October 9, 2025 • 27 mins
#SafeMoney #JonHeischmanSr #SocialSecurityBasics
Getting back to retirement planning basics, host Jon Heischman, Senior covers Social Security benefits in this week's episode.
Call Jon at (888) 426-0177 with questions, comments or to get a free copy of Top 10 IRA Mistakes and How to Avoid Tax Traps. Visit www.heischmanfs.com/ for additional information
Getting back to retirement planning basics, host Jon Heischman, Senior covers Social Security benefits in this week's episode.
Call Jon at (888) 426-0177 with questions, comments or to get a free copy of Top 10 IRA Mistakes and How to Avoid Tax Traps. Visit www.heischmanfs.com/ for additional information
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
People really don't know what their expenses will because they
don't know how long that they're going to live.
Speaker 2 (00:06):
The Americans are worried they won't have enough safe for retirement.
Speaker 1 (00:09):
Now more than ever, retirement's going to cost for many
folks over a million dollars.
Speaker 2 (00:14):
He is no short thing in investing, but a lot
of people think that annuities may come close to that.
Speaker 3 (00:19):
It's going to more safe, safe, safe, safe things that
they know. If they know they're going to need that
money to supplement the retirement, well then you can't play
that rest. This is the Safe Money and Retirement Show.
But John Heischman senior founder and partner of Heisman Financial
Services serving the Columbus and surrounding areas. John specializes in
educating pre retirees and retirees about safe money strategies and ideas.
(00:42):
Now it's the Safe Money and Retirement Show. Here's John Heischman, Senior.
Speaker 1 (00:48):
Welcome. You've tuned into the Safe Money and Retirement Show.
I'm your host, John Heischmann. I get many calls and
inquiries about social security, so I thought I would take
the time for this show to address some social security
(01:12):
basics which should help you with your planning and will
give you a good idea of how I work with
my clients and their social security planning. And first of all,
you need to know that the decision about when to
(01:32):
begin receiving Social Security retirement benefits is probably going to
be the most significant decision in the retirement income planning process.
The actuarial system used to calculate each individual's Social Security
(01:52):
benefits was intended to be age neutral. In other words,
if an individual lives until his or her exact life expectancy,
there is no advantage to delay receipt of benefits or
(02:14):
starting early. All would be equal. So determining a retiree's
longevity is one of the big unknowns in retirement planning,
which makes it difficult to determine the ideal start date
(02:35):
for those of you that are getting ready to retire,
and it could apply to those that are retired but
haven't started their Social Security yet. We can't predict our longevity.
I talked about this last week where we can look
(02:58):
at a mortality actuarily and it will tell us our
life expectancy. But you know we can't go by that
today because there are so many variables. Yes, it will
give us a good idea, but I don't like to
project a client's income based on a mortality table because
(03:23):
what if they outlive that by five or ten years.
Framing the decision, Each individual should frame the decision of
whether to file for Social Security retirement benefits as an
insurance decision, because social Security works like an annuity, provided
(03:51):
needed income protection against the longevity risk or the risk
of outliving one's money. In fact, social Security could be
the best annuity available because it's inflation adjusted and is
guaranteed by the government. But you must keep in mind
(04:17):
that this decision, it is not a one size fits
all all. Retirees need to consider a number of factors.
Everybody's different, whether they're still employed, whether they're going to
be impacted by earned income penalties, and their health status,
(04:41):
marital status, personal wealth, their risk tolerance and how investment savvy.
All of these things will need to be considered. You
can claim as early as age sixty two, and I
think most everybody knows the earlier you claim for that
(05:06):
retirement benefit coming from Social Security, the less you're going
to get. It rolls up eight percent per year every
year that you wait. So there's always been that question
why claim early well. First, and most importantly, some will
(05:27):
have no choice but to begin their Social Security benefits
at age sixty two, and this is primarily due to
a lack of other sources of income, lack of retirement
accounts and pension. The challenge of funding what we call
(05:48):
the bridge period this is between retirement and the beginning
of Social Security benefits cannot be under estimated. Individuals need
to balance the positives of buying a larger inflation adjusted
(06:10):
income in the future with the need for current income. Others,
they're hesitant to spend down their retirement savings early in retirement,
as it may result in less liquidity which could occur
later in retirement, and they're also going to have less
(06:33):
money to leave to their errors. Why delay. Aside from
the obvious benefit associated with the increased payments due to
the accumulation of delayed retirement credits as I mentioned a
little bit ago, defer the receipt of Social Security income
(06:58):
has a number of additional benefits. To give an example,
one is compounding of cost of living adjustments, which they
call COLOP. Another example is the reduction in one's overall
investment risk and investment expenses because self managed accounts are
(07:24):
drawn down early in retirement. Delay can also be attax
savvy strategy for the retiree. Determining when to take social
Security is a complicated decision. It's a hard one to make.
(07:44):
You need to work with an advisor that knows social
security and can apply that knowledge to your situation. And
quite frankly, I don't see how now a planner can
advise or determine when you should take social Security without
(08:08):
taking everything into consideration. All right, what do I mean
by that? Taking a look at all of your assets
that you can draw income from, any vested pension plans,
other potential income. Let's say you owned some property and
(08:29):
you're getting income from that, or maybe you inherited an
IRA and you have to take that money within a
ten year period. So all of this has to be
taken into consideration to determine the best time for each
(08:53):
retiree to start their social security income. I have spent
a lot of time I'm taking courses in social security
planning in order to be able to advise each of
my clients correctly as to win is the best time
(09:15):
for them, based on their situation, to start social Security.
It's not a guess or automatically taking it at your
full retirement age. So maybe you're in a situation where
you're getting ready to retire, or you've just retired and
(09:39):
you haven't taken your benefits yet. If you don't think
your advisor or planner is briefed on social security planning,
and you want to get the best advice that is
in your best interest on maximizing your social security I
(10:00):
want you to call me and we can talk about
your situation and what's going to be best for you.
And I don't want you to feel obligated in any
way because you're not. I'm not going to charge you.
There's no cost. It's my way of saying thank you
to my radio listeners. And if we develop a relationship,
(10:25):
that's great. If you just want my advice for social
security planning, that's great as well. So i'd like to
hear from you eight eight eight four two six zero
one seventy seven. Let me give you that number again,
eight eight eight four to two six zero one seven seven.
(10:52):
And yes, I do have information about social security. It's
not going to get detailed fled as to your situation.
That's where we have to sit down and work together. However,
this information will give you the basics and some knowledge
(11:13):
that you may not have received prior to listening to
my show, and I'll be happy to have that sent
to you. Just request like to receive social Security information
triple eight four two six zero one seventy seven. In
(11:36):
determining your Social security one thing I'm going to do
for you is to calculate the break even age. This
is the age at which the total amount of the
higher benefits the retiree will receive from delay benefits equals
(11:58):
the total amount of the lower benefits they will receive
at that point from starting early. Without trying to adjust
for inflation, I can show you simple calculations that is
often used to determine whether you should begin or delay
(12:23):
receipt of Social Security benefits. So I encourage you to
take advantage of this benefit I offer because it'll help
you to determine when to take Social Security benefits. Because remember,
after a short period of time, you can't redo it.
(12:48):
It's like anything else. We got to get it right
the first time, so you don't pay a big price
later on in retirement. I'm going to take a break,
so I want you to stay tuned. I'll be right back,
and during the break is a great time to call
(13:11):
the number with your questions, so stay tuned. I'll be
right back.
Speaker 4 (13:20):
Avoiding mistakes can save owners of iras four one KS
and TSP plans, as well as other retirement plans a
fortune and taxes.
Speaker 2 (13:36):
Penalties, fees and loads. These potential mistakes are addressed in
the free book entitled Top ten IRA Mistakes. This is
John Heischmann from the Safe Money and Retirement Show offering
a complimentary copy by calling eight eight eight four two
(13:59):
six zero one seven seven again that's triple eight four
two six zero one seven seven.
Speaker 5 (14:16):
Welcome back to the Safe Money and Retirement Show with
John Heischman. To contact John, the number to call is
one eight eight eight or two six zero one seven seven.
That's one eight eight eight or two six zero one
seven seven. Once again, here's John Heisman.
Speaker 1 (14:33):
This is John Heischman. I'm back for the second part
of the Safe Money and Retirement Show. This morning. I
have been discussing Social Security income and the importance of
planning this income for your retirement. There's a lot to
(14:57):
consider and some key points in a retirees planning that
the majority of retirees or pre retirees don't realize and
unfortunately they find out later and they can't make changes.
(15:20):
Here's one example that we have to look at when
determining the best time to start your Social Security income,
and this is called the earned income test. So for
those who are still employed beyond age sixty two, delay
(15:45):
receipt of benefits also makes sense due to the earned
income test. Now, this test impacts those who begin their
Social Security benefits before their full retirement age, and they're
(16:06):
going to have income in excess of a threshold amount.
And today this isn't uncommon. Example, an individual age sixty two,
that's the first age you can take Social Security income,
(16:27):
they start their income, but they're still working, or maybe
they need or want that extra income and they're working
part time. Earned income is defined as income from wages
or net earnings from being self employed. It could be
(16:49):
investment income, pensions, capital gains that would apply to this test.
As of twenty twenty three, those who are under their
full retirement age and working will lose one dollar in
(17:10):
Social Security benefits for every two dollars earned above the
earnings cap of twenty one thousand, two hundred and forty
dollars now this is as of twenty twenty three. Basically,
what they're saying is, you can't earn over twenty one thousand,
(17:35):
two hundred and forty dollars prior to your full retirement
age if you're going to receive Social Security benefits. In
the year the worker reaches full retirement age, this reduction
is reduced to one dollar for every three dollars earned
(18:00):
above the earnings cap of fifty six thousand, five hundred
and twenty dollars. Once a worker obtains that full retirement age,
they may continue to work and earn money without it
impacting their Social Security benefit. So I'm working with a
(18:26):
potential client or a client and their thought is to
start receiving Social Security at age sixty two. We've got
to determine their full retirement age, take a look at
what their earnings are going to be, and figure out
(18:48):
the tax. Then it comes down to do you really
want to start receiving Social Security benefits at sixty two?
As I often, everybody's situation is different, and it may
be a situation where they don't have any choice because
(19:10):
they need the income for whatever reason. Let's say your
age sixty four and I'm going back to twenty twenty
three and already began collecting your Social Security benefits, and
(19:31):
maybe you want to take a part time job, and
that part time job earn you twenty three thousand, six hundred,
the annual Social Security payment would be reduced by one thousand,
one hundred and eighty dollars. So total income earned twenty
(19:55):
three thousand, six hundred, The earnings limitation of twenty one thousand,
two hundred and forty puts that individual over the limit
of two thousand, three hundred and sixty dollars. Divide that
by two that will equal one thousand, one hundred and
(20:17):
eighty dollars taxable. That was a little bit of a surprise,
but my point is we need to find that out
prior to filing for Social Security income. Again, it happens
a lot, and that's why it's important. If you're at
(20:39):
the point where you're thinking of filing for Social Security income,
there's some things that we need to talk about relating
to your situation. And I want you to give me
a call because we need to do it right the
first time and take into consideration what the potential disadvantages
(21:05):
are going to be. Eight eight eight four two six
zero one seven seven. The number again that you can
reach me triple eight four to two six zero one
seventy seven. Now, obviously, the best way to avoid the
(21:27):
earnings limit is to delay your Social Security income benefit
until full retirement age. But as I mentioned earlier, some
clients will have no choice but to begin benefits as
soon as they're eligible, especially if they don't have other savings.
(21:53):
But if there is a way to bridge that gap
between sixty two and your full retirement age, it could
be to your benefit. That's what we have to figure out.
There may not be a solution, but I will tell
you this from experience. Many cases we can find a
(22:18):
solution to generate income for four or five years, depending
on your full retirement age, and most are going to
be around sixty six sixty seven full retirement age. I
(22:39):
anticipate that to increase in the future, but we do
have to find that out when we're doing the income
plan and taking into consideration that income test. Something to
keep in mind that while this earnings test may appear
(23:03):
to be a fifty percent surtax, in fact any lost
amount is ultimately recovered in the form of a higher
market the benefit. Once the worker reaches their full retirement age, like,
for example, sixty seven. So a better way to look
(23:28):
at this, we might say it's a suspension of benefits,
not a permanent reduction. Got to get you at that
full retirement age if at all possible. One other note
(23:48):
that the earnings test also impacts spousal benefits, and I'm
not going to get into this because it has a
tendency to be a little detailed, which claiming strategies are detailed.
(24:10):
As a matter of fact, one of the designations I
have related to social security planning. One of the chapters
has a manual entitled Understanding Social Security, Military and Government Benefits,
(24:32):
is about one hundred and sixty pages of detailed information.
That's why it's critical that you work with a planner
that knows social security and can work for you planning
the maximum benefit that you can receive based on your
(24:56):
own situation. I think it's mandatory if you're going to
do retirement planning and to be able to advise what's
best When all is said and done, the best way
to make a claiming decision is to incorporate it into
(25:21):
the overall retirement income plan. I focus on the issue
of increasing longevity and being able to educate on what
and when is the proper time to claim your benefits.
(25:42):
That's going to wrap up today's show, and I hope
it has given you ideas to think about in getting
the maximum out of your Social Security benefit. Here's my
number again a day eight for two six zero one
(26:02):
seven seven triple eight four two six zero one seventy seven.
Thanks for joining me this morning, and be sure to
tune in next week at the same time for the
Safe Money and Retirement Show.
Speaker 3 (26:21):
The Safe Money and Retirement Joe John Heisman Senior. To
get in touch with John, call one AA eight four
two six zero one seven seven. That's one triple eight
four two six zero one seven seven. For more information
about Heisman Financial Services, visit their website Heisman FS dot com.
(26:42):
That's h E I S C H M A n
F S dot com. Join us again next time for
the Safe Money and Retirement Joe with John Heisman Senior
People really don't know what their expenses will because they
don't know how long that they're going to live.
Speaker 2 (00:06):
The Americans are worried they won't have enough safe for retirement.
Speaker 1 (00:09):
Now more than ever, retirement's going to cost for many
folks over a million dollars.
Speaker 2 (00:14):
He is no short thing in investing, but a lot
of people think that annuities may come close to that.
Speaker 3 (00:19):
It's going to more safe, safe, safe, safe things that
they know. If they know they're going to need that
money to supplement the retirement, well then you can't play
that rest. This is the Safe Money and Retirement Show.
But John Heischman senior founder and partner of Heisman Financial
Services serving the Columbus and surrounding areas. John specializes in
educating pre retirees and retirees about safe money strategies and ideas.
(00:42):
Now it's the Safe Money and Retirement Show. Here's John Heischman, Senior.
Speaker 1 (00:48):
Welcome. You've tuned into the Safe Money and Retirement Show.
I'm your host, John Heischmann. I get many calls and
inquiries about social security, so I thought I would take
the time for this show to address some social security
(01:12):
basics which should help you with your planning and will
give you a good idea of how I work with
my clients and their social security planning. And first of all,
you need to know that the decision about when to
(01:32):
begin receiving Social Security retirement benefits is probably going to
be the most significant decision in the retirement income planning process.
The actuarial system used to calculate each individual's Social Security
(01:52):
benefits was intended to be age neutral. In other words,
if an individual lives until his or her exact life expectancy,
there is no advantage to delay receipt of benefits or
(02:14):
starting early. All would be equal. So determining a retiree's
longevity is one of the big unknowns in retirement planning,
which makes it difficult to determine the ideal start date
(02:35):
for those of you that are getting ready to retire,
and it could apply to those that are retired but
haven't started their Social Security yet. We can't predict our longevity.
I talked about this last week where we can look
(02:58):
at a mortality actuarily and it will tell us our
life expectancy. But you know we can't go by that
today because there are so many variables. Yes, it will
give us a good idea, but I don't like to
project a client's income based on a mortality table because
(03:23):
what if they outlive that by five or ten years.
Framing the decision, Each individual should frame the decision of
whether to file for Social Security retirement benefits as an
insurance decision, because social Security works like an annuity, provided
(03:51):
needed income protection against the longevity risk or the risk
of outliving one's money. In fact, social Security could be
the best annuity available because it's inflation adjusted and is
guaranteed by the government. But you must keep in mind
(04:17):
that this decision, it is not a one size fits
all all. Retirees need to consider a number of factors.
Everybody's different, whether they're still employed, whether they're going to
be impacted by earned income penalties, and their health status,
(04:41):
marital status, personal wealth, their risk tolerance and how investment savvy.
All of these things will need to be considered. You
can claim as early as age sixty two, and I
think most everybody knows the earlier you claim for that
(05:06):
retirement benefit coming from Social Security, the less you're going
to get. It rolls up eight percent per year every
year that you wait. So there's always been that question
why claim early well. First, and most importantly, some will
(05:27):
have no choice but to begin their Social Security benefits
at age sixty two, and this is primarily due to
a lack of other sources of income, lack of retirement
accounts and pension. The challenge of funding what we call
(05:48):
the bridge period this is between retirement and the beginning
of Social Security benefits cannot be under estimated. Individuals need
to balance the positives of buying a larger inflation adjusted
(06:10):
income in the future with the need for current income. Others,
they're hesitant to spend down their retirement savings early in retirement,
as it may result in less liquidity which could occur
later in retirement, and they're also going to have less
(06:33):
money to leave to their errors. Why delay. Aside from
the obvious benefit associated with the increased payments due to
the accumulation of delayed retirement credits as I mentioned a
little bit ago, defer the receipt of Social Security income
(06:58):
has a number of additional benefits. To give an example,
one is compounding of cost of living adjustments, which they
call COLOP. Another example is the reduction in one's overall
investment risk and investment expenses because self managed accounts are
(07:24):
drawn down early in retirement. Delay can also be attax
savvy strategy for the retiree. Determining when to take social
Security is a complicated decision. It's a hard one to make.
(07:44):
You need to work with an advisor that knows social
security and can apply that knowledge to your situation. And
quite frankly, I don't see how now a planner can
advise or determine when you should take social Security without
(08:08):
taking everything into consideration. All right, what do I mean
by that? Taking a look at all of your assets
that you can draw income from, any vested pension plans,
other potential income. Let's say you owned some property and
(08:29):
you're getting income from that, or maybe you inherited an
IRA and you have to take that money within a
ten year period. So all of this has to be
taken into consideration to determine the best time for each
(08:53):
retiree to start their social security income. I have spent
a lot of time I'm taking courses in social security
planning in order to be able to advise each of
my clients correctly as to win is the best time
(09:15):
for them, based on their situation, to start social Security.
It's not a guess or automatically taking it at your
full retirement age. So maybe you're in a situation where
you're getting ready to retire, or you've just retired and
(09:39):
you haven't taken your benefits yet. If you don't think
your advisor or planner is briefed on social security planning,
and you want to get the best advice that is
in your best interest on maximizing your social security I
(10:00):
want you to call me and we can talk about
your situation and what's going to be best for you.
And I don't want you to feel obligated in any
way because you're not. I'm not going to charge you.
There's no cost. It's my way of saying thank you
to my radio listeners. And if we develop a relationship,
(10:25):
that's great. If you just want my advice for social
security planning, that's great as well. So i'd like to
hear from you eight eight eight four two six zero
one seventy seven. Let me give you that number again,
eight eight eight four to two six zero one seven seven.
(10:52):
And yes, I do have information about social security. It's
not going to get detailed fled as to your situation.
That's where we have to sit down and work together. However,
this information will give you the basics and some knowledge
(11:13):
that you may not have received prior to listening to
my show, and I'll be happy to have that sent
to you. Just request like to receive social Security information
triple eight four two six zero one seventy seven. In
(11:36):
determining your Social security one thing I'm going to do
for you is to calculate the break even age. This
is the age at which the total amount of the
higher benefits the retiree will receive from delay benefits equals
(11:58):
the total amount of the lower benefits they will receive
at that point from starting early. Without trying to adjust
for inflation, I can show you simple calculations that is
often used to determine whether you should begin or delay
(12:23):
receipt of Social Security benefits. So I encourage you to
take advantage of this benefit I offer because it'll help
you to determine when to take Social Security benefits. Because remember,
after a short period of time, you can't redo it.
(12:48):
It's like anything else. We got to get it right
the first time, so you don't pay a big price
later on in retirement. I'm going to take a break,
so I want you to stay tuned. I'll be right back,
and during the break is a great time to call
(13:11):
the number with your questions, so stay tuned. I'll be
right back.
Speaker 4 (13:20):
Avoiding mistakes can save owners of iras four one KS
and TSP plans, as well as other retirement plans a
fortune and taxes.
Speaker 2 (13:36):
Penalties, fees and loads. These potential mistakes are addressed in
the free book entitled Top ten IRA Mistakes. This is
John Heischmann from the Safe Money and Retirement Show offering
a complimentary copy by calling eight eight eight four two
(13:59):
six zero one seven seven again that's triple eight four
two six zero one seven seven.
Speaker 5 (14:16):
Welcome back to the Safe Money and Retirement Show with
John Heischman. To contact John, the number to call is
one eight eight eight or two six zero one seven seven.
That's one eight eight eight or two six zero one
seven seven. Once again, here's John Heisman.
Speaker 1 (14:33):
This is John Heischman. I'm back for the second part
of the Safe Money and Retirement Show. This morning. I
have been discussing Social Security income and the importance of
planning this income for your retirement. There's a lot to
(14:57):
consider and some key points in a retirees planning that
the majority of retirees or pre retirees don't realize and
unfortunately they find out later and they can't make changes.
(15:20):
Here's one example that we have to look at when
determining the best time to start your Social Security income,
and this is called the earned income test. So for
those who are still employed beyond age sixty two, delay
(15:45):
receipt of benefits also makes sense due to the earned
income test. Now, this test impacts those who begin their
Social Security benefits before their full retirement age, and they're
(16:06):
going to have income in excess of a threshold amount.
And today this isn't uncommon. Example, an individual age sixty two,
that's the first age you can take Social Security income,
(16:27):
they start their income, but they're still working, or maybe
they need or want that extra income and they're working
part time. Earned income is defined as income from wages
or net earnings from being self employed. It could be
(16:49):
investment income, pensions, capital gains that would apply to this test.
As of twenty twenty three, those who are under their
full retirement age and working will lose one dollar in
(17:10):
Social Security benefits for every two dollars earned above the
earnings cap of twenty one thousand, two hundred and forty
dollars now this is as of twenty twenty three. Basically,
what they're saying is, you can't earn over twenty one thousand,
(17:35):
two hundred and forty dollars prior to your full retirement
age if you're going to receive Social Security benefits. In
the year the worker reaches full retirement age, this reduction
is reduced to one dollar for every three dollars earned
(18:00):
above the earnings cap of fifty six thousand, five hundred
and twenty dollars. Once a worker obtains that full retirement age,
they may continue to work and earn money without it
impacting their Social Security benefit. So I'm working with a
(18:26):
potential client or a client and their thought is to
start receiving Social Security at age sixty two. We've got
to determine their full retirement age, take a look at
what their earnings are going to be, and figure out
(18:48):
the tax. Then it comes down to do you really
want to start receiving Social Security benefits at sixty two?
As I often, everybody's situation is different, and it may
be a situation where they don't have any choice because
(19:10):
they need the income for whatever reason. Let's say your
age sixty four and I'm going back to twenty twenty
three and already began collecting your Social Security benefits, and
(19:31):
maybe you want to take a part time job, and
that part time job earn you twenty three thousand, six hundred,
the annual Social Security payment would be reduced by one thousand,
one hundred and eighty dollars. So total income earned twenty
(19:55):
three thousand, six hundred, The earnings limitation of twenty one thousand,
two hundred and forty puts that individual over the limit
of two thousand, three hundred and sixty dollars. Divide that
by two that will equal one thousand, one hundred and
(20:17):
eighty dollars taxable. That was a little bit of a surprise,
but my point is we need to find that out
prior to filing for Social Security income. Again, it happens
a lot, and that's why it's important. If you're at
(20:39):
the point where you're thinking of filing for Social Security income,
there's some things that we need to talk about relating
to your situation. And I want you to give me
a call because we need to do it right the
first time and take into consideration what the potential disadvantages
(21:05):
are going to be. Eight eight eight four two six
zero one seven seven. The number again that you can
reach me triple eight four to two six zero one
seventy seven. Now, obviously, the best way to avoid the
(21:27):
earnings limit is to delay your Social Security income benefit
until full retirement age. But as I mentioned earlier, some
clients will have no choice but to begin benefits as
soon as they're eligible, especially if they don't have other savings.
(21:53):
But if there is a way to bridge that gap
between sixty two and your full retirement age, it could
be to your benefit. That's what we have to figure out.
There may not be a solution, but I will tell
you this from experience. Many cases we can find a
(22:18):
solution to generate income for four or five years, depending
on your full retirement age, and most are going to
be around sixty six sixty seven full retirement age. I
(22:39):
anticipate that to increase in the future, but we do
have to find that out when we're doing the income
plan and taking into consideration that income test. Something to
keep in mind that while this earnings test may appear
(23:03):
to be a fifty percent surtax, in fact any lost
amount is ultimately recovered in the form of a higher
market the benefit. Once the worker reaches their full retirement age, like,
for example, sixty seven. So a better way to look
(23:28):
at this, we might say it's a suspension of benefits,
not a permanent reduction. Got to get you at that
full retirement age if at all possible. One other note
(23:48):
that the earnings test also impacts spousal benefits, and I'm
not going to get into this because it has a
tendency to be a little detailed, which claiming strategies are detailed.
(24:10):
As a matter of fact, one of the designations I
have related to social security planning. One of the chapters
has a manual entitled Understanding Social Security, Military and Government Benefits,
(24:32):
is about one hundred and sixty pages of detailed information.
That's why it's critical that you work with a planner
that knows social security and can work for you planning
the maximum benefit that you can receive based on your
(24:56):
own situation. I think it's mandatory if you're going to
do retirement planning and to be able to advise what's
best When all is said and done, the best way
to make a claiming decision is to incorporate it into
(25:21):
the overall retirement income plan. I focus on the issue
of increasing longevity and being able to educate on what
and when is the proper time to claim your benefits.
(25:42):
That's going to wrap up today's show, and I hope
it has given you ideas to think about in getting
the maximum out of your Social Security benefit. Here's my
number again a day eight for two six zero one
(26:02):
seven seven triple eight four two six zero one seventy seven.
Thanks for joining me this morning, and be sure to
tune in next week at the same time for the
Safe Money and Retirement Show.
Speaker 3 (26:21):
The Safe Money and Retirement Joe John Heisman Senior. To
get in touch with John, call one AA eight four
two six zero one seven seven. That's one triple eight
four two six zero one seven seven. For more information
about Heisman Financial Services, visit their website Heisman FS dot com.
(26:42):
That's h E I S C H M A n
F S dot com. Join us again next time for
the Safe Money and Retirement Joe with John Heisman Senior
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