June 2, 2025
Don’t Assume
Don’t Assume – Chris Boyd, Jeff Perry, and Russ Ball explore several financial planning assumptions people sometimes make that are often not true. The episode begins with Russ Ball outlining a new “super catch-up” for workers ages 60-64, which leads to an overall review of retirement account limits and special catch-up opportunities. Jeff shares clients’ stories where two public employees incorrectly assumed they would not be eligible for Social Security. Chris brings up other topics not to make assumptions about, including beneficiaries and 401K investment allocations.
For more information or to reach TEAM AMR, click the following link:
https://www.wealthenhancement.com/s/advisor-teams/amr
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Welcome to Something More with Chris Boyd.
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Chris Boyd is a certified financial planner, practitioner,
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and senior vice president and financial advisor at
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Wealth Enhancement Group, one of the nation's largest
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registered investment advisors.
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We call it Something More because we'd like
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to talk not only about those important dollar
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and cents issues, but also the quality of
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life issues that make the money matters matter.
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Here he is, your fulfillment facilitator, your partner
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in prosperity, advising clients on Cape Cod and
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across the country.
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Here's your host, Jay Christopher Boyd.
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Welcome to the program, everybody.
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Thanks for being here.
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I'm joined by Jeff Perry and Russ Fahl.
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All of us are with the AMR team
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at Wealth Enhancement.
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We'd love for you to reach out with
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any comments or questions.
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You can find our show on YouTube and
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on our webpage, which you can find somethingmorewithchrisboyd
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.com, or you can find us wherever you
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like to listen to podcasts.
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Glad you found us today and hope you'll
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share and rate our program.
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Let's jump right in, guys.
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Our topic today is don't assume, and we've
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got a couple of things in mind, but
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we're going to start with don't assume you
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might be contributing as much as you can
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in your retirement plan because at times there
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are catch-up contributions.
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You can do a little bit more.
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Russ, do you want to start us off
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talking about some of the circumstances where people
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should be mindful of some of these various
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additional amounts they can consider?
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As of 2025, there's a new rule part
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of Secure Act 2.0 where employees in
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a specific age range, and that's 60 to
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63, people that are in that age range
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can contribute an additional amount on top of
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their standard catch-up contribution.
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A little bit confusing with all the numbers,
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but this year for 2025, it's going to
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be an additional $11,250 in what's being
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called the super catch-up contributions.
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That leads to a total contribution limit of
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$34,750 for 2025.
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That is going to be changing each year,
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most likely, but again, that's for people who
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turned 60 in 2025 and for ages 60,
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61, 62, and 63 by the end of
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the year.
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Within that window, there's that extra contribution limit,
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and that can definitely help for people that
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are trying to avoid some of those hefty
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taxes if they're in higher tax brackets and
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put the money into your retirement accounts and
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really save for the retirement you're looking for.
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That's ideal for people who are in an
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employer-provided plan like a 401k or a
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403b or similar large company plan, plans that
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are designed for larger contributions.
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Instead of a $7,500 extra catch-up
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contribution, which just to review, in 2025, if
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you are an employee of any age, you
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can contribute $23,500 as the maximum contribution.
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However, if you're 50 and over, you can
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contribute another $7,500.
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However, that would be around $31,000 if
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you were 50 and over and were trying
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to do the catch-up contributions.
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But in these unique years, and it's funny
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because it's 60, 61, 62, and 63, but
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not 64, not 65.
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It's just those particular years, and it's judged
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by what age will you be on December
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31st.
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If your birthday is December 31st and you
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turn 64, and even though most of the
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year, you would have been eligible.
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Unfortunately, you're not eligible.
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It's deemed by the age of the December
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31st.
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In any case, in those circumstances, you could
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do instead of the $7,500, you could
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do $1,150 extra.
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The $7,500 catch-up contribution that's been
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there for a while, that goes beyond the
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63.
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That's right.
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If that person who is 64, 65, et
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cetera, they could continue to use that $7
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,500 figure as their catch-up contribution.
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It's a little bit of an oddity.
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I think this was from Secure Act 2
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.0 that we saw this enter the details.
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For people who are in a simple IRA,
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the numbers are different, but they too have
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not only a catch-up contribution, but an
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extra one for those in that 60, 61,
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62, 63 age range.
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In this instance, the base contribution you could
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do if your employer has a simple IRA
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is $16,500.
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For anyone 50 and over, they can do
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$3,500 more.
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That brings you to $20,000 for your
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maximum you could do when you're in that
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older age range until you get into this
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same deal with a 60, 61, 62, 63.
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It's not muddied enough.
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In this case, instead of $3,500, you
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could add $5,250 to that number.
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If you thought that wasn't confusing enough, there's
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one more wrinkle to make it even more
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confusing.
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Oh, good.
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Let me see.
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What were the circumstances for this?
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If your employer plan has 25 or fewer
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employees, instead of the $3,500 figure, you
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might be able to use the $3,850.
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There's a little bit of an extra that's
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able to be increased.
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Just an oddity.
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Who came up with this stuff?
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Congress, of course.
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Does that explain it?
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Enough said.
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It sounds like it was a negotiation and
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they just said, let's meet in the middle
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and go home.
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Throw you a bone.
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Let's be done already.
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Yeah.
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Anyway, if you need help finding out where
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you fit into these details, don't hesitate to
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reach out to us.
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We can help you navigate some of these
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things.
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It is a challenging time sometimes to be
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clear on where do you fit?
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That one was driving me crazy because I
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was looking at someone I know who is
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64 at the end of the year.
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Last year, they didn't have the option to
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participate in these extras.
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I was like, oh, I got to tell
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them.
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Oh, they can't do it because they're going
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to be 64 by the end of the
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year.
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In any case, you got to navigate these
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rules a little bit more carefully.
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Don't assume that you don't have the ability
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to do more.
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You may have this window with different, depending
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on your age, you may have the window
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where you can contribute considerable amounts to your
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retirement plan and always appealing to try to
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do the maximum your budget will allow or
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the plan will allow.
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Well, we come across plenty of individuals that
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we talk to, clients or just folks that
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we come across who are in that age
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like, oh, I'm 60.
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I don't think I saved enough for retirement.
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What should I do?
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This is a great option to really maximize
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those 60, 61, 62, 63 years.
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Yeah.
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I think you guys talked about a mailbag
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situation where someone didn't, and thanks for doing
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that.
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That was a good episode.
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I enjoyed that with the circumstance where someone
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was late getting started.
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Well, if that's the case, I know it's
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never easy if you haven't started to suddenly
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do a very dramatic amount, but as I
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say, maximize what your budget will allow or
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whatever your plan will allow.
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If you can do as much as that,
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sooner is better.
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You can't look back.
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You only can look ahead.
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You got to do what you can, as
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much as you can, as soon as you
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can.
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These amounts do not include the match from
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your employer.
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Good point.
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Yeah, that's a great point.
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With employer plans, it can work in different
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ways, how much your employer matches.
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With a simple IRA, it's really two options.
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They either give a 2% which is
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just a base contribution or a 3%
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match.
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Those can vary from year to year with
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some disruption, but generally that's what it works
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out to be.
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Then that sits on top of what you
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put in.
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As we've said in the past, when there's
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an employer contribution, a matching contribution, you have
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to at least do what gets you the
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full match because otherwise you're choosing to get
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paid less than your employer is offering you
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as a salary.
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So take advantage of it.
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Anything else to add, do you think?
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There's plenty of complexities to this.
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When it comes to contribution amounts, when it
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comes to IRAs, when it comes to other
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types of plans, there can be various things,
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but I'm inclined to think this is enough
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confusion for today.
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What do you think?
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It's enough on that subject, but just one
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quick don't assume when it comes to employer
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plans.
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We see individuals come in who sadly don't
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know what their investments are in inside of
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their employer plan.
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Sometimes we see people who have been working
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for a long time and it's all on
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some capital preservation cash type setting.
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They may be young and have plenty of
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runway to take some risk and have the
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benefit of some strong gains over time.
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So I guess in that category of retirement
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plans, don't assume that you're invested in the
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right place for your retirement goals just because
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you signed up for your 401k.
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Absolutely.
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What you did the day you got hired
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isn't necessarily what you wanted to be forever.
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I think a lot of times to your
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point, Jeff, people just pick something when they're
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getting started and don't really, just because they're
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bombarded with all kinds of benefits, decisions, and
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all kinds of challenges.
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That's a good thing to review from time
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to time.
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Certainly good to get input from your advisor
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in the process.
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While we're on it, don't assume your beneficiaries
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are current.
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Or that you have one.
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Or that you have one.
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Sometimes plans change.
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Your employer made an employer plan originally and
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then they switched it to another provider.
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Don't assume that all your beneficiary information came
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over the way it should.
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These are things you have to really check
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periodically.
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It's surprising how often people have the wrong,
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either not have, they might have an estate
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as their beneficiary, which kind of kills a
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lot.
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We talked about this in a prior episode,
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but it's not the ideal way to plan
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for maximizing your beneficiary structure benefits, the design
269
00:12:34,930 --> 00:12:38,690
of this stuff, the way it can have
270
00:12:38,690 --> 00:12:40,390
a longer time to take it out of
271
00:12:40,390 --> 00:12:40,830
the IRA.
272
00:12:42,790 --> 00:12:45,790
It's just problematic.
273
00:12:46,370 --> 00:12:47,730
It may not go to who you want
274
00:12:47,730 --> 00:12:48,470
it to go to.
275
00:12:49,010 --> 00:12:50,330
It may be your ex-spouse.
276
00:12:51,150 --> 00:12:51,470
Yeah.
277
00:12:51,550 --> 00:12:54,590
For people who've been divorced or even lived
278
00:12:54,590 --> 00:12:57,350
with someone, you got to update this stuff
279
00:12:57,350 --> 00:13:00,390
because sometimes who you put 10 years ago,
280
00:13:00,490 --> 00:13:03,570
you may just assume it was someone else
281
00:13:03,570 --> 00:13:05,910
and it may not be who you want
282
00:13:05,910 --> 00:13:06,610
it to be.
283
00:13:07,190 --> 00:13:09,250
I've seen a number of stories like that.
284
00:13:09,250 --> 00:13:11,270
That Ed Slott program we were talking about
285
00:13:11,270 --> 00:13:18,270
in the prior conversation, Jeff, they routinely talk
286
00:13:18,270 --> 00:13:22,350
about these circumstances where the wrong person was
287
00:13:22,350 --> 00:13:24,970
not who they intended to be the recipient
288
00:13:24,970 --> 00:13:27,690
of the retirement plan or the IRA.
289
00:13:29,210 --> 00:13:30,530
These are contracts.
290
00:13:30,850 --> 00:13:32,310
When you fill out these forms, these are
291
00:13:32,310 --> 00:13:32,810
contracts.
292
00:13:33,130 --> 00:13:35,450
Just because you get married or you get
293
00:13:35,450 --> 00:13:38,890
divorced does not per se change the contract.
294
00:13:39,690 --> 00:13:41,170
Don't think it's automatic.
295
00:13:41,730 --> 00:13:42,150
Right.
296
00:13:42,470 --> 00:13:42,970
Exactly.
297
00:13:43,310 --> 00:13:43,770
Good point.
298
00:13:44,570 --> 00:13:48,070
The old boyfriend or girlfriend may be getting
299
00:13:48,810 --> 00:13:51,190
instead of your spouse or whatever, right?
300
00:13:51,250 --> 00:13:52,830
See who gets the last laugh on that
301
00:13:52,830 --> 00:13:53,030
one.
302
00:13:56,490 --> 00:13:58,170
Well, anyway, those are a couple of good
303
00:13:58,170 --> 00:13:58,430
things.
304
00:13:58,530 --> 00:14:00,590
We've got some other things not to assume.
305
00:14:00,750 --> 00:14:03,530
Jeff, you had some interesting stories more related
306
00:14:03,530 --> 00:14:04,430
to social security.
307
00:14:04,530 --> 00:14:05,590
Let's talk about that too.
308
00:14:05,790 --> 00:14:07,970
Over the past couple of months, I've had
309
00:14:07,970 --> 00:14:13,450
two similar client experiences which have the same
310
00:14:13,450 --> 00:14:14,070
don't assume.
311
00:14:14,910 --> 00:14:17,130
I'll tell them as one story because they're
312
00:14:17,130 --> 00:14:18,450
so similar in stories.
313
00:14:18,950 --> 00:14:23,310
These individuals worked in Massachusetts in the public
314
00:14:23,310 --> 00:14:23,770
sector.
315
00:14:24,330 --> 00:14:26,670
One worked in law enforcement and one worked
316
00:14:26,670 --> 00:14:28,810
in town administration, we'll call it.
317
00:14:29,430 --> 00:14:31,930
They both had long careers.
318
00:14:32,670 --> 00:14:33,770
One is retired.
319
00:14:33,950 --> 00:14:35,110
One is about to retire.
320
00:14:36,090 --> 00:14:37,930
Both of them told me the same thing
321
00:14:37,930 --> 00:14:39,130
when we were doing a review.
322
00:14:39,390 --> 00:14:42,130
They both said, well, I have my pension,
323
00:14:42,250 --> 00:14:43,470
but I don't have social security.
324
00:14:45,450 --> 00:14:49,030
At first blush, knowing both of these gentlemen
325
00:14:49,030 --> 00:14:51,730
for decades said that's probably right to myself,
326
00:14:51,730 --> 00:14:54,730
but I said, well, let's get your earnings
327
00:14:54,730 --> 00:14:57,890
and benefits statement from social security just to
328
00:14:57,890 --> 00:15:00,270
see because did you work in high school?
329
00:15:00,430 --> 00:15:00,590
Yes.
330
00:15:00,650 --> 00:15:01,690
Did you work through college?
331
00:15:01,810 --> 00:15:02,070
Yes.
332
00:15:02,650 --> 00:15:03,890
Did you have a summer job?
333
00:15:03,970 --> 00:15:04,250
Maybe.
334
00:15:04,830 --> 00:15:08,670
Did you have a brief separation from public
335
00:15:08,670 --> 00:15:11,310
service between jobs and all these things?
336
00:15:11,330 --> 00:15:12,470
Did you have a small business?
337
00:15:13,570 --> 00:15:15,950
Both of these gentlemen assumed that they were
338
00:15:15,950 --> 00:15:17,750
going to get their earnings and benefits statement
339
00:15:17,750 --> 00:15:19,350
and it was going to show maybe they
340
00:15:19,350 --> 00:15:22,390
had 10 or 20 quarters.
341
00:15:22,790 --> 00:15:24,870
To the listeners who don't know, you need
342
00:15:24,870 --> 00:15:29,330
40 quarters of qualifying income to be eligible
343
00:15:29,330 --> 00:15:30,510
to collect social security.
344
00:15:31,390 --> 00:15:33,790
It's roughly 10 years, but it doesn't have
345
00:15:33,790 --> 00:15:34,910
to be all together.
346
00:15:35,730 --> 00:15:39,750
The income level for those given quarters is
347
00:15:39,750 --> 00:15:41,130
still relatively low.
348
00:15:41,410 --> 00:15:45,270
Back 30 years ago, it was really low.
349
00:15:45,270 --> 00:15:48,370
Your part-time summer job can qualify for
350
00:15:48,370 --> 00:15:52,790
quarters when you were a teenager and so
351
00:15:52,790 --> 00:15:53,070
on.
352
00:15:53,270 --> 00:16:00,490
Maybe that craft business you had while a
353
00:16:00,490 --> 00:16:03,010
stay-at-home mom or I don't know.
354
00:16:03,430 --> 00:16:04,690
There's all these different things.
355
00:16:04,710 --> 00:16:07,890
Summer camp counselor, working in college at the
356
00:16:07,890 --> 00:16:08,950
local coffee shop.
357
00:16:08,950 --> 00:16:11,690
Let me tell the end of the story.
358
00:16:12,530 --> 00:16:17,950
One gentleman, the first gentleman in sequence, he's
359
00:16:17,950 --> 00:16:20,590
67 and he had never pulled his benefits.
360
00:16:20,950 --> 00:16:23,370
He pulled it and he's entitled to social
361
00:16:23,370 --> 00:16:23,850
security.
362
00:16:24,750 --> 00:16:24,890
Perfect.
363
00:16:25,530 --> 00:16:28,310
He's getting an extra $800 a month that
364
00:16:28,310 --> 00:16:30,070
he didn't even think was possible.
365
00:16:30,750 --> 00:16:35,470
That's meaningful bonus, little income that's coming through.
366
00:16:35,670 --> 00:16:37,610
$800 a month is not nothing.
367
00:16:37,610 --> 00:16:39,030
That's some good bills.
368
00:16:39,570 --> 00:16:41,350
He is thrilled to get it.
369
00:16:42,430 --> 00:16:44,050
I should be on a commission.
370
00:16:44,050 --> 00:16:44,190
That's going to help.
371
00:16:44,590 --> 00:16:46,790
You get a piece of the action.
372
00:16:47,090 --> 00:16:48,730
Like in my lawyer days, a third of
373
00:16:48,730 --> 00:16:49,290
it or something.
374
00:16:51,110 --> 00:16:54,110
He was very thrilled and thankful and that's
375
00:16:54,110 --> 00:16:54,490
all good.
376
00:16:54,630 --> 00:16:56,210
The other gentleman who just got it, this
377
00:16:56,210 --> 00:16:58,970
is probably a week or so ago, is
378
00:16:58,970 --> 00:17:00,670
two quarters short.
379
00:17:01,490 --> 00:17:03,050
He's at 38 quarters.
380
00:17:03,609 --> 00:17:05,230
He has a clear vision.
381
00:17:05,910 --> 00:17:07,890
It went from, I think I may work
382
00:17:07,890 --> 00:17:10,630
when I retire, which he's planning on retiring
383
00:17:10,630 --> 00:17:11,349
later this year.
384
00:17:11,829 --> 00:17:13,589
I think I might get a part-time
385
00:17:13,589 --> 00:17:16,630
job to I'm getting a part-time job
386
00:17:16,630 --> 00:17:18,010
and I know how much I need to
387
00:17:18,010 --> 00:17:18,390
make.
388
00:17:19,190 --> 00:17:19,310
Yeah.
389
00:17:19,750 --> 00:17:19,970
Yeah.
390
00:17:21,089 --> 00:17:21,930
That's awesome.
391
00:17:21,930 --> 00:17:25,630
Under this theme this week is don't assume.
392
00:17:26,050 --> 00:17:30,970
Both of these gentlemen had worked decades consistently,
393
00:17:31,230 --> 00:17:34,670
straight through in public service and have not
394
00:17:34,670 --> 00:17:36,230
been contributing to social security.
395
00:17:36,510 --> 00:17:40,470
Therefore, they assumed that they did not have
396
00:17:40,470 --> 00:17:40,970
a benefit.
397
00:17:41,470 --> 00:17:43,270
Jeff, I'm sorry.
398
00:17:43,430 --> 00:17:46,230
It's probably worth reiterating a little about the
399
00:17:46,230 --> 00:17:48,230
Social Security Fairness Act as part of what
400
00:17:48,230 --> 00:17:48,830
you're talking about.
401
00:17:48,950 --> 00:17:50,690
Just maybe share a little bit more about
402
00:17:50,690 --> 00:17:51,030
it.
403
00:17:51,810 --> 00:17:51,910
Yeah.
404
00:17:51,910 --> 00:17:55,270
Prior to this Social Security Fairness Act that
405
00:17:55,270 --> 00:17:57,430
passed during the Biden administration, it was signed
406
00:17:57,430 --> 00:17:59,790
by President Biden a few months before he
407
00:17:59,790 --> 00:18:00,490
left office.
408
00:18:00,990 --> 00:18:04,930
Many public employees assumed that they would not
409
00:18:04,930 --> 00:18:06,970
get social security, not because they didn't work
410
00:18:06,970 --> 00:18:09,470
40 quarters, but because they were going to
411
00:18:10,070 --> 00:18:11,670
have a government pension.
412
00:18:11,890 --> 00:18:13,150
They said, oh, I have a government pension.
413
00:18:13,270 --> 00:18:14,830
I heard you don't get social security.
414
00:18:14,950 --> 00:18:16,910
That was a wrong assumption because there used
415
00:18:16,910 --> 00:18:17,610
to be an offset.
416
00:18:17,870 --> 00:18:18,930
But not to go back.
417
00:18:19,030 --> 00:18:19,610
Let's look forward.
418
00:18:19,770 --> 00:18:22,650
Since the Social Security Fairness Act, there is
419
00:18:22,650 --> 00:18:26,570
no offset any longer for public employees who
420
00:18:26,570 --> 00:18:28,170
have a pension that they earned.
421
00:18:28,570 --> 00:18:32,350
They still have access to social security.
422
00:18:32,470 --> 00:18:34,410
Now they have access to the full social
423
00:18:34,410 --> 00:18:38,070
security benefit that they received because of the
424
00:18:38,070 --> 00:18:41,430
private sector work that they earned over the
425
00:18:41,430 --> 00:18:41,810
years.
426
00:18:41,810 --> 00:18:45,590
So hopefully people who work in public service
427
00:18:45,590 --> 00:18:47,530
know that part of it.
428
00:18:47,590 --> 00:18:49,650
But I still think that there's many who
429
00:18:49,650 --> 00:18:53,010
believe that they're not eligible because they haven't
430
00:18:53,010 --> 00:18:53,670
worked enough.
431
00:18:54,110 --> 00:18:56,050
And in fact, they may have, or they
432
00:18:56,050 --> 00:18:58,790
may be so close, like the second example,
433
00:18:59,570 --> 00:19:02,470
they just need to work part time for
434
00:19:02,470 --> 00:19:05,990
months or maybe a year or two to
435
00:19:05,990 --> 00:19:07,390
be able to collect social security.
436
00:19:08,850 --> 00:19:12,410
And also, there's just no harm in checking.
437
00:19:12,750 --> 00:19:14,150
It's very easy to set it up.
438
00:19:14,350 --> 00:19:18,910
It's just ssa.gov. And I had the
439
00:19:18,910 --> 00:19:20,450
same situation with a family member of mine.
440
00:19:20,510 --> 00:19:22,470
And she's like, there's no way I qualify
441
00:19:22,470 --> 00:19:23,050
for social security.
442
00:19:23,130 --> 00:19:24,310
I didn't work enough.
443
00:19:24,330 --> 00:19:24,890
There's no way.
444
00:19:25,210 --> 00:19:27,690
And when you log in, it shows your
445
00:19:27,690 --> 00:19:29,710
earnings every year for your whole life.
446
00:19:30,110 --> 00:19:31,710
And she's like, oh, yeah, this one was
447
00:19:31,710 --> 00:19:34,010
this, and it turns out she is eligible
448
00:19:34,010 --> 00:19:36,050
for social security.
449
00:19:36,190 --> 00:19:39,810
So easy to check and definitely worth doing.
450
00:19:40,250 --> 00:19:42,690
Because, you know, you might not remember, but
451
00:19:42,690 --> 00:19:44,390
there are probably some jobs you had that
452
00:19:44,390 --> 00:19:46,270
you're paying into social security.
453
00:19:46,870 --> 00:19:47,390
Absolutely.
454
00:19:47,870 --> 00:19:49,810
And on the flip side of that, don't
455
00:19:49,810 --> 00:19:50,230
assume.
456
00:19:50,310 --> 00:19:53,010
Don't assume social security has attributed your income
457
00:19:53,010 --> 00:19:53,550
correctly.
458
00:19:53,830 --> 00:19:58,170
So for everyone who's listening, if you don't
459
00:19:58,170 --> 00:19:59,650
get it once a year as part of
460
00:19:59,650 --> 00:20:01,930
your regular routine of doing a review with
461
00:20:01,930 --> 00:20:05,590
your financial advisor, as Russ said, log on
462
00:20:05,590 --> 00:20:09,370
to social security, ssa.gov, create an account.
463
00:20:09,850 --> 00:20:12,050
You're looking for your earning and benefits statement.
464
00:20:13,110 --> 00:20:15,130
And you'll see how many quarters you have.
465
00:20:15,270 --> 00:20:18,530
You'll see your estimated benefit at 62, 66,
466
00:20:18,730 --> 00:20:20,650
or 67, 70, and so forth.
467
00:20:21,130 --> 00:20:23,470
And then the back page lists all of
468
00:20:23,470 --> 00:20:24,870
your income for every given year.
469
00:20:24,970 --> 00:20:27,090
Now, you might not remember if you earned
470
00:20:27,090 --> 00:20:30,050
1700 or 17,000 in 1982.
471
00:20:31,190 --> 00:20:33,230
But look at it.
472
00:20:33,230 --> 00:20:34,030
Does it seem right?
473
00:20:34,370 --> 00:20:36,290
Is there a series of zeros there that
474
00:20:36,290 --> 00:20:37,270
you know you're working?
475
00:20:38,310 --> 00:20:40,290
Or maybe the last few years that doesn't
476
00:20:40,290 --> 00:20:40,750
make sense.
477
00:20:40,950 --> 00:20:42,910
Maybe it wasn't attributed correctly.
478
00:20:43,390 --> 00:20:44,130
Just review it.
479
00:20:44,170 --> 00:20:44,710
It's like anything.
480
00:20:45,310 --> 00:20:46,570
Check your credit report.
481
00:20:46,810 --> 00:20:48,830
Check your net worth statement.
482
00:20:49,030 --> 00:20:49,790
Check your budgets.
483
00:20:50,250 --> 00:20:51,430
Check social security statement.
484
00:20:51,430 --> 00:20:52,750
Don't assume that it's correct.
485
00:20:53,630 --> 00:20:54,550
A good point.
486
00:20:54,630 --> 00:20:56,530
I think it's really important to spend some
487
00:20:56,530 --> 00:20:57,290
time on this.
488
00:20:57,490 --> 00:20:59,670
And, you know, as much as we talk
489
00:20:59,670 --> 00:21:02,470
about it a lot, that opens up other
490
00:21:02,470 --> 00:21:05,550
decisions as well as to questioning the timing
491
00:21:05,550 --> 00:21:08,010
of when you decide to turn on your
492
00:21:08,010 --> 00:21:08,490
benefits.
493
00:21:08,670 --> 00:21:11,810
If you should log into the social security
494
00:21:11,810 --> 00:21:14,670
website, you do have calculators that can be
495
00:21:14,670 --> 00:21:15,250
a resource.
496
00:21:15,310 --> 00:21:16,050
There are tools.
497
00:21:16,870 --> 00:21:20,090
Your financial plan with your financial advisor can
498
00:21:20,090 --> 00:21:24,190
be really important context to help you navigate
499
00:21:24,190 --> 00:21:25,790
some of these decisions.
500
00:21:26,050 --> 00:21:29,130
Now, much of it is determined by how
501
00:21:29,130 --> 00:21:31,590
long you're going to be receiving social security.
502
00:21:31,990 --> 00:21:33,150
And, of course, none of us know the
503
00:21:33,150 --> 00:21:34,330
answer to that question.
504
00:21:35,230 --> 00:21:37,990
But if you said, well, I think health
505
00:21:37,990 --> 00:21:41,150
is impaired, well, that might lead you down
506
00:21:41,150 --> 00:21:42,010
one path.
507
00:21:42,490 --> 00:21:44,410
If you say, no, I think, you know,
508
00:21:44,730 --> 00:21:45,790
I'm in good health.
509
00:21:45,790 --> 00:21:47,210
I hope to have longevity.
510
00:21:48,330 --> 00:21:49,330
That's another path.
511
00:21:49,450 --> 00:21:52,110
Keep in mind, it's not just about you
512
00:21:52,110 --> 00:21:52,990
as the recipient.
513
00:21:53,550 --> 00:21:57,390
If whoever is the larger income earner who
514
00:21:57,390 --> 00:21:59,650
would benefit from social, the larger social security
515
00:21:59,650 --> 00:22:03,550
benefit in a married couple, that's the benefit
516
00:22:03,550 --> 00:22:06,130
that continues for as long as whichever of
517
00:22:06,130 --> 00:22:07,110
you lives longer.
518
00:22:07,970 --> 00:22:10,510
So, you know, that's another variable to, you
519
00:22:10,510 --> 00:22:12,590
know, add to the complexity of these decisions.
520
00:22:13,750 --> 00:22:17,630
But, you know, don't assume that, you know,
521
00:22:17,670 --> 00:22:19,870
just because you might not think you're going
522
00:22:19,870 --> 00:22:23,290
to live as long that you shouldn't think
523
00:22:23,290 --> 00:22:28,010
in terms of a delayed benefit because it
524
00:22:28,010 --> 00:22:31,810
might maximize how much you get for the
525
00:22:31,810 --> 00:22:34,190
whoever lives the longest of the two of
526
00:22:34,190 --> 00:22:34,430
you.
527
00:22:35,610 --> 00:22:37,070
Anyway, it can be complicated.
528
00:22:37,810 --> 00:22:40,410
Whenever you bring this subject up, Chris, I
529
00:22:40,410 --> 00:22:43,530
have these visions of certain clients floating through
530
00:22:43,530 --> 00:22:45,790
my head that I needed now.
531
00:22:46,450 --> 00:22:48,590
Well, I was going to say we have
532
00:22:48,590 --> 00:22:49,050
that, too.
533
00:22:49,170 --> 00:22:51,570
But of clients who said, I'm not going
534
00:22:51,570 --> 00:22:53,070
to live that long.
535
00:22:53,630 --> 00:22:56,610
And they weren't doing it to get their
536
00:22:56,610 --> 00:22:57,390
social security early.
537
00:22:57,470 --> 00:23:00,150
That's that they fundamentally believe that whether it's
538
00:23:00,150 --> 00:23:00,590
family.
539
00:23:01,390 --> 00:23:04,010
No, no man in my family has lived
540
00:23:04,010 --> 00:23:05,790
past 72 or whatever.
541
00:23:06,010 --> 00:23:06,210
Right.
542
00:23:06,430 --> 00:23:06,570
Right.
543
00:23:06,790 --> 00:23:07,070
You know.
544
00:23:07,250 --> 00:23:07,410
Yeah.
545
00:23:07,450 --> 00:23:08,670
I've heard that many times.
546
00:23:08,750 --> 00:23:09,390
I know what you mean.
547
00:23:09,890 --> 00:23:11,210
And, you know, last time we heard him
548
00:23:11,210 --> 00:23:12,730
say it was that his 85th birthday.
549
00:23:13,290 --> 00:23:13,650
Yeah.
550
00:23:14,950 --> 00:23:15,310
Yeah.
551
00:23:15,870 --> 00:23:16,170
Yeah.
552
00:23:16,330 --> 00:23:18,970
I've had that happen many, many times where
553
00:23:18,970 --> 00:23:22,450
someone, you know, in their 60s says, yeah,
554
00:23:22,450 --> 00:23:23,050
no way.
555
00:23:23,450 --> 00:23:23,570
Right.
556
00:23:23,590 --> 00:23:25,230
And then they do live into their 80s.
557
00:23:25,410 --> 00:23:27,370
And now how long?
558
00:23:27,430 --> 00:23:28,490
You know, who knows?
559
00:23:28,630 --> 00:23:29,030
None of us.
560
00:23:29,150 --> 00:23:30,870
None of us knows how long we're going
561
00:23:30,870 --> 00:23:31,250
to live.
562
00:23:31,250 --> 00:23:33,070
You're making a best guess.
563
00:23:34,030 --> 00:23:36,550
It's not there's no, you know, crystal ball
564
00:23:36,550 --> 00:23:37,310
on these things.
565
00:23:37,430 --> 00:23:40,750
But I think you're making a probability kind
566
00:23:40,750 --> 00:23:44,930
of thought process of, well, between the two
567
00:23:44,930 --> 00:23:47,430
of us, you know, how will this play
568
00:23:47,430 --> 00:23:47,790
out?
569
00:23:48,290 --> 00:23:49,470
And I think you also have to put
570
00:23:49,470 --> 00:23:51,270
it in the context of everything else that's
571
00:23:51,270 --> 00:23:52,390
going on in your plan.
572
00:23:52,950 --> 00:23:54,450
Because sometimes I get it.
573
00:23:54,530 --> 00:23:56,890
You know, people say, well, gee, I really
574
00:23:56,890 --> 00:23:59,190
want to start this sooner because, you know,
575
00:23:59,210 --> 00:24:00,290
I need the cash flow.
576
00:24:00,290 --> 00:24:02,570
And if it doesn't have a huge impact
577
00:24:02,570 --> 00:24:04,990
on the financial plan, well, fine, then, you
578
00:24:04,990 --> 00:24:06,210
know, that that's comforting.
579
00:24:06,590 --> 00:24:08,570
On the other hand, sometimes it really does
580
00:24:08,570 --> 00:24:11,370
have a significant impact that you're I've said
581
00:24:11,370 --> 00:24:13,230
this before, but sometimes you're better off to
582
00:24:13,230 --> 00:24:15,890
spend your own money sooner because you spend
583
00:24:15,890 --> 00:24:17,650
less of your money over a lifetime.
584
00:24:18,590 --> 00:24:20,850
You know, when you get that Social Security
585
00:24:20,850 --> 00:24:22,750
coming in later on on a larger figure.
586
00:24:22,950 --> 00:24:26,210
So these are things to consider in any
587
00:24:26,210 --> 00:24:28,250
case, whenever we talk about Social Security.
588
00:24:29,270 --> 00:24:32,370
It can get complicated, but I think, you
589
00:24:32,370 --> 00:24:35,330
know, what you said, Jeff, is don't assume.
590
00:24:36,910 --> 00:24:41,150
Make an effort to get that statement and
591
00:24:41,150 --> 00:24:44,490
maybe to your surprise, particularly those government employees,
592
00:24:45,270 --> 00:24:47,910
you may have a nice benefit coming your
593
00:24:47,910 --> 00:24:51,030
way or just a little bit of part
594
00:24:51,030 --> 00:24:54,430
time work before you start to dismiss that
595
00:24:54,430 --> 00:24:58,250
possibility and maybe as you semi-retire or
596
00:24:58,250 --> 00:25:03,210
something, you can generate a nice, healthy income
597
00:25:03,210 --> 00:25:06,890
stream from Social Security that you can claim
598
00:25:06,890 --> 00:25:09,670
now without having to worry about offsets and
599
00:25:09,670 --> 00:25:10,650
all the rest of it.
600
00:25:10,930 --> 00:25:14,270
Windfall elimination provision or any of that stuff
601
00:25:14,270 --> 00:25:14,950
all gone away.
602
00:25:15,450 --> 00:25:19,370
So definitely talk to your financial advisor.
603
00:25:19,810 --> 00:25:21,250
That's, I think, you know, the bottom line
604
00:25:21,250 --> 00:25:24,450
of these various topics of don't assume.
605
00:25:24,830 --> 00:25:27,190
Go through the process of a financial plan,
606
00:25:27,630 --> 00:25:31,630
review your details of beneficiaries and taxes and
607
00:25:31,630 --> 00:25:34,770
Social Security decisions and so on.
608
00:25:35,190 --> 00:25:36,930
Take some time to go through that with
609
00:25:36,930 --> 00:25:38,330
your financial advisor.
610
00:25:38,630 --> 00:25:40,450
And if you need help in that process,
611
00:25:40,970 --> 00:25:42,370
don't hesitate to reach out to us.
612
00:25:42,470 --> 00:25:43,090
We're here to help.
613
00:25:44,290 --> 00:25:46,450
With that in mind, you can connect with
614
00:25:46,450 --> 00:25:51,170
us by reaching out to our phone number
615
00:25:51,170 --> 00:25:52,530
is probably the easiest way.
616
00:25:53,270 --> 00:25:55,730
508-771-8900.
617
00:25:56,690 --> 00:25:59,330
Or you can connect with us by email
618
00:25:59,330 --> 00:26:01,870
and we'll give that information as we wrap
619
00:26:01,870 --> 00:26:02,570
up the show.
620
00:26:03,030 --> 00:26:04,990
And thank you for being with us.
621
00:26:05,170 --> 00:26:08,050
And until next time, keep striving for something
622
00:26:08,050 --> 00:26:08,330
more.
623
00:26:09,650 --> 00:26:11,830
Thank you for listening to Something More with
624
00:26:11,830 --> 00:26:12,530
Chris Boyd.
625
00:26:12,850 --> 00:26:15,010
Call us for help, whether it's for financial
626
00:26:15,010 --> 00:26:18,930
planning or portfolio management, insurance concerns, or those
627
00:26:18,930 --> 00:26:20,970
quality of life issues that make the money
628
00:26:20,970 --> 00:26:22,050
matters matter.
629
00:26:22,410 --> 00:26:25,690
Whatever's on your mind, visit us at somethingmorewithchrisboyd
630
00:26:25,690 --> 00:26:28,890
.com or call us toll free at 866
631
00:26:28,890 --> 00:26:32,530
-771-8901.
632
00:26:32,750 --> 00:26:36,430
Or send us your questions to amr-info
633
00:26:36,430 --> 00:26:38,370
at wealthenhancement.com.
634
00:26:38,550 --> 00:26:40,490
You're listening to Something More with Chris Boyd
635
00:26:40,490 --> 00:26:43,110
Financial Talk Show, Wealth Enhancement Advisory Services and
636
00:26:43,110 --> 00:26:43,230
J.
637
00:26:43,390 --> 00:26:45,670
Christopher Boyd provide investment advice on an individual
638
00:26:45,670 --> 00:26:46,810
basis to clients only.
639
00:26:46,990 --> 00:26:48,970
Proper advice depends on a complete analysis of
640
00:26:48,970 --> 00:26:50,150
all facts and circumstances.
641
00:26:50,450 --> 00:26:52,230
The information given on this program is general
642
00:26:52,230 --> 00:26:54,270
financial comments and cannot be relied upon as
643
00:26:54,270 --> 00:26:55,850
pertaining to your specific situation.
644
00:26:56,070 --> 00:26:58,030
Wealth Enhancement Group cannot guarantee that using the
645
00:26:58,030 --> 00:27:00,030
information from this show will generate profits or
646
00:27:00,030 --> 00:27:01,150
ensure freedom from loss.
647
00:27:01,350 --> 00:27:03,510
Listeners should consult their own financial advisors or
648
00:27:03,510 --> 00:27:05,610
conduct their own due diligence before making any
649
00:27:05,610 --> 00:27:06,390
financial decisions.
00:00:00,780 --> 00:00:03,280
Welcome to Something More with Chris Boyd.
2
00:00:03,580 --> 00:00:06,440
Chris Boyd is a certified financial planner, practitioner,
3
00:00:06,700 --> 00:00:09,180
and senior vice president and financial advisor at
4
00:00:09,180 --> 00:00:11,460
Wealth Enhancement Group, one of the nation's largest
5
00:00:11,460 --> 00:00:13,100
registered investment advisors.
6
00:00:13,600 --> 00:00:15,520
We call it Something More because we'd like
7
00:00:15,520 --> 00:00:17,640
to talk not only about those important dollar
8
00:00:17,640 --> 00:00:19,820
and cents issues, but also the quality of
9
00:00:19,820 --> 00:00:22,260
life issues that make the money matters matter.
10
00:00:22,800 --> 00:00:26,020
Here he is, your fulfillment facilitator, your partner
11
00:00:26,020 --> 00:00:29,160
in prosperity, advising clients on Cape Cod and
12
00:00:29,160 --> 00:00:30,220
across the country.
13
00:00:30,580 --> 00:00:33,020
Here's your host, Jay Christopher Boyd.
14
00:00:33,420 --> 00:00:35,120
Welcome to the program, everybody.
15
00:00:35,260 --> 00:00:36,180
Thanks for being here.
16
00:00:36,300 --> 00:00:38,720
I'm joined by Jeff Perry and Russ Fahl.
17
00:00:38,800 --> 00:00:40,640
All of us are with the AMR team
18
00:00:40,640 --> 00:00:41,720
at Wealth Enhancement.
19
00:00:42,120 --> 00:00:43,400
We'd love for you to reach out with
20
00:00:43,400 --> 00:00:44,680
any comments or questions.
21
00:00:45,560 --> 00:00:48,640
You can find our show on YouTube and
22
00:00:48,640 --> 00:00:53,680
on our webpage, which you can find somethingmorewithchrisboyd
23
00:00:53,680 --> 00:00:56,760
.com, or you can find us wherever you
24
00:00:56,760 --> 00:00:57,800
like to listen to podcasts.
25
00:00:58,060 --> 00:01:00,620
Glad you found us today and hope you'll
26
00:01:00,620 --> 00:01:02,320
share and rate our program.
27
00:01:02,760 --> 00:01:03,819
Let's jump right in, guys.
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00:01:03,940 --> 00:01:07,640
Our topic today is don't assume, and we've
29
00:01:07,640 --> 00:01:10,160
got a couple of things in mind, but
30
00:01:10,160 --> 00:01:13,160
we're going to start with don't assume you
31
00:01:13,160 --> 00:01:15,240
might be contributing as much as you can
32
00:01:15,240 --> 00:01:19,920
in your retirement plan because at times there
33
00:01:19,920 --> 00:01:21,180
are catch-up contributions.
34
00:01:21,180 --> 00:01:23,040
You can do a little bit more.
35
00:01:23,720 --> 00:01:24,980
Russ, do you want to start us off
36
00:01:24,980 --> 00:01:27,900
talking about some of the circumstances where people
37
00:01:27,900 --> 00:01:30,180
should be mindful of some of these various
38
00:01:30,180 --> 00:01:32,660
additional amounts they can consider?
39
00:01:33,320 --> 00:01:36,100
As of 2025, there's a new rule part
40
00:01:36,100 --> 00:01:39,580
of Secure Act 2.0 where employees in
41
00:01:39,580 --> 00:01:42,600
a specific age range, and that's 60 to
42
00:01:42,600 --> 00:01:46,800
63, people that are in that age range
43
00:01:46,800 --> 00:01:50,000
can contribute an additional amount on top of
44
00:01:50,000 --> 00:01:52,560
their standard catch-up contribution.
45
00:01:53,180 --> 00:01:55,300
A little bit confusing with all the numbers,
46
00:01:55,680 --> 00:01:58,540
but this year for 2025, it's going to
47
00:01:58,540 --> 00:02:03,000
be an additional $11,250 in what's being
48
00:02:03,000 --> 00:02:05,120
called the super catch-up contributions.
49
00:02:06,780 --> 00:02:10,900
That leads to a total contribution limit of
50
00:02:10,900 --> 00:02:13,780
$34,750 for 2025.
51
00:02:14,160 --> 00:02:16,020
That is going to be changing each year,
52
00:02:16,720 --> 00:02:20,200
most likely, but again, that's for people who
53
00:02:20,200 --> 00:02:26,720
turned 60 in 2025 and for ages 60,
54
00:02:26,840 --> 00:02:30,180
61, 62, and 63 by the end of
55
00:02:30,180 --> 00:02:30,500
the year.
56
00:02:31,080 --> 00:02:33,980
Within that window, there's that extra contribution limit,
57
00:02:34,260 --> 00:02:35,680
and that can definitely help for people that
58
00:02:35,680 --> 00:02:39,480
are trying to avoid some of those hefty
59
00:02:39,480 --> 00:02:43,020
taxes if they're in higher tax brackets and
60
00:02:43,020 --> 00:02:46,340
put the money into your retirement accounts and
61
00:02:46,340 --> 00:02:48,080
really save for the retirement you're looking for.
62
00:02:48,760 --> 00:02:51,240
That's ideal for people who are in an
63
00:02:51,240 --> 00:02:54,580
employer-provided plan like a 401k or a
64
00:02:54,580 --> 00:02:59,980
403b or similar large company plan, plans that
65
00:02:59,980 --> 00:03:01,820
are designed for larger contributions.
66
00:03:02,320 --> 00:03:07,140
Instead of a $7,500 extra catch-up
67
00:03:07,140 --> 00:03:14,160
contribution, which just to review, in 2025, if
68
00:03:14,160 --> 00:03:16,900
you are an employee of any age, you
69
00:03:16,900 --> 00:03:23,360
can contribute $23,500 as the maximum contribution.
70
00:03:24,200 --> 00:03:28,660
However, if you're 50 and over, you can
71
00:03:28,660 --> 00:03:30,940
contribute another $7,500.
72
00:03:32,080 --> 00:03:37,220
However, that would be around $31,000 if
73
00:03:37,220 --> 00:03:41,180
you were 50 and over and were trying
74
00:03:41,180 --> 00:03:42,420
to do the catch-up contributions.
75
00:03:42,420 --> 00:03:46,240
But in these unique years, and it's funny
76
00:03:46,240 --> 00:03:52,180
because it's 60, 61, 62, and 63, but
77
00:03:52,180 --> 00:03:54,920
not 64, not 65.
78
00:03:55,320 --> 00:03:59,280
It's just those particular years, and it's judged
79
00:03:59,280 --> 00:04:02,600
by what age will you be on December
80
00:04:02,600 --> 00:04:03,400
31st.
81
00:04:03,420 --> 00:04:07,520
If your birthday is December 31st and you
82
00:04:07,520 --> 00:04:10,580
turn 64, and even though most of the
83
00:04:10,580 --> 00:04:13,160
year, you would have been eligible.
84
00:04:13,900 --> 00:04:16,100
Unfortunately, you're not eligible.
85
00:04:16,339 --> 00:04:19,180
It's deemed by the age of the December
86
00:04:19,180 --> 00:04:19,779
31st.
87
00:04:19,880 --> 00:04:23,660
In any case, in those circumstances, you could
88
00:04:23,660 --> 00:04:26,340
do instead of the $7,500, you could
89
00:04:26,340 --> 00:04:30,700
do $1,150 extra.
90
00:04:31,940 --> 00:04:36,140
The $7,500 catch-up contribution that's been
91
00:04:36,140 --> 00:04:42,000
there for a while, that goes beyond the
92
00:04:42,000 --> 00:04:42,660
63.
93
00:04:43,240 --> 00:04:43,880
That's right.
94
00:04:44,040 --> 00:04:46,520
If that person who is 64, 65, et
95
00:04:46,520 --> 00:04:49,100
cetera, they could continue to use that $7
96
00:04:49,100 --> 00:04:52,460
,500 figure as their catch-up contribution.
97
00:04:53,140 --> 00:04:54,240
It's a little bit of an oddity.
98
00:04:54,380 --> 00:04:55,940
I think this was from Secure Act 2
99
00:04:55,940 --> 00:04:59,660
.0 that we saw this enter the details.
100
00:05:00,880 --> 00:05:04,000
For people who are in a simple IRA,
101
00:05:05,000 --> 00:05:08,180
the numbers are different, but they too have
102
00:05:08,900 --> 00:05:12,600
not only a catch-up contribution, but an
103
00:05:12,600 --> 00:05:15,960
extra one for those in that 60, 61,
104
00:05:16,160 --> 00:05:18,220
62, 63 age range.
105
00:05:18,720 --> 00:05:23,700
In this instance, the base contribution you could
106
00:05:23,700 --> 00:05:25,780
do if your employer has a simple IRA
107
00:05:25,780 --> 00:05:27,760
is $16,500.
108
00:05:28,400 --> 00:05:30,960
For anyone 50 and over, they can do
109
00:05:30,960 --> 00:05:32,380
$3,500 more.
110
00:05:32,600 --> 00:05:36,060
That brings you to $20,000 for your
111
00:05:36,060 --> 00:05:39,060
maximum you could do when you're in that
112
00:05:39,060 --> 00:05:42,260
older age range until you get into this
113
00:05:42,260 --> 00:05:46,700
same deal with a 60, 61, 62, 63.
114
00:05:47,840 --> 00:05:50,100
It's not muddied enough.
115
00:05:51,060 --> 00:05:59,640
In this case, instead of $3,500, you
116
00:05:59,640 --> 00:06:03,200
could add $5,250 to that number.
117
00:06:04,020 --> 00:06:07,360
If you thought that wasn't confusing enough, there's
118
00:06:07,360 --> 00:06:10,100
one more wrinkle to make it even more
119
00:06:10,100 --> 00:06:10,680
confusing.
120
00:06:11,500 --> 00:06:12,240
Oh, good.
121
00:06:13,080 --> 00:06:16,520
Let me see.
122
00:06:16,640 --> 00:06:18,280
What were the circumstances for this?
123
00:06:18,420 --> 00:06:23,840
If your employer plan has 25 or fewer
124
00:06:23,840 --> 00:06:30,200
employees, instead of the $3,500 figure, you
125
00:06:30,200 --> 00:06:34,260
might be able to use the $3,850.
126
00:06:34,740 --> 00:06:37,960
There's a little bit of an extra that's
127
00:06:37,960 --> 00:06:39,400
able to be increased.
128
00:06:41,360 --> 00:06:42,380
Just an oddity.
129
00:06:42,540 --> 00:06:43,760
Who came up with this stuff?
130
00:06:43,840 --> 00:06:44,800
Congress, of course.
131
00:06:45,000 --> 00:06:47,240
Does that explain it?
132
00:06:47,320 --> 00:06:47,900
Enough said.
133
00:06:48,500 --> 00:06:50,300
It sounds like it was a negotiation and
134
00:06:50,300 --> 00:06:52,200
they just said, let's meet in the middle
135
00:06:52,200 --> 00:06:52,940
and go home.
136
00:06:53,100 --> 00:06:53,800
Throw you a bone.
137
00:06:53,920 --> 00:06:55,120
Let's be done already.
138
00:06:55,120 --> 00:06:55,480
Yeah.
139
00:06:56,160 --> 00:06:59,360
Anyway, if you need help finding out where
140
00:06:59,360 --> 00:07:02,280
you fit into these details, don't hesitate to
141
00:07:02,280 --> 00:07:03,560
reach out to us.
142
00:07:03,640 --> 00:07:05,220
We can help you navigate some of these
143
00:07:05,220 --> 00:07:05,580
things.
144
00:07:06,340 --> 00:07:09,240
It is a challenging time sometimes to be
145
00:07:09,240 --> 00:07:11,600
clear on where do you fit?
146
00:07:12,220 --> 00:07:16,640
That one was driving me crazy because I
147
00:07:16,640 --> 00:07:18,600
was looking at someone I know who is
148
00:07:18,600 --> 00:07:21,200
64 at the end of the year.
149
00:07:22,280 --> 00:07:25,280
Last year, they didn't have the option to
150
00:07:25,280 --> 00:07:26,700
participate in these extras.
151
00:07:27,700 --> 00:07:28,820
I was like, oh, I got to tell
152
00:07:28,820 --> 00:07:29,000
them.
153
00:07:29,360 --> 00:07:31,260
Oh, they can't do it because they're going
154
00:07:31,260 --> 00:07:33,180
to be 64 by the end of the
155
00:07:33,180 --> 00:07:33,340
year.
156
00:07:33,920 --> 00:07:36,500
In any case, you got to navigate these
157
00:07:36,500 --> 00:07:38,280
rules a little bit more carefully.
158
00:07:39,060 --> 00:07:42,880
Don't assume that you don't have the ability
159
00:07:42,880 --> 00:07:43,740
to do more.
160
00:07:43,920 --> 00:07:47,100
You may have this window with different, depending
161
00:07:47,100 --> 00:07:49,680
on your age, you may have the window
162
00:07:49,680 --> 00:07:52,980
where you can contribute considerable amounts to your
163
00:07:52,980 --> 00:07:57,620
retirement plan and always appealing to try to
164
00:07:57,620 --> 00:08:00,720
do the maximum your budget will allow or
165
00:08:00,720 --> 00:08:01,860
the plan will allow.
166
00:08:02,100 --> 00:08:05,360
Well, we come across plenty of individuals that
167
00:08:05,360 --> 00:08:08,240
we talk to, clients or just folks that
168
00:08:08,240 --> 00:08:11,440
we come across who are in that age
169
00:08:11,440 --> 00:08:12,880
like, oh, I'm 60.
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I don't think I saved enough for retirement.
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What should I do?
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This is a great option to really maximize
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those 60, 61, 62, 63 years.
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Yeah.
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I think you guys talked about a mailbag
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situation where someone didn't, and thanks for doing
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that.
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That was a good episode.
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I enjoyed that with the circumstance where someone
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00:08:35,460 --> 00:08:36,539
was late getting started.
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00:08:36,860 --> 00:08:39,720
Well, if that's the case, I know it's
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never easy if you haven't started to suddenly
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00:08:42,940 --> 00:08:47,480
do a very dramatic amount, but as I
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00:08:47,480 --> 00:08:50,600
say, maximize what your budget will allow or
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00:08:50,600 --> 00:08:52,340
whatever your plan will allow.
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00:08:52,460 --> 00:08:54,180
If you can do as much as that,
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00:08:55,040 --> 00:08:56,440
sooner is better.
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00:08:57,100 --> 00:08:58,440
You can't look back.
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00:08:58,500 --> 00:08:59,480
You only can look ahead.
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00:09:00,180 --> 00:09:01,960
You got to do what you can, as
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00:09:01,960 --> 00:09:03,100
much as you can, as soon as you
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00:09:03,100 --> 00:09:03,280
can.
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00:09:03,600 --> 00:09:06,340
These amounts do not include the match from
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00:09:06,340 --> 00:09:06,940
your employer.
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00:09:07,360 --> 00:09:08,060
Good point.
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00:09:08,360 --> 00:09:09,460
Yeah, that's a great point.
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00:09:09,780 --> 00:09:13,500
With employer plans, it can work in different
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00:09:13,500 --> 00:09:15,220
ways, how much your employer matches.
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00:09:15,680 --> 00:09:18,780
With a simple IRA, it's really two options.
200
00:09:19,320 --> 00:09:22,660
They either give a 2% which is
201
00:09:22,660 --> 00:09:24,560
just a base contribution or a 3%
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00:09:24,560 --> 00:09:25,060
match.
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00:09:25,280 --> 00:09:27,400
Those can vary from year to year with
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00:09:27,400 --> 00:09:31,080
some disruption, but generally that's what it works
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00:09:31,080 --> 00:09:31,620
out to be.
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00:09:32,160 --> 00:09:36,800
Then that sits on top of what you
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00:09:36,800 --> 00:09:37,380
put in.
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00:09:38,200 --> 00:09:41,080
As we've said in the past, when there's
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00:09:41,080 --> 00:09:46,260
an employer contribution, a matching contribution, you have
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00:09:46,260 --> 00:09:48,700
to at least do what gets you the
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00:09:48,700 --> 00:09:52,300
full match because otherwise you're choosing to get
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00:09:52,300 --> 00:09:55,380
paid less than your employer is offering you
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00:09:55,380 --> 00:09:56,120
as a salary.
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00:09:56,620 --> 00:09:58,600
So take advantage of it.
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00:10:01,240 --> 00:10:03,260
Anything else to add, do you think?
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00:10:03,320 --> 00:10:05,720
There's plenty of complexities to this.
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00:10:06,660 --> 00:10:10,720
When it comes to contribution amounts, when it
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00:10:10,720 --> 00:10:14,140
comes to IRAs, when it comes to other
219
00:10:14,140 --> 00:10:16,800
types of plans, there can be various things,
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00:10:16,920 --> 00:10:19,760
but I'm inclined to think this is enough
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00:10:19,760 --> 00:10:21,160
confusion for today.
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What do you think?
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00:10:22,660 --> 00:10:24,780
It's enough on that subject, but just one
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00:10:24,780 --> 00:10:28,580
quick don't assume when it comes to employer
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plans.
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00:10:29,420 --> 00:10:34,820
We see individuals come in who sadly don't
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00:10:34,820 --> 00:10:39,140
know what their investments are in inside of
228
00:10:39,140 --> 00:10:40,860
their employer plan.
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00:10:40,960 --> 00:10:42,640
Sometimes we see people who have been working
230
00:10:42,640 --> 00:10:44,720
for a long time and it's all on
231
00:10:44,720 --> 00:10:47,480
some capital preservation cash type setting.
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00:10:48,520 --> 00:10:50,600
They may be young and have plenty of
233
00:10:50,600 --> 00:10:53,450
runway to take some risk and have the
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00:10:53,450 --> 00:10:56,570
benefit of some strong gains over time.
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00:10:57,050 --> 00:11:00,090
So I guess in that category of retirement
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00:11:00,090 --> 00:11:02,970
plans, don't assume that you're invested in the
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00:11:02,970 --> 00:11:05,310
right place for your retirement goals just because
238
00:11:05,310 --> 00:11:06,890
you signed up for your 401k.
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Absolutely.
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00:11:09,650 --> 00:11:12,470
What you did the day you got hired
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00:11:13,230 --> 00:11:16,890
isn't necessarily what you wanted to be forever.
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00:11:17,850 --> 00:11:19,890
I think a lot of times to your
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00:11:19,890 --> 00:11:24,630
point, Jeff, people just pick something when they're
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00:11:24,630 --> 00:11:27,650
getting started and don't really, just because they're
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00:11:27,650 --> 00:11:32,450
bombarded with all kinds of benefits, decisions, and
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00:11:32,450 --> 00:11:34,150
all kinds of challenges.
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00:11:34,350 --> 00:11:36,210
That's a good thing to review from time
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00:11:36,210 --> 00:11:36,650
to time.
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00:11:37,330 --> 00:11:39,770
Certainly good to get input from your advisor
250
00:11:39,770 --> 00:11:40,950
in the process.
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00:11:41,910 --> 00:11:46,350
While we're on it, don't assume your beneficiaries
252
00:11:46,350 --> 00:11:47,310
are current.
253
00:11:48,550 --> 00:11:50,350
Or that you have one.
254
00:11:51,050 --> 00:11:51,730
Or that you have one.
255
00:11:51,990 --> 00:11:53,530
Sometimes plans change.
256
00:11:53,670 --> 00:11:56,870
Your employer made an employer plan originally and
257
00:11:56,870 --> 00:11:59,850
then they switched it to another provider.
258
00:12:00,530 --> 00:12:04,930
Don't assume that all your beneficiary information came
259
00:12:04,930 --> 00:12:06,330
over the way it should.
260
00:12:07,250 --> 00:12:09,510
These are things you have to really check
261
00:12:09,510 --> 00:12:10,270
periodically.
262
00:12:11,550 --> 00:12:16,110
It's surprising how often people have the wrong,
263
00:12:16,530 --> 00:12:18,850
either not have, they might have an estate
264
00:12:18,850 --> 00:12:22,090
as their beneficiary, which kind of kills a
265
00:12:22,090 --> 00:12:22,190
lot.
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00:12:22,210 --> 00:12:24,630
We talked about this in a prior episode,
267
00:12:25,150 --> 00:12:28,190
but it's not the ideal way to plan
268
00:12:28,190 --> 00:12:34,930
for maximizing your beneficiary structure benefits, the design
269
00:12:34,930 --> 00:12:38,690
of this stuff, the way it can have
270
00:12:38,690 --> 00:12:40,390
a longer time to take it out of
271
00:12:40,390 --> 00:12:40,830
the IRA.
272
00:12:42,790 --> 00:12:45,790
It's just problematic.
273
00:12:46,370 --> 00:12:47,730
It may not go to who you want
274
00:12:47,730 --> 00:12:48,470
it to go to.
275
00:12:49,010 --> 00:12:50,330
It may be your ex-spouse.
276
00:12:51,150 --> 00:12:51,470
Yeah.
277
00:12:51,550 --> 00:12:54,590
For people who've been divorced or even lived
278
00:12:54,590 --> 00:12:57,350
with someone, you got to update this stuff
279
00:12:57,350 --> 00:13:00,390
because sometimes who you put 10 years ago,
280
00:13:00,490 --> 00:13:03,570
you may just assume it was someone else
281
00:13:03,570 --> 00:13:05,910
and it may not be who you want
282
00:13:05,910 --> 00:13:06,610
it to be.
283
00:13:07,190 --> 00:13:09,250
I've seen a number of stories like that.
284
00:13:09,250 --> 00:13:11,270
That Ed Slott program we were talking about
285
00:13:11,270 --> 00:13:18,270
in the prior conversation, Jeff, they routinely talk
286
00:13:18,270 --> 00:13:22,350
about these circumstances where the wrong person was
287
00:13:22,350 --> 00:13:24,970
not who they intended to be the recipient
288
00:13:24,970 --> 00:13:27,690
of the retirement plan or the IRA.
289
00:13:29,210 --> 00:13:30,530
These are contracts.
290
00:13:30,850 --> 00:13:32,310
When you fill out these forms, these are
291
00:13:32,310 --> 00:13:32,810
contracts.
292
00:13:33,130 --> 00:13:35,450
Just because you get married or you get
293
00:13:35,450 --> 00:13:38,890
divorced does not per se change the contract.
294
00:13:39,690 --> 00:13:41,170
Don't think it's automatic.
295
00:13:41,730 --> 00:13:42,150
Right.
296
00:13:42,470 --> 00:13:42,970
Exactly.
297
00:13:43,310 --> 00:13:43,770
Good point.
298
00:13:44,570 --> 00:13:48,070
The old boyfriend or girlfriend may be getting
299
00:13:48,810 --> 00:13:51,190
instead of your spouse or whatever, right?
300
00:13:51,250 --> 00:13:52,830
See who gets the last laugh on that
301
00:13:52,830 --> 00:13:53,030
one.
302
00:13:56,490 --> 00:13:58,170
Well, anyway, those are a couple of good
303
00:13:58,170 --> 00:13:58,430
things.
304
00:13:58,530 --> 00:14:00,590
We've got some other things not to assume.
305
00:14:00,750 --> 00:14:03,530
Jeff, you had some interesting stories more related
306
00:14:03,530 --> 00:14:04,430
to social security.
307
00:14:04,530 --> 00:14:05,590
Let's talk about that too.
308
00:14:05,790 --> 00:14:07,970
Over the past couple of months, I've had
309
00:14:07,970 --> 00:14:13,450
two similar client experiences which have the same
310
00:14:13,450 --> 00:14:14,070
don't assume.
311
00:14:14,910 --> 00:14:17,130
I'll tell them as one story because they're
312
00:14:17,130 --> 00:14:18,450
so similar in stories.
313
00:14:18,950 --> 00:14:23,310
These individuals worked in Massachusetts in the public
314
00:14:23,310 --> 00:14:23,770
sector.
315
00:14:24,330 --> 00:14:26,670
One worked in law enforcement and one worked
316
00:14:26,670 --> 00:14:28,810
in town administration, we'll call it.
317
00:14:29,430 --> 00:14:31,930
They both had long careers.
318
00:14:32,670 --> 00:14:33,770
One is retired.
319
00:14:33,950 --> 00:14:35,110
One is about to retire.
320
00:14:36,090 --> 00:14:37,930
Both of them told me the same thing
321
00:14:37,930 --> 00:14:39,130
when we were doing a review.
322
00:14:39,390 --> 00:14:42,130
They both said, well, I have my pension,
323
00:14:42,250 --> 00:14:43,470
but I don't have social security.
324
00:14:45,450 --> 00:14:49,030
At first blush, knowing both of these gentlemen
325
00:14:49,030 --> 00:14:51,730
for decades said that's probably right to myself,
326
00:14:51,730 --> 00:14:54,730
but I said, well, let's get your earnings
327
00:14:54,730 --> 00:14:57,890
and benefits statement from social security just to
328
00:14:57,890 --> 00:15:00,270
see because did you work in high school?
329
00:15:00,430 --> 00:15:00,590
Yes.
330
00:15:00,650 --> 00:15:01,690
Did you work through college?
331
00:15:01,810 --> 00:15:02,070
Yes.
332
00:15:02,650 --> 00:15:03,890
Did you have a summer job?
333
00:15:03,970 --> 00:15:04,250
Maybe.
334
00:15:04,830 --> 00:15:08,670
Did you have a brief separation from public
335
00:15:08,670 --> 00:15:11,310
service between jobs and all these things?
336
00:15:11,330 --> 00:15:12,470
Did you have a small business?
337
00:15:13,570 --> 00:15:15,950
Both of these gentlemen assumed that they were
338
00:15:15,950 --> 00:15:17,750
going to get their earnings and benefits statement
339
00:15:17,750 --> 00:15:19,350
and it was going to show maybe they
340
00:15:19,350 --> 00:15:22,390
had 10 or 20 quarters.
341
00:15:22,790 --> 00:15:24,870
To the listeners who don't know, you need
342
00:15:24,870 --> 00:15:29,330
40 quarters of qualifying income to be eligible
343
00:15:29,330 --> 00:15:30,510
to collect social security.
344
00:15:31,390 --> 00:15:33,790
It's roughly 10 years, but it doesn't have
345
00:15:33,790 --> 00:15:34,910
to be all together.
346
00:15:35,730 --> 00:15:39,750
The income level for those given quarters is
347
00:15:39,750 --> 00:15:41,130
still relatively low.
348
00:15:41,410 --> 00:15:45,270
Back 30 years ago, it was really low.
349
00:15:45,270 --> 00:15:48,370
Your part-time summer job can qualify for
350
00:15:48,370 --> 00:15:52,790
quarters when you were a teenager and so
351
00:15:52,790 --> 00:15:53,070
on.
352
00:15:53,270 --> 00:16:00,490
Maybe that craft business you had while a
353
00:16:00,490 --> 00:16:03,010
stay-at-home mom or I don't know.
354
00:16:03,430 --> 00:16:04,690
There's all these different things.
355
00:16:04,710 --> 00:16:07,890
Summer camp counselor, working in college at the
356
00:16:07,890 --> 00:16:08,950
local coffee shop.
357
00:16:08,950 --> 00:16:11,690
Let me tell the end of the story.
358
00:16:12,530 --> 00:16:17,950
One gentleman, the first gentleman in sequence, he's
359
00:16:17,950 --> 00:16:20,590
67 and he had never pulled his benefits.
360
00:16:20,950 --> 00:16:23,370
He pulled it and he's entitled to social
361
00:16:23,370 --> 00:16:23,850
security.
362
00:16:24,750 --> 00:16:24,890
Perfect.
363
00:16:25,530 --> 00:16:28,310
He's getting an extra $800 a month that
364
00:16:28,310 --> 00:16:30,070
he didn't even think was possible.
365
00:16:30,750 --> 00:16:35,470
That's meaningful bonus, little income that's coming through.
366
00:16:35,670 --> 00:16:37,610
$800 a month is not nothing.
367
00:16:37,610 --> 00:16:39,030
That's some good bills.
368
00:16:39,570 --> 00:16:41,350
He is thrilled to get it.
369
00:16:42,430 --> 00:16:44,050
I should be on a commission.
370
00:16:44,050 --> 00:16:44,190
That's going to help.
371
00:16:44,590 --> 00:16:46,790
You get a piece of the action.
372
00:16:47,090 --> 00:16:48,730
Like in my lawyer days, a third of
373
00:16:48,730 --> 00:16:49,290
it or something.
374
00:16:51,110 --> 00:16:54,110
He was very thrilled and thankful and that's
375
00:16:54,110 --> 00:16:54,490
all good.
376
00:16:54,630 --> 00:16:56,210
The other gentleman who just got it, this
377
00:16:56,210 --> 00:16:58,970
is probably a week or so ago, is
378
00:16:58,970 --> 00:17:00,670
two quarters short.
379
00:17:01,490 --> 00:17:03,050
He's at 38 quarters.
380
00:17:03,609 --> 00:17:05,230
He has a clear vision.
381
00:17:05,910 --> 00:17:07,890
It went from, I think I may work
382
00:17:07,890 --> 00:17:10,630
when I retire, which he's planning on retiring
383
00:17:10,630 --> 00:17:11,349
later this year.
384
00:17:11,829 --> 00:17:13,589
I think I might get a part-time
385
00:17:13,589 --> 00:17:16,630
job to I'm getting a part-time job
386
00:17:16,630 --> 00:17:18,010
and I know how much I need to
387
00:17:18,010 --> 00:17:18,390
make.
388
00:17:19,190 --> 00:17:19,310
Yeah.
389
00:17:19,750 --> 00:17:19,970
Yeah.
390
00:17:21,089 --> 00:17:21,930
That's awesome.
391
00:17:21,930 --> 00:17:25,630
Under this theme this week is don't assume.
392
00:17:26,050 --> 00:17:30,970
Both of these gentlemen had worked decades consistently,
393
00:17:31,230 --> 00:17:34,670
straight through in public service and have not
394
00:17:34,670 --> 00:17:36,230
been contributing to social security.
395
00:17:36,510 --> 00:17:40,470
Therefore, they assumed that they did not have
396
00:17:40,470 --> 00:17:40,970
a benefit.
397
00:17:41,470 --> 00:17:43,270
Jeff, I'm sorry.
398
00:17:43,430 --> 00:17:46,230
It's probably worth reiterating a little about the
399
00:17:46,230 --> 00:17:48,230
Social Security Fairness Act as part of what
400
00:17:48,230 --> 00:17:48,830
you're talking about.
401
00:17:48,950 --> 00:17:50,690
Just maybe share a little bit more about
402
00:17:50,690 --> 00:17:51,030
it.
403
00:17:51,810 --> 00:17:51,910
Yeah.
404
00:17:51,910 --> 00:17:55,270
Prior to this Social Security Fairness Act that
405
00:17:55,270 --> 00:17:57,430
passed during the Biden administration, it was signed
406
00:17:57,430 --> 00:17:59,790
by President Biden a few months before he
407
00:17:59,790 --> 00:18:00,490
left office.
408
00:18:00,990 --> 00:18:04,930
Many public employees assumed that they would not
409
00:18:04,930 --> 00:18:06,970
get social security, not because they didn't work
410
00:18:06,970 --> 00:18:09,470
40 quarters, but because they were going to
411
00:18:10,070 --> 00:18:11,670
have a government pension.
412
00:18:11,890 --> 00:18:13,150
They said, oh, I have a government pension.
413
00:18:13,270 --> 00:18:14,830
I heard you don't get social security.
414
00:18:14,950 --> 00:18:16,910
That was a wrong assumption because there used
415
00:18:16,910 --> 00:18:17,610
to be an offset.
416
00:18:17,870 --> 00:18:18,930
But not to go back.
417
00:18:19,030 --> 00:18:19,610
Let's look forward.
418
00:18:19,770 --> 00:18:22,650
Since the Social Security Fairness Act, there is
419
00:18:22,650 --> 00:18:26,570
no offset any longer for public employees who
420
00:18:26,570 --> 00:18:28,170
have a pension that they earned.
421
00:18:28,570 --> 00:18:32,350
They still have access to social security.
422
00:18:32,470 --> 00:18:34,410
Now they have access to the full social
423
00:18:34,410 --> 00:18:38,070
security benefit that they received because of the
424
00:18:38,070 --> 00:18:41,430
private sector work that they earned over the
425
00:18:41,430 --> 00:18:41,810
years.
426
00:18:41,810 --> 00:18:45,590
So hopefully people who work in public service
427
00:18:45,590 --> 00:18:47,530
know that part of it.
428
00:18:47,590 --> 00:18:49,650
But I still think that there's many who
429
00:18:49,650 --> 00:18:53,010
believe that they're not eligible because they haven't
430
00:18:53,010 --> 00:18:53,670
worked enough.
431
00:18:54,110 --> 00:18:56,050
And in fact, they may have, or they
432
00:18:56,050 --> 00:18:58,790
may be so close, like the second example,
433
00:18:59,570 --> 00:19:02,470
they just need to work part time for
434
00:19:02,470 --> 00:19:05,990
months or maybe a year or two to
435
00:19:05,990 --> 00:19:07,390
be able to collect social security.
436
00:19:08,850 --> 00:19:12,410
And also, there's just no harm in checking.
437
00:19:12,750 --> 00:19:14,150
It's very easy to set it up.
438
00:19:14,350 --> 00:19:18,910
It's just ssa.gov. And I had the
439
00:19:18,910 --> 00:19:20,450
same situation with a family member of mine.
440
00:19:20,510 --> 00:19:22,470
And she's like, there's no way I qualify
441
00:19:22,470 --> 00:19:23,050
for social security.
442
00:19:23,130 --> 00:19:24,310
I didn't work enough.
443
00:19:24,330 --> 00:19:24,890
There's no way.
444
00:19:25,210 --> 00:19:27,690
And when you log in, it shows your
445
00:19:27,690 --> 00:19:29,710
earnings every year for your whole life.
446
00:19:30,110 --> 00:19:31,710
And she's like, oh, yeah, this one was
447
00:19:31,710 --> 00:19:34,010
this, and it turns out she is eligible
448
00:19:34,010 --> 00:19:36,050
for social security.
449
00:19:36,190 --> 00:19:39,810
So easy to check and definitely worth doing.
450
00:19:40,250 --> 00:19:42,690
Because, you know, you might not remember, but
451
00:19:42,690 --> 00:19:44,390
there are probably some jobs you had that
452
00:19:44,390 --> 00:19:46,270
you're paying into social security.
453
00:19:46,870 --> 00:19:47,390
Absolutely.
454
00:19:47,870 --> 00:19:49,810
And on the flip side of that, don't
455
00:19:49,810 --> 00:19:50,230
assume.
456
00:19:50,310 --> 00:19:53,010
Don't assume social security has attributed your income
457
00:19:53,010 --> 00:19:53,550
correctly.
458
00:19:53,830 --> 00:19:58,170
So for everyone who's listening, if you don't
459
00:19:58,170 --> 00:19:59,650
get it once a year as part of
460
00:19:59,650 --> 00:20:01,930
your regular routine of doing a review with
461
00:20:01,930 --> 00:20:05,590
your financial advisor, as Russ said, log on
462
00:20:05,590 --> 00:20:09,370
to social security, ssa.gov, create an account.
463
00:20:09,850 --> 00:20:12,050
You're looking for your earning and benefits statement.
464
00:20:13,110 --> 00:20:15,130
And you'll see how many quarters you have.
465
00:20:15,270 --> 00:20:18,530
You'll see your estimated benefit at 62, 66,
466
00:20:18,730 --> 00:20:20,650
or 67, 70, and so forth.
467
00:20:21,130 --> 00:20:23,470
And then the back page lists all of
468
00:20:23,470 --> 00:20:24,870
your income for every given year.
469
00:20:24,970 --> 00:20:27,090
Now, you might not remember if you earned
470
00:20:27,090 --> 00:20:30,050
1700 or 17,000 in 1982.
471
00:20:31,190 --> 00:20:33,230
But look at it.
472
00:20:33,230 --> 00:20:34,030
Does it seem right?
473
00:20:34,370 --> 00:20:36,290
Is there a series of zeros there that
474
00:20:36,290 --> 00:20:37,270
you know you're working?
475
00:20:38,310 --> 00:20:40,290
Or maybe the last few years that doesn't
476
00:20:40,290 --> 00:20:40,750
make sense.
477
00:20:40,950 --> 00:20:42,910
Maybe it wasn't attributed correctly.
478
00:20:43,390 --> 00:20:44,130
Just review it.
479
00:20:44,170 --> 00:20:44,710
It's like anything.
480
00:20:45,310 --> 00:20:46,570
Check your credit report.
481
00:20:46,810 --> 00:20:48,830
Check your net worth statement.
482
00:20:49,030 --> 00:20:49,790
Check your budgets.
483
00:20:50,250 --> 00:20:51,430
Check social security statement.
484
00:20:51,430 --> 00:20:52,750
Don't assume that it's correct.
485
00:20:53,630 --> 00:20:54,550
A good point.
486
00:20:54,630 --> 00:20:56,530
I think it's really important to spend some
487
00:20:56,530 --> 00:20:57,290
time on this.
488
00:20:57,490 --> 00:20:59,670
And, you know, as much as we talk
489
00:20:59,670 --> 00:21:02,470
about it a lot, that opens up other
490
00:21:02,470 --> 00:21:05,550
decisions as well as to questioning the timing
491
00:21:05,550 --> 00:21:08,010
of when you decide to turn on your
492
00:21:08,010 --> 00:21:08,490
benefits.
493
00:21:08,670 --> 00:21:11,810
If you should log into the social security
494
00:21:11,810 --> 00:21:14,670
website, you do have calculators that can be
495
00:21:14,670 --> 00:21:15,250
a resource.
496
00:21:15,310 --> 00:21:16,050
There are tools.
497
00:21:16,870 --> 00:21:20,090
Your financial plan with your financial advisor can
498
00:21:20,090 --> 00:21:24,190
be really important context to help you navigate
499
00:21:24,190 --> 00:21:25,790
some of these decisions.
500
00:21:26,050 --> 00:21:29,130
Now, much of it is determined by how
501
00:21:29,130 --> 00:21:31,590
long you're going to be receiving social security.
502
00:21:31,990 --> 00:21:33,150
And, of course, none of us know the
503
00:21:33,150 --> 00:21:34,330
answer to that question.
504
00:21:35,230 --> 00:21:37,990
But if you said, well, I think health
505
00:21:37,990 --> 00:21:41,150
is impaired, well, that might lead you down
506
00:21:41,150 --> 00:21:42,010
one path.
507
00:21:42,490 --> 00:21:44,410
If you say, no, I think, you know,
508
00:21:44,730 --> 00:21:45,790
I'm in good health.
509
00:21:45,790 --> 00:21:47,210
I hope to have longevity.
510
00:21:48,330 --> 00:21:49,330
That's another path.
511
00:21:49,450 --> 00:21:52,110
Keep in mind, it's not just about you
512
00:21:52,110 --> 00:21:52,990
as the recipient.
513
00:21:53,550 --> 00:21:57,390
If whoever is the larger income earner who
514
00:21:57,390 --> 00:21:59,650
would benefit from social, the larger social security
515
00:21:59,650 --> 00:22:03,550
benefit in a married couple, that's the benefit
516
00:22:03,550 --> 00:22:06,130
that continues for as long as whichever of
517
00:22:06,130 --> 00:22:07,110
you lives longer.
518
00:22:07,970 --> 00:22:10,510
So, you know, that's another variable to, you
519
00:22:10,510 --> 00:22:12,590
know, add to the complexity of these decisions.
520
00:22:13,750 --> 00:22:17,630
But, you know, don't assume that, you know,
521
00:22:17,670 --> 00:22:19,870
just because you might not think you're going
522
00:22:19,870 --> 00:22:23,290
to live as long that you shouldn't think
523
00:22:23,290 --> 00:22:28,010
in terms of a delayed benefit because it
524
00:22:28,010 --> 00:22:31,810
might maximize how much you get for the
525
00:22:31,810 --> 00:22:34,190
whoever lives the longest of the two of
526
00:22:34,190 --> 00:22:34,430
you.
527
00:22:35,610 --> 00:22:37,070
Anyway, it can be complicated.
528
00:22:37,810 --> 00:22:40,410
Whenever you bring this subject up, Chris, I
529
00:22:40,410 --> 00:22:43,530
have these visions of certain clients floating through
530
00:22:43,530 --> 00:22:45,790
my head that I needed now.
531
00:22:46,450 --> 00:22:48,590
Well, I was going to say we have
532
00:22:48,590 --> 00:22:49,050
that, too.
533
00:22:49,170 --> 00:22:51,570
But of clients who said, I'm not going
534
00:22:51,570 --> 00:22:53,070
to live that long.
535
00:22:53,630 --> 00:22:56,610
And they weren't doing it to get their
536
00:22:56,610 --> 00:22:57,390
social security early.
537
00:22:57,470 --> 00:23:00,150
That's that they fundamentally believe that whether it's
538
00:23:00,150 --> 00:23:00,590
family.
539
00:23:01,390 --> 00:23:04,010
No, no man in my family has lived
540
00:23:04,010 --> 00:23:05,790
past 72 or whatever.
541
00:23:06,010 --> 00:23:06,210
Right.
542
00:23:06,430 --> 00:23:06,570
Right.
543
00:23:06,790 --> 00:23:07,070
You know.
544
00:23:07,250 --> 00:23:07,410
Yeah.
545
00:23:07,450 --> 00:23:08,670
I've heard that many times.
546
00:23:08,750 --> 00:23:09,390
I know what you mean.
547
00:23:09,890 --> 00:23:11,210
And, you know, last time we heard him
548
00:23:11,210 --> 00:23:12,730
say it was that his 85th birthday.
549
00:23:13,290 --> 00:23:13,650
Yeah.
550
00:23:14,950 --> 00:23:15,310
Yeah.
551
00:23:15,870 --> 00:23:16,170
Yeah.
552
00:23:16,330 --> 00:23:18,970
I've had that happen many, many times where
553
00:23:18,970 --> 00:23:22,450
someone, you know, in their 60s says, yeah,
554
00:23:22,450 --> 00:23:23,050
no way.
555
00:23:23,450 --> 00:23:23,570
Right.
556
00:23:23,590 --> 00:23:25,230
And then they do live into their 80s.
557
00:23:25,410 --> 00:23:27,370
And now how long?
558
00:23:27,430 --> 00:23:28,490
You know, who knows?
559
00:23:28,630 --> 00:23:29,030
None of us.
560
00:23:29,150 --> 00:23:30,870
None of us knows how long we're going
561
00:23:30,870 --> 00:23:31,250
to live.
562
00:23:31,250 --> 00:23:33,070
You're making a best guess.
563
00:23:34,030 --> 00:23:36,550
It's not there's no, you know, crystal ball
564
00:23:36,550 --> 00:23:37,310
on these things.
565
00:23:37,430 --> 00:23:40,750
But I think you're making a probability kind
566
00:23:40,750 --> 00:23:44,930
of thought process of, well, between the two
567
00:23:44,930 --> 00:23:47,430
of us, you know, how will this play
568
00:23:47,430 --> 00:23:47,790
out?
569
00:23:48,290 --> 00:23:49,470
And I think you also have to put
570
00:23:49,470 --> 00:23:51,270
it in the context of everything else that's
571
00:23:51,270 --> 00:23:52,390
going on in your plan.
572
00:23:52,950 --> 00:23:54,450
Because sometimes I get it.
573
00:23:54,530 --> 00:23:56,890
You know, people say, well, gee, I really
574
00:23:56,890 --> 00:23:59,190
want to start this sooner because, you know,
575
00:23:59,210 --> 00:24:00,290
I need the cash flow.
576
00:24:00,290 --> 00:24:02,570
And if it doesn't have a huge impact
577
00:24:02,570 --> 00:24:04,990
on the financial plan, well, fine, then, you
578
00:24:04,990 --> 00:24:06,210
know, that that's comforting.
579
00:24:06,590 --> 00:24:08,570
On the other hand, sometimes it really does
580
00:24:08,570 --> 00:24:11,370
have a significant impact that you're I've said
581
00:24:11,370 --> 00:24:13,230
this before, but sometimes you're better off to
582
00:24:13,230 --> 00:24:15,890
spend your own money sooner because you spend
583
00:24:15,890 --> 00:24:17,650
less of your money over a lifetime.
584
00:24:18,590 --> 00:24:20,850
You know, when you get that Social Security
585
00:24:20,850 --> 00:24:22,750
coming in later on on a larger figure.
586
00:24:22,950 --> 00:24:26,210
So these are things to consider in any
587
00:24:26,210 --> 00:24:28,250
case, whenever we talk about Social Security.
588
00:24:29,270 --> 00:24:32,370
It can get complicated, but I think, you
589
00:24:32,370 --> 00:24:35,330
know, what you said, Jeff, is don't assume.
590
00:24:36,910 --> 00:24:41,150
Make an effort to get that statement and
591
00:24:41,150 --> 00:24:44,490
maybe to your surprise, particularly those government employees,
592
00:24:45,270 --> 00:24:47,910
you may have a nice benefit coming your
593
00:24:47,910 --> 00:24:51,030
way or just a little bit of part
594
00:24:51,030 --> 00:24:54,430
time work before you start to dismiss that
595
00:24:54,430 --> 00:24:58,250
possibility and maybe as you semi-retire or
596
00:24:58,250 --> 00:25:03,210
something, you can generate a nice, healthy income
597
00:25:03,210 --> 00:25:06,890
stream from Social Security that you can claim
598
00:25:06,890 --> 00:25:09,670
now without having to worry about offsets and
599
00:25:09,670 --> 00:25:10,650
all the rest of it.
600
00:25:10,930 --> 00:25:14,270
Windfall elimination provision or any of that stuff
601
00:25:14,270 --> 00:25:14,950
all gone away.
602
00:25:15,450 --> 00:25:19,370
So definitely talk to your financial advisor.
603
00:25:19,810 --> 00:25:21,250
That's, I think, you know, the bottom line
604
00:25:21,250 --> 00:25:24,450
of these various topics of don't assume.
605
00:25:24,830 --> 00:25:27,190
Go through the process of a financial plan,
606
00:25:27,630 --> 00:25:31,630
review your details of beneficiaries and taxes and
607
00:25:31,630 --> 00:25:34,770
Social Security decisions and so on.
608
00:25:35,190 --> 00:25:36,930
Take some time to go through that with
609
00:25:36,930 --> 00:25:38,330
your financial advisor.
610
00:25:38,630 --> 00:25:40,450
And if you need help in that process,
611
00:25:40,970 --> 00:25:42,370
don't hesitate to reach out to us.
612
00:25:42,470 --> 00:25:43,090
We're here to help.
613
00:25:44,290 --> 00:25:46,450
With that in mind, you can connect with
614
00:25:46,450 --> 00:25:51,170
us by reaching out to our phone number
615
00:25:51,170 --> 00:25:52,530
is probably the easiest way.
616
00:25:53,270 --> 00:25:55,730
508-771-8900.
617
00:25:56,690 --> 00:25:59,330
Or you can connect with us by email
618
00:25:59,330 --> 00:26:01,870
and we'll give that information as we wrap
619
00:26:01,870 --> 00:26:02,570
up the show.
620
00:26:03,030 --> 00:26:04,990
And thank you for being with us.
621
00:26:05,170 --> 00:26:08,050
And until next time, keep striving for something
622
00:26:08,050 --> 00:26:08,330
more.
623
00:26:09,650 --> 00:26:11,830
Thank you for listening to Something More with
624
00:26:11,830 --> 00:26:12,530
Chris Boyd.
625
00:26:12,850 --> 00:26:15,010
Call us for help, whether it's for financial
626
00:26:15,010 --> 00:26:18,930
planning or portfolio management, insurance concerns, or those
627
00:26:18,930 --> 00:26:20,970
quality of life issues that make the money
628
00:26:20,970 --> 00:26:22,050
matters matter.
629
00:26:22,410 --> 00:26:25,690
Whatever's on your mind, visit us at somethingmorewithchrisboyd
630
00:26:25,690 --> 00:26:28,890
.com or call us toll free at 866
631
00:26:28,890 --> 00:26:32,530
-771-8901.
632
00:26:32,750 --> 00:26:36,430
Or send us your questions to amr-info
633
00:26:36,430 --> 00:26:38,370
at wealthenhancement.com.
634
00:26:38,550 --> 00:26:40,490
You're listening to Something More with Chris Boyd
635
00:26:40,490 --> 00:26:43,110
Financial Talk Show, Wealth Enhancement Advisory Services and
636
00:26:43,110 --> 00:26:43,230
J.
637
00:26:43,390 --> 00:26:45,670
Christopher Boyd provide investment advice on an individual
638
00:26:45,670 --> 00:26:46,810
basis to clients only.
639
00:26:46,990 --> 00:26:48,970
Proper advice depends on a complete analysis of
640
00:26:48,970 --> 00:26:50,150
all facts and circumstances.
641
00:26:50,450 --> 00:26:52,230
The information given on this program is general
642
00:26:52,230 --> 00:26:54,270
financial comments and cannot be relied upon as
643
00:26:54,270 --> 00:26:55,850
pertaining to your specific situation.
644
00:26:56,070 --> 00:26:58,030
Wealth Enhancement Group cannot guarantee that using the
645
00:26:58,030 --> 00:27:00,030
information from this show will generate profits or
646
00:27:00,030 --> 00:27:01,150
ensure freedom from loss.
647
00:27:01,350 --> 00:27:03,510
Listeners should consult their own financial advisors or
648
00:27:03,510 --> 00:27:05,610
conduct their own due diligence before making any
649
00:27:05,610 --> 00:27:06,390
financial decisions.
