four four two five six three seven talking
this week about social security and h CJ one of
the things you often hear folks wondering about is picking
that right age, and what exactly and where exactly is
(16:04):
that break even point? What do people need to know there?
Speaker 2 (16:07):
CJ. Yeah, So social security and retirement planning, it's kind
of like a personal puzzle that you have to figure out.
And this is often why people will come to us
as a retirement planning expert to say, hey, I've got
these different income streams, whether it be a pension or
a Social Security income stream, or like Eric was talking about,
Hey I was part of a non covered pension in
(16:28):
the state of Illinois and now there's a change. I mean,
these are complicated things with significant impacts over the remainder
of your retirement years. So this is often how and
when and where we get involved. But when you're thinking
about your future retirement income streams, including social Security, consider
(16:49):
all of those income sources. What we would do is
we would sit down and say, hey, what investments do
you have, what pensions do you have, what Social Security
income will you have? Anybody working? When do you want
to retire? When can you afford to retire? And then
based upon all that data, we will say you should
draw from here first Now for the somebody who's not
(17:12):
in the industry, that might sound like, oh my goodness,
I have no idea how to do that analysis. But
it's not actually that complicated once you're on our side
of the fence and understand kind of the tax impacts
of each of these income streams. Social Security, this is
not right within my topic right now, but social Security
is a little bit unique. Social Security can be legitimately
(17:34):
in the state of Illinois or a state of Wisconsin
at least completely tax free. If your income is low
enough on a provisional basis, you will have no tax
federal or state on sociecurity. Now, if your total income
or was known as your modified adjusted gross income gets
high enough, then they start taxing your Social Security. And
then if your income is much much, much higher, you
(17:56):
cap out at eighty five percent of your Social Security
being income taxable. So you get the idea. It's important
to know these things because it has an impact on
when you draw in where you draw in all these things. Now,
longevity is another important question because some people like us
will say, hey, you should wait to draw later, which
we'll talk about here in a moment. But then if
(18:18):
you're very unhealthy, and you're retired at sixty two, you
probably just want to draw it as early as you
can to try to get as much benefit out as
you can. Because here's the kicker with social Security. If
you don't have a spouse or somebody who's going to
be claiming on your record after you die somehow, then
there's really not a lot of benefit of waiting if
you are sick or ill, or if you expect to
(18:39):
die at an earlier or earlier than average age. Now,
with all of this being said, you asked the question
of what is this break even thing? Well, listen, break
even is actually not that complicated of a concept. Imagine
you have an Excel spreadsheet or even just a piece
of paper in front of you, and you know that
if you draw at age sixty two, which is the
earliest that you can draw, that your benefit's going to
(18:59):
be lower. As a matter of fact, it's about for
somebody who's full retirement age is, you know, sixty six.
In some number of months, if you draw aus early
sixty two, you're only getting about seventy four percent of
your full retirement age benefit. So if I draw sixty two,
it's a lower amount, but I'm money ahead, right, that's
the key. I'm money ahead of the other version of
(19:21):
myself that would have waited to full retirement age. And
I'm way money ahead of the other version of myself
that would have waited to seventy Everybody gets this. But
if you kind of put those that Excel spreadsheet down
and you say, but if I had waited to seventy,
the benefit is larger, and therefore I start catching up
on the former version that drew earlier. So this is
just a simple, you know, nominal math equation. We're ignoring
(19:45):
expected returns and inflation right now. We're just basically looking
at at the nominal dollar amount, and at some point
in the future those numbers break even. Well, here's the kicker, everybody.
For most Americans under most situations, that break even a
hers somewhere between seventy eight and eighty. Okay, So meaning
if I draw at sixty two, sixty three, sixty four,
(20:07):
sixty fivety six, sixty seven, sixty eight, sixty nine, or
seventy they all break even somewhere between seventy eight and eighty.
Now why does this matter, Because that's about that's about
life expectancy. So listen, If you think that the Social
Security Administration cares when you draw, social Security, you clearly
(20:29):
don't understand how they built the math. They just don't
care when you draw because on average, it's irrelevant. Now,
notice what I just said there, On average, here's the key.
If everybody in your family live to ninety or older,
(20:49):
you could actually game it a little bit. You could say, hmmm,
well social Security doesn't care, but I care. And I
know that if I wait and get a larger benefit
and I live to age ninety, I'm money way ahead.
So you get the idea social Security Administration could care less.
Do we as financial planners as we work with our clients,
(21:10):
do we care about your family medical history and your
personal medical history and expectations of you know, when you'll
pass away?
Speaker 3 (21:16):
Oh?
Speaker 2 (21:17):
You bet you? And that has a big impact on
when we give suggestions around when you should draw.
Speaker 1 (21:23):
Talking this morning with CJ. Closs and Eric Schwartz, they
are our retirement planning professionals from Class Financial website, Class
Financial dot Com tel forh number six So eight four
four two five six three seven So, CJ, what if
we heard talk a little bit about credits earlier? What
if you don't have enough credits.
Speaker 2 (21:40):
Yeah, good question. So you may still have some options.
So if you don't have enough credits, Eric mentioned it earlier,
but you there's these credits that you earn. You can
earn up to four credits per year, and so they
say forty credits is the minimum that's required to be
eligible for your own Social Security benefit. If you understand
that four credits per year, forty credits, well, that sounds
(22:03):
like ten years. CJ. That's right. If you have about
ten years of working history, then you will be eligible
for your own benefit. Some people don't have that. I'll
take my spouse as an example of this. She has
worked outside of the home, but not for accumulative ten years,
and therefore, on her own record, she would get nothing.
But let's just pause for those of you who have
listened to us talk on the air. Enough about this,
(22:25):
you go, But but but wait a minute. If CJ
were to die, wouldn't his wife be eligible for his benefit? Yes?
Speaker 3 (22:32):
She would.
Speaker 2 (22:33):
And wait a minute, I've heard you talk about you're
eligible for all of yours or half of your spouses,
whichever is greater. So even if CJ's alive and he draws,
couldn't she get half of his. Yes, she could. So
you get the idea. Just because my spouse is not
eligible based on her own record, it doesn't mean she
won't get a Social Security benefit. If I pass away,
(22:54):
she could get a benefit. Now there's limitations on when
she can get that benefit, but she could get a benefit.
And then also if even if I'm alive and I draw,
she's eligible for half of mine, even though she may
not qualify on her own record. And then there's other
things like well what if a divorce happens, So what
if I'm not eligible on my own record, but I
(23:15):
was married to somebody for ten years who was eligible. Well, yeah,
that may apply, but here's a key. Generally you had
to have been married for ten years, and generally you
can't have remarried before I think it's sixty or sixty two.
So you get the idea. There are a lot of
kind of quirks and things to be aware of relative
(23:36):
to Social Security. If you have an odd situation where
you don't know how it'll work. So think of a
divorce from many years ago, or if you were recently
a widow or widow where we would just highly suggest
schedule an appointment at the Social Security Administration Office, explain
your situation and get a summary of what your benefits
might be.
Speaker 1 (23:54):
Talking this morning with CJ. Class and Eric Schwartz, retirement
planning professionals from Class Financial, the website class financial dot com.
That's coss k l a A S financial dot com.
They're telephon number six o eight four four two five
six three seven, which if your conversation with c gen
Eric next has money in motion with Coss Financial continues
right here on thirteen ten Wui b A talking with
(24:16):
our retirement planning professionals c J. Closs and Eric Schwartz.
Of course they come to us from Class Financial, the
website coss financial dot com. That's coss k l a
A S Financial dot com. Telephone number six oh eight
four four two five six three seven. Don't forget no
charge for that initial get to know your appointment tech
Loss Financial. It will be complementary to you again their
number six oh eight four four two five six three seven.
(24:39):
Talking with Cjen Eric this week about Social Security. And
you know we've talked about taking social social Security early,
but what about folks that are still working? Are their
income limits orre some restrictions that folks there need to
know about.
Speaker 2 (24:54):
Yeah, that's a great question, Sean.
Speaker 3 (24:55):
So this is a really common point of confusion, especially
as people are are thinking about taking benefits early. So
if you claim your Social Security before your full retirement age,
which you remember right now is somewhere between sixty six
and sixty seven depending when you were born, and you
continue to work so earn earned income, not your pension income,
(25:16):
not your investment income, but actually working income, your benefits
can be temporarily reduced. So hang onto that word. They're
temporarily as well. Okay. The earnings test applies again only
if you're collecting prior to full retirement age. So if
you hit full retirement age, you can work to your
heart's content. Social Security administration does not care. But in
(25:39):
twenty twenty five, if you are under full retirement age
for the entire year, Social Security will deduct one dollar
from your benefits for every two dollars that you earn
above twenty three thousand, four hundred dollars. Okay, so essentially
you're gonna have to pay back one dollar for every
two that you earn over twenty three four hundred dollars. Now,
(26:00):
in the year that you reach full retirement age, the
rules are a little bit different. So in twenty twenty five,
social Security will deduct one dollar for every three dollars
that you learn that you earn above sixty two and
sixty dollars. So this only applies to earnings before the
month that you reach your full retirement age. But if
(26:20):
you are still working, you really want to think twice
about taking benefits before full retirement age. Once you get
to your full retirement age, there is no earnings test,
and you can earn as much as you want now mention,
I remember earlier I said to hang on to that
temporarily reduced comment. So these deductions are not lost forever.
(26:41):
When you reach your full retirement age, social Security will
actually recalculate your benefits and you'll receive a higher monthly
amount to account for the benefits that were withheld. So
the earnings, the earnings test, It can be a nuisance,
but theoretically you should receive those benefits later. And again
it only applies to working income, not your pension or
(27:02):
other retirement income.
Speaker 1 (27:04):
Pretty a lot of really great information, as always pretty
interesting stuff as we talk with our retirement planning professionals.
Eric Schwartz and CJ Closs don't freaking learn more about
Eric CJ and the whole team at Loss Financial on
their website Coss financial dot com. That's Coss Klaas Financial
dot com. Telphon number six oh eight four four two
five six three seven. No charge for the initial gets
(27:25):
to know you appointment at Loss Financial. It will be
complementary to you again their number six oh eight four
four two five six three seven. Want to hold on
to that telephone number because time now for the class
quiz question the week. It works like this, In just
a moment, I'll ask you the class quiz question the week.
You will then have thirty minutes from the in today's
program to call the Class Financial office right here in
Madison at six oh eight four four two five six
three seven. If you are the first caller, you win
(27:47):
this week's prize, which is say twenty five dollars gift
card to Sephora. This week's class quiz question week is this.
According to Social Security, if you were born after nineteen sixty,
your full retirement age FRARA is considered. What age is
it sixty five or sixty seven? Telphia number six oh
eight four four two five six three seven. First call,
(28:09):
correct answer when the twenty five dollars gift cartoof Sephora
and again that's Class Financials Office right here in Madison,
Telpha number six oh eight four four two five six
three seven CJ. Eric. It's always fantastic chatting with both
of you guys. You enjoy this beautiful day.
Speaker 2 (28:22):
Thanks Sean, Thanks Sean, see you guys.
Speaker 1 (28:24):
News comes your way next year. Thirteen ten wu ib
A
And our phone lines are open to you right now
at six oh eight three two one thirteen ten. That's
six oh eight three two one thirteen ten. If you
have questions for our retirement planning professionals from Class Financial
love to hear from you this morning, get your ride
on the air. Of course, you can learn more about
COSS Financial on their website Coss Financial dot com. That's
spelled klaas Financial dot com. Website's got a ton of
(00:23):
great information about Coss Financial. Learn about their separate divisions.
You can learn about the team at Costs Financial. You
can also sign up right online for the weekly Market
Pulse newsletter. Again, that available to you at Cossfinancial dot com.
Their telephone number six oh eight four four two five
six three seven. No charge for that initial get to
know your appointment at Costs Financial. It will be complementary
(00:44):
for you again their telephone number six oh eight four
four two five six three seven. And you get on
the air and join the program this morning, give us
call six oh eight three two one thirteen ten. That's
six oh eight three two one thirteen ten. Joined this
week by CJ Closs and Eric Schwartz. CJI, how you
doing this morning?
Speaker 2 (01:01):
I'm doing great. Good morning Sean, morning Cej.
Speaker 1 (01:03):
Great to talk with you.
Speaker 2 (01:04):
Eric.
Speaker 1 (01:04):
How have you been?
Speaker 3 (01:06):
Good morning Sean. I'm I'm doing great, and it's it's
been a good week.
Speaker 1 (01:09):
It has been. It looks like a great week and
great weekend ahead. And yeah, we've got a great conversation
ahead as well, one of I think out of all
of them, and I put it back to you guys,
because I think you probably would agree on this as
anytime we talk so security seems to be one of
those biggest, bigger topics and we get a lot of
questions and a lot of interaction as well, so it
should be it should be a pretty good show ahead. Again,
(01:32):
we'll be talking about navigating that social security maze and
certain terms and things that you hear when it comes
to social security and why they matter and how they
matter as well as mentioned of course, oftentimes get questions
about social security and whether it's on the exact topic
we're talking about, or if you just have a question
about retirement planning in general. We'd love to have you
join us helpful number here at station six eight three
(01:53):
two one thirteen ten. That's six oh eight three two
one thirteen ten. Before we start this week's conversation though
about so scarity, let's actually take a look back at
last week's program. Of course, each and every week we
do the Class Quiz Question week. This week will be
no exception, chance to win a great prize from our
friends at class Financial, chance to win a twenty five
dollars gift card to Sephora. Typically the question and answer
come up during the program, so listen closely for the
(02:16):
question and answer for the Class Quiz Question week. We'll
get you more details on how you can win it
later on in the program. But again, before we get
rolling on this week's topic, let's actually look back at
last week's program and talk about the click Closs Quiz
question week. Get the question and the answer there as well.
Speaker 3 (02:31):
Yeah, so thank you to everybody for listening. As always,
in big congratulations to our winner from last week, and
that was Penny from Stoton. The question was there are
three simplified types of investor personalities and it's a fill
in the blank so that they are conservative, moderate, and
blank and the answer was aggressive. So again congratulations to
(02:53):
Penny forgetting that question right.
Speaker 1 (02:55):
And of course, if you want to listen back to
last week's program, or maybe a miss part Today Show,
or catch any of the programs. You can always head
on over to Clossfinancial dot com. That's Closs k l
a as financial dot com. Listen to the podcast and
subscribe there as well. Congratulations. As Eric points out to Penny,
you two can be like Penny, listen close to the
program because again typically the question answer to class quiz
(03:17):
question we come up during the show, and of course
we're diving into social security and kind of that maze
this week and full retirement age of course starts sixty two.
What's kind of the real deal and let's kind of
get that get that low down CJ. Nope, did we
lose CJ? Oh No, Eric, are you able to.
Speaker 3 (03:40):
Charms to hear me?
Speaker 1 (03:41):
I can hear you, lon and clear. For some reason,
we're not we're not hearing CJ. But would you like
to like to take this one? Take a take a
crack at it.
Speaker 3 (03:47):
I sure can, excellent. Yes, yes. So. One of the
biggest questions we get, you know, as it relates to
retirement is surrounding social security. This is a big piece
of the puzzle for a lot of folks, and it
seems to be in the news. No matter what's going
on in the world. So let's just kind of dive
into to some of the I'll say, like big details here.
(04:10):
So first things. First, full retirement age or FRA. Think
of this as your Social Security sweet spot. Okay. It
is the first age at which you can receive your
full Social Security benefit without a reduction for claiming early.
So full retirement age it does vary a little bit.
It's somewhere between sixty six and sixty seven. For folks
(04:35):
who are born between nineteen forty three and nineteen fifty four,
your full retirement age is sixty six. And then those
folks born between fifty five nineteen fifty five and nineteen
fifty nine, you will have your Social Security full retirement
age be sixty six and some number of months it varies.
And then finally for people born after nineteen sixty, it's
(04:58):
pretty simple. Sixty seven is your full retirement age. And
again this is where you're gonna get one hundred percent
of your benefit. Now, you can start receiving benefits before
your full retirement age, okay, So you can start as
early as sixty two. Now there's a trade off. You're
gonna get less each month, right, but you are collecting
for potentially more years. And the other thing is you
(05:22):
can start as early as sixty two, but you can
start on any month between sixty two and seventy. Okay,
So sometimes people think, gosh, I can only collect at
sixty two, sixty five, and sixty seven. No Social Security
will will pro rate your benefit down to the month,
so you can start anytime between between sixty two and seventy.
(05:46):
How much will you get? When we get this question
on the best place to get that information is to
get a personalized number is to go to SSA dot
gov make an account, and historically we away to wait
for things to be mailed to us and they would come,
you know, maybe once a year, sometimes not. And SSA
(06:06):
doc gov has a ton of great tools just to
understand what your benefits going to look like, how much
you can get, and what your options are. So I
really really encourage people go to SSA doc gov and
find out more about your Social Security benefit and when
is the best time to collect? Oh, this one is
another good one. It depends, you know. We love to
(06:29):
say that, but waiting until you're full of retirement age
usually means you'll get bigger checks. The reason we always
say it depends is we can't really answer this question
perfectly unless we know exactly how long everybody's going to live.
Right If we know that, I mean, it's really easy
to determine, you know what, when is the most opportune
time to start. So where we tend to start with folks,
(06:53):
is say, okay, well, based on the other income sources
you have in retirement, based on how much you've saved,
how much you want spend. That's how we can help
you figure out when you need to draw your Social
Security to kind of accomplish your goals of having retirement income.
And you know, maybe you have some legacy goals, so
we can use Social Security as a tool to kind
(07:14):
of help you those hit those targets. Now, if you
wait past your full retirement age, so remember that's between
sixty six and sixty seven, you do get an increase
each year until you get to age seventy. So you
are actually going to have an eight percent increase to
your monthly benefit every year until you turn seventy. Now
(07:35):
that is a pretty good deal. We at Class Financial,
we obviously have an investment management team here and they
would tell you eight percent guaranteed is a pretty good deal.
When you get to seventy though, that is pretty much
that is go time. There are very few reasons to
wait past age seventy to actually start your benefits.
Speaker 1 (07:57):
A great information there from Air Schwartz and CJ. Closs,
our retirement planning professionals from Class Financial. And before we
get to some of the math of the CJ, is
there anything you wanted to add to that add to
that last section?
Speaker 2 (08:08):
There no sorry about that. I my microphone kind of
went blank there, but I'm back in.
Speaker 1 (08:14):
Good to have you along. Yet, technology is, as we
all know, is fantastic. When it works, then it's like,
oh goodness, but good to have you back with us.
Back with us CGF course talking with CJ. Closs and
Eric Schwartz, as mentioned, our retirement planning professionals from Class Financial.
Phone lines are open if you've got a question six
oh eight three two one thirteen ten. That's six soh
eight three two one thirteen ten. You can learn more
(08:34):
about Class Financial on their website COSS Financial dot com.
That's Coss k l Aasfinancial dot com Telpha number six
oh eight four four two five six three seven. No
charge for that initial gets to know your appointment at
loss financial it will be complementary to you again their
number six oh eight four four two five, six three seven.
So Eric, let's break down that that math when it
(08:56):
comes to those numbers and kind of calculations when it
comes to your your Social Security benefit. And I think
a lot of folks wonder is will I ever get
a boost?
Speaker 3 (09:07):
Yeah? So, at a very basic level, in order to
qualify for Social Security benefits, you have to earn what
are called credits, Okay, So you have to essentially work,
pay payroll taxes, and earn those credits over your working years.
So in twenty twenty five, if you earn one eight
hundred and ten dollars, that is equal to one credit,
(09:30):
and you can earn a maximum of four credits per year.
And in order to qualify for benefits, you need to
have forty credits. Okay, so four per year, forty credits.
That's ten years of work history. That is the goal
to qualify for Social Security benefits. Now, if you don't
have forty but you are, Let's say you work for
(09:51):
maybe five years and then something takes you out of
the workforce. If you return later, you can keep adding
to your total and and get get up to that
forty credits. They don't need to be consecutive.
Speaker 2 (10:05):
Now.
Speaker 3 (10:07):
The reason that this is one we hear a lot
so talking about talking about how how your benefit is calculated.
I'll have people say to me, you know, towards the
end of their working years, gosh, I got to make
sure that you know, I'm putting in as many hours
as I can and making as much as I can
because they're gonna they're gonna calculate my Social Security based
(10:27):
on my you know, my last years of work, right,
maybe my three or my five last years. That is
not true. So Social Security is going to use your
thirty five highest earning years to calculate your your benefit.
And that is adjusted for inflation. So when you look
at your Social Security statement, you may look back and see,
you know, twenty five years ago, maybe you earned less money.
(10:49):
But when we adjust it for inflation, it, you know,
it brings the dollars back up to today's time value
of money, and it it provides you with a larger
larger benefit than it looks like. But if we think
about this thirty five year average of working work history,
(11:10):
we all start with thirty five zeros right, if we've
never worked before, we have zero's for thirty five years.
So every year that you work, regardless of how much
you're earning, you are increasing your Social Security benefit because
you are taking away one of those years of zero earnings. Okay,
So no matter how much you're earning, you are you
are improving your benefit by working. Now, you'd asked about
(11:33):
will you ever get a boost on your Social Security benefit?
So that is what we would call a cost of
living adjustment or a COLA. And you do get cola's
starting at age sixty two, even if you wait to
get your benefit. And twenty twenty five that was two
and a half percent, and then the year before last
year was three point two percent. Okay, So definitely we'll
(11:56):
be seeing those cost of living adjustments over time.
Speaker 1 (11:58):
Talking this morning with Eric Schwartzee J. Coloss. They are
our retirement planning professionals from Claws Financial online Class Financial
dot com. That's Class k l a as Financial dot
Com Telpha number six oh eight four four two five
six three seven. No charge for that initial gets no
appointment at Class Financial. It will be complementary to you. Again,
they're number six oh eight four four two five six,
(12:19):
three seven, Things are a little different if you are
a government worker.
Speaker 3 (12:22):
Correct, they are. They are. And we I feel like
we talk about social Security with quite often on the
show because it's such an important program, but it's an
old program and we don't often have a lot of
new things to talk about related to it. This is
a this is an exception here. So beginning in twenty
(12:43):
twenty five, specifically back on January fifth, the Social Security
Fairness Act was signed into law, and that made some
pretty big changes for folks who worked for or who
have a government pension. So the Social Security Fairness Act
ends what's called the Windfall Elimination Provision or WEB and
(13:05):
the Government Pension Offset GPO. So these are these two provisions.
They've essentially reduced or eliminated the Social Security benefits of
over three point two million people. And those were folks
who received a pension based on work that was not
covered by Social Security, so they had a non covered pension. Okay,
(13:26):
so this is probably strange to hear for a lot
of folks, especially in Wisconsin. We don't have very many
positions in our state government that don't pay into that
don't pay into Social Security, but our neighbors to the south.
In Illinois, there are a number of positions working for
the state government where actually instead of paying into Social Security,
(13:49):
employees actually pay into all of their retirement contributions into
the state pension. So the Social Security Fairness Act it
increases social secure benefits for certain types of workers, including teachers, firefighters,
police officers in some states, federal employees who are are
(14:10):
covered by the Civil Service Retirement system, and people whose
work had been covered by like a foreign social security
system for example. So complicated topic, but it is a
big change. So if you are one of those workers
who has a government pension and maybe have been impacted
by this, go to SSA dot gov and get up
(14:33):
to date information on how this might affect you.
Speaker 1 (14:36):
Talking this morning with Eric Schwartz and Cjcklass, they are
our retirement planning professionals from Class Financial, I hope you've
had a chance to check out the website. If not,
head on over their COSS Financial dot com that's coss
k l a a s financial dot com. Can of
course learn more about everyone at COSS Financial, the separativations
as well how they can help you or if you're
an employer, some options there and what they all can
(14:58):
provide at COSS Financial. I'll send up for the weekly
Market Pulse newsletter that at the website COSS Financial dot com.
Tell for number six oh eight four four two five
six three seven. No charge for that initial get to
know your appointment tech loss financial. It will be complementary
to you again. Their number six oh eight four four
two five six three seven. Talk about you hear that
term break even. We'll find out from c Jan Eric
(15:18):
what that is and is it possible to figure that out?
What We'll get all those details and so much more
as we continue our conversation Money in Motion here at
Costs Financial on thirteen ten. Wuib I walking this week
with our retirement planning professionals CJ. Closs and Eric Schwartz.
Of course they come to us from Class Financial the
website colss financial dot com. That's coss k l aa
as Financial dot com at telephon number six O eight
(15:41):
four four two five six three seven. No charge for
that initial gets to know your appointment tech loss Financial.
It will be complementary to you again. Their number six
oh eight four four two five six three seven talking
this week about social security and h CJ one of
the things you often hear folks wondering about is picking
that right age, and what exactly and where exactly is
(16:04):
that break even point? What do people need to know there?
Speaker 2 (16:07):
CJ. Yeah, So social security and retirement planning, it's kind
of like a personal puzzle that you have to figure out.
And this is often why people will come to us
as a retirement planning expert to say, hey, I've got
these different income streams, whether it be a pension or
a Social Security income stream, or like Eric was talking about,
Hey I was part of a non covered pension in
(16:28):
the state of Illinois and now there's a change. I mean,
these are complicated things with significant impacts over the remainder
of your retirement years. So this is often how and
when and where we get involved. But when you're thinking
about your future retirement income streams, including social Security, consider
(16:49):
all of those income sources. What we would do is
we would sit down and say, hey, what investments do
you have, what pensions do you have, what Social Security
income will you have? Anybody working? When do you want
to retire? When can you afford to retire? And then
based upon all that data, we will say you should
draw from here first Now for the somebody who's not
(17:12):
in the industry, that might sound like, oh my goodness,
I have no idea how to do that analysis. But
it's not actually that complicated once you're on our side
of the fence and understand kind of the tax impacts
of each of these income streams. Social Security, this is
not right within my topic right now, but social Security
is a little bit unique. Social Security can be legitimately
(17:34):
in the state of Illinois or a state of Wisconsin
at least completely tax free. If your income is low
enough on a provisional basis, you will have no tax
federal or state on sociecurity. Now, if your total income
or was known as your modified adjusted gross income gets
high enough, then they start taxing your Social Security. And
then if your income is much much, much higher, you
(17:56):
cap out at eighty five percent of your Social Security
being income taxable. So you get the idea. It's important
to know these things because it has an impact on
when you draw in where you draw in all these things. Now,
longevity is another important question because some people like us
will say, hey, you should wait to draw later, which
we'll talk about here in a moment. But then if
(18:18):
you're very unhealthy, and you're retired at sixty two, you
probably just want to draw it as early as you
can to try to get as much benefit out as
you can. Because here's the kicker with social Security. If
you don't have a spouse or somebody who's going to
be claiming on your record after you die somehow, then
there's really not a lot of benefit of waiting if
you are sick or ill, or if you expect to
(18:39):
die at an earlier or earlier than average age. Now,
with all of this being said, you asked the question
of what is this break even thing? Well, listen, break
even is actually not that complicated of a concept. Imagine
you have an Excel spreadsheet or even just a piece
of paper in front of you, and you know that
if you draw at age sixty two, which is the
earliest that you can draw, that your benefit's going to
(18:59):
be lower. As a matter of fact, it's about for
somebody who's full retirement age is, you know, sixty six.
In some number of months, if you draw aus early
sixty two, you're only getting about seventy four percent of
your full retirement age benefit. So if I draw sixty two,
it's a lower amount, but I'm money ahead, right, that's
the key. I'm money ahead of the other version of
(19:21):
myself that would have waited to full retirement age. And
I'm way money ahead of the other version of myself
that would have waited to seventy Everybody gets this. But
if you kind of put those that Excel spreadsheet down
and you say, but if I had waited to seventy,
the benefit is larger, and therefore I start catching up
on the former version that drew earlier. So this is
just a simple, you know, nominal math equation. We're ignoring
(19:45):
expected returns and inflation right now. We're just basically looking
at at the nominal dollar amount, and at some point
in the future those numbers break even. Well, here's the kicker, everybody.
For most Americans under most situations, that break even a
hers somewhere between seventy eight and eighty. Okay, So meaning
if I draw at sixty two, sixty three, sixty four,
(20:07):
sixty fivety six, sixty seven, sixty eight, sixty nine, or
seventy they all break even somewhere between seventy eight and eighty.
Now why does this matter, Because that's about that's about
life expectancy. So listen, If you think that the Social
Security Administration cares when you draw, social Security, you clearly
(20:29):
don't understand how they built the math. They just don't
care when you draw because on average, it's irrelevant. Now,
notice what I just said there, On average, here's the key.
If everybody in your family live to ninety or older,
(20:49):
you could actually game it a little bit. You could say, hmmm,
well social Security doesn't care, but I care. And I
know that if I wait and get a larger benefit
and I live to age ninety, I'm money way ahead.
So you get the idea social Security Administration could care less.
Do we as financial planners as we work with our clients,
(21:10):
do we care about your family medical history and your
personal medical history and expectations of you know, when you'll
pass away?
Speaker 3 (21:16):
Oh?
Speaker 2 (21:17):
You bet you? And that has a big impact on
when we give suggestions around when you should draw.
Speaker 1 (21:23):
Talking this morning with CJ. Closs and Eric Schwartz, they
are our retirement planning professionals from Class Financial website, Class
Financial dot Com tel forh number six So eight four
four two five six three seven So, CJ, what if
we heard talk a little bit about credits earlier? What
if you don't have enough credits.
Speaker 2 (21:40):
Yeah, good question. So you may still have some options.
So if you don't have enough credits, Eric mentioned it earlier,
but you there's these credits that you earn. You can
earn up to four credits per year, and so they
say forty credits is the minimum that's required to be
eligible for your own Social Security benefit. If you understand
that four credits per year, forty credits, well, that sounds
(22:03):
like ten years. CJ. That's right. If you have about
ten years of working history, then you will be eligible
for your own benefit. Some people don't have that. I'll
take my spouse as an example of this. She has
worked outside of the home, but not for accumulative ten years,
and therefore, on her own record, she would get nothing.
But let's just pause for those of you who have
listened to us talk on the air. Enough about this,
(22:25):
you go, But but but wait a minute. If CJ
were to die, wouldn't his wife be eligible for his benefit? Yes?
Speaker 3 (22:32):
She would.
Speaker 2 (22:33):
And wait a minute, I've heard you talk about you're
eligible for all of yours or half of your spouses,
whichever is greater. So even if CJ's alive and he draws,
couldn't she get half of his. Yes, she could. So
you get the idea. Just because my spouse is not
eligible based on her own record, it doesn't mean she
won't get a Social Security benefit. If I pass away,
(22:54):
she could get a benefit. Now there's limitations on when
she can get that benefit, but she could get a benefit.
And then also if even if I'm alive and I draw,
she's eligible for half of mine, even though she may
not qualify on her own record. And then there's other
things like well what if a divorce happens, So what
if I'm not eligible on my own record, but I
(23:15):
was married to somebody for ten years who was eligible. Well, yeah,
that may apply, but here's a key. Generally you had
to have been married for ten years, and generally you
can't have remarried before I think it's sixty or sixty two.
So you get the idea. There are a lot of
kind of quirks and things to be aware of relative
(23:36):
to Social Security. If you have an odd situation where
you don't know how it'll work. So think of a
divorce from many years ago, or if you were recently
a widow or widow where we would just highly suggest
schedule an appointment at the Social Security Administration Office, explain
your situation and get a summary of what your benefits
might be.
Speaker 1 (23:54):
Talking this morning with CJ. Class and Eric Schwartz, retirement
planning professionals from Class Financial, the website class financial dot com.
That's coss k l a A S financial dot com.
They're telephon number six o eight four four two five
six three seven, which if your conversation with c gen
Eric next has money in motion with Coss Financial continues
right here on thirteen ten Wui b A talking with
(24:16):
our retirement planning professionals c J. Closs and Eric Schwartz.
Of course they come to us from Class Financial, the
website coss financial dot com. That's coss k l a
A S Financial dot com. Telephone number six oh eight
four four two five six three seven. Don't forget no
charge for that initial get to know your appointment tech
Loss Financial. It will be complementary to you again their
number six oh eight four four two five six three seven.
(24:39):
Talking with Cjen Eric this week about Social Security. And
you know we've talked about taking social social Security early,
but what about folks that are still working? Are their
income limits orre some restrictions that folks there need to
know about.
Speaker 2 (24:54):
Yeah, that's a great question, Sean.
Speaker 3 (24:55):
So this is a really common point of confusion, especially
as people are are thinking about taking benefits early. So
if you claim your Social Security before your full retirement age,
which you remember right now is somewhere between sixty six
and sixty seven depending when you were born, and you
continue to work so earn earned income, not your pension income,
(25:16):
not your investment income, but actually working income, your benefits
can be temporarily reduced. So hang onto that word. They're
temporarily as well. Okay. The earnings test applies again only
if you're collecting prior to full retirement age. So if
you hit full retirement age, you can work to your
heart's content. Social Security administration does not care. But in
(25:39):
twenty twenty five, if you are under full retirement age
for the entire year, Social Security will deduct one dollar
from your benefits for every two dollars that you earn
above twenty three thousand, four hundred dollars. Okay, so essentially
you're gonna have to pay back one dollar for every
two that you earn over twenty three four hundred dollars. Now,
(26:00):
in the year that you reach full retirement age, the
rules are a little bit different. So in twenty twenty five,
social Security will deduct one dollar for every three dollars
that you learn that you earn above sixty two and
sixty dollars. So this only applies to earnings before the
month that you reach your full retirement age. But if
(26:20):
you are still working, you really want to think twice
about taking benefits before full retirement age. Once you get
to your full retirement age, there is no earnings test,
and you can earn as much as you want now mention,
I remember earlier I said to hang on to that
temporarily reduced comment. So these deductions are not lost forever.
(26:41):
When you reach your full retirement age, social Security will
actually recalculate your benefits and you'll receive a higher monthly
amount to account for the benefits that were withheld. So
the earnings, the earnings test, It can be a nuisance,
but theoretically you should receive those benefits later. And again
it only applies to working income, not your pension or
(27:02):
other retirement income.
Speaker 1 (27:04):
Pretty a lot of really great information, as always pretty
interesting stuff as we talk with our retirement planning professionals.
Eric Schwartz and CJ Closs don't freaking learn more about
Eric CJ and the whole team at Loss Financial on
their website Coss financial dot com. That's Coss Klaas Financial
dot com. Telphon number six oh eight four four two
five six three seven. No charge for the initial gets
(27:25):
to know you appointment at Loss Financial. It will be
complementary to you again their number six oh eight four
four two five six three seven. Want to hold on
to that telephone number because time now for the class
quiz question the week. It works like this, In just
a moment, I'll ask you the class quiz question the week.
You will then have thirty minutes from the in today's
program to call the Class Financial office right here in
Madison at six oh eight four four two five six
three seven. If you are the first caller, you win
(27:47):
this week's prize, which is say twenty five dollars gift
card to Sephora. This week's class quiz question week is this.
According to Social Security, if you were born after nineteen sixty,
your full retirement age FRARA is considered. What age is
it sixty five or sixty seven? Telphia number six oh
eight four four two five six three seven. First call,
(28:09):
correct answer when the twenty five dollars gift cartoof Sephora
and again that's Class Financials Office right here in Madison,
Telpha number six oh eight four four two five six
three seven CJ. Eric. It's always fantastic chatting with both
of you guys. You enjoy this beautiful day.
Speaker 2 (28:22):
Thanks Sean, Thanks Sean, see you guys.
Speaker 1 (28:24):
News comes your way next year. Thirteen ten wu ib
A
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