Social Security Secret: How to Add Thousands to Retired Clients’ Incomes

Discussion in 'Life Insurance Forum' started by STIBROKER, Mar 6, 2012.

  1. STIBROKER
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    STIBROKER Super Moderator Moderator

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    save them money to sell life insurance.............

    Social Security Secret: How to Add Thousands to Retired Clients’ Incomes

    In the first scenario, a husband and wife both have similar earnings but the higher earning husband plans to delay receiving Social Security benefits until he is 70 (thus accruing credit that will boost his monthly income). The wife meanwhile will start taking her Social Security benefits at age 62 (thus receiving less than the full benefit that kicks in at age 66). Most retirees likely assume the husband in this scenario is prudently delaying his retirement to maximize their retirement income without appreciating that the husband is entitled to claim spousal benefits while continuing to accrue deferral credits.
    By filing a “restricted application,” the husband will receive 50% of his wife’s Social Security income for each month he delays claiming his own benefit (but only after his wife turns 66). In Horowitz’s illustration, such a filing entitles the husband to half his wife’s $1,750 a month–or $875 a month during the four years during which the wife is collecting benefits but the husband is not. (This illustration assumes husband and wife are both 66, so there are four years during which he can earn spousal benefits while earning earning deferral credits of his own).
    That’s $42,000 in found money. (Of course, these numbers could vary a great deal based on how much Social Security credit a person has accumulated.)
     
  2. Indy007
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    Indy007 Well-Known Member

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    Great info, thanks for sharing that. If I run into a scenario in which their situation warrants this, I'll show the article to them. All knowledge you can share to help your clients, turns you from just another "salesman", to their "advisor".
     
  3. somarco
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    somarco Well-Known Member

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    That is indeed a great find. Thanks for sharing.
     
  4. Brokers Alliance
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    Brokers Alliance Well-Known Member

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    That was excellent info. Thanks for sharing!
     
  5. Mark
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    Mark Well-Known Member

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    This is great!! Thanks for sharing!
     
  6. DecisionMan
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    DecisionMan Well-Known Member

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    Its a great concept but not unique to that adviser in the article. Anyone can get the software from socialsecuritytiming.com

    Its a great way to do some free analysis for the pre-retirees to maximize their social security income, but also open the discussion of how much income they need in retirement.

    Obviously that leads to annuity sales, whole life sales as a retirement supplement, and other estate planning issues.
     
  7. sman
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    sman Well-Known Member

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    The folks over at Senior Market Sales have a great tool for helping couples maximize their social security earnings. You get some additional info here:

    https://www.socialsecuritytiming.com/
     
  8. Justin Bilyj
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    Justin Bilyj Well-Known Member

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    Is it free for sms contractees? or discounted?
     
  9. TDK
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    TDK Active Member

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    That's good info. Thanks.
     
  10. policy doctor
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    policy doctor Well-Known Member

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    Since it's the rage on these forums to respond to old posts, guess I'll join the crowd.

    Lately, I have been deluged with webinars and seminars promoting these "social security secrets" but they all want to sell you a mktg program for like $3400??? So thanks for this old post.
     
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