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Steve Coker, CFP
- Feb 21, 2020
- 3 min
Social Security Survivors Benefit
When the unthinkable happens and one spouse dies, Social Security provides a benefit, commonly referred to as the widow’s benefit, to the survivor. Why is the survivor benefit referred to as ‘widow’s’ benefit? Simply put, approximately 80% of the individuals receiving survivor benefits are women. Decisions about how long to work and when to claim Social Security Survivor benefits can have a significant impact on the life of the survivor. If you find yourself in this situa
Steve Coker, CFP
- Sep 30, 2019
- 3 min
Social Security: Why you should wait
Filing for Social Security too early is one of the biggest mistakes that retirees make. While it is tempting to file early to receive a little extra cash a little sooner, taking an early benefit will result in a reduced benefit for the rest of your life. For most retirees it is better to let the portfolio bridge the gap, allowing Social Security to grow. While the final decision should be made within the context of your financial plan and your specific health situation, th
Steve Coker, CFP
- Jul 22, 2019
- 1 min
Time to check your Social Security
If you are wondering why you haven’t received a Social Security statement in a while, it is because Social Security no longer sends statements through the mail. Social Security now makes statements available online through a My Social Security Account on the Social Security Website. Before signing up and entering your personal information make certain that you are on the official Social Security website. Your web browser should indicate you are on a secure site by showing
Steve Coker, CFP
- Jul 16, 2018
- 3 min
Social Security: Why You Should Wait
Filing for social security too early is one of the biggest mistakes that retirees make. While applying for benefits early is tempting due to the prospect of receiving a little extra cash sooner, taking social security early also results in reduced benefits for the rest of your life. Should you wait? It depends, and the final decision should be made within the context of a financial plan that considers your specific situation. Developing a social security strategy that maximiz
Steve Coker, CFP
- May 30, 2016
- 2 min
Social Security Restricted Application Still Work
We have written in the past about the elimination of the popular “File & Suspend” Social Security filing strategy and we are now officially beyond the April 29, 2016 deadline for applications to be submitted for that strategy. If you didn’t meet the age requirements to file before the deadline, don’t despair, you may still be able to use your spousal benefit to get a little more out of the Social Security by filing a Restricted Application. The Restricted Application strate
Steve Coker, CFP
- Nov 9, 2015
- 2 min
Social Security File and Suspend - Suspended
On November 2nd, when Obama signed the Bipartisan Budget Act of 2015 he also killed a popular Social Security filing strategy frequently called ‘File and Suspend/Restricted Application’. The strategy, which we’ve written about in the past, allowed a married couple to claim some of their benefit early and claim more later through a strategic use of the spousal benefit and the file and suspend and restricted application provisions. Congress has decided to close the perceived ‘l
Steve Coker, CFP
- Mar 19, 2015
- 3 min
Social Security: Why Wait?
For many, the question of when to begin taking social security retirement benefits can be daunting. On the one hand, applying for benefits early is tempting due to the prospect of receiving a little extra cash sooner. On the other hand, taking social security early means that you are penalized and receive a lesser amount, which causes many people to ask the question: should I wait until full retirement age or even later? As with many financial questions, the answer is that it
