• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

(808) 772-3942 | Laurey@fphawaii.com | Let’s Zoom

  • Home
  • Process
  • About

  • FAQ
  • Pricing
  • Blog
  • eMoney
    Login

It pays to know the Social Security Claiming Rules

blog

Jan 02 2022

It pays to know the Social Security Claiming Rules

Social Security is a “honey hole” for financial planners. Knowing the claiming rules can be a wonderful way to provide tangible value over and above portfolio management. As part of my information gathering duties, I usually ask clients to provide copies of their social security earnings histories.

A 66 year-old client recently provided me with a copy of her social security statement. It showed that she should expect to receive a paltry $263 per month when she filed to claim retirement benefits later in the year. The low dollar figure was attributed to her limited work history. However, as part of the information gathering process, I learned that she had been married and divorced many years ago and that the marriage had lasted more than 10 years. I also learned that her ex-husband had died several years earlier. She had no idea that she is entitled to receive 100% of his benefits, which are more than $30,000 per year!

A different client shared that he had gone through an acrimonious divorce and that his ex-wife had recently passed away at age 66. The client, who is 67 had not yet claimed social security benefits because he still runs his landscaping business and did not wish to claim while his income was still high. He was completely unaware that, because he was born before 1954, he was eligible to file a restricted application to claim her benefits while deferring his own benefits to age 70 to earn delayed retirement credits. The additional $17,000 he will receive from his ex-wife’s social security was an unexpected windfall and helped to assuage some of the hard feelings he had over the divorce.

Now wouldn’t you like to hire me to find some honey for you to give to your clients too?

Contact Info: Laurey@fphawaii.com

The information contained herein is general in nature and should not be construed as providing specific tax or legal advice. All readers should consult with their tax and/or legal advisors for such guidance in advance of making investment or financial planning decisions with tax or legal implications.

Written by Laurey Shintani, FPQP® · Categorized: Social Security

Primary Sidebar

Recent Posts

  • How Many IRAs Do You Need?
  • Chrome Extension and $50 Promo Code for Password Guru
  • Rise of the Paraplanner
  • Old Stock Certificates Can Cause Major Headaches
  • Why Fee-Only Financial Planning?

Blog Topics

  • Estate Planning (3)
  • Financial Planning (3)
  • Insurance & Annuities (1)
  • IRAs and Qualified Retirement Plans (1)
  • Social Security (1)
  • Uncategorized (1)
  • Video (1)

Footer

Recent Posts

  • How Many IRAs Do You Need?
  • Chrome Extension and $50 Promo Code for Password Guru
  • Rise of the Paraplanner

Blog Topics

  • Estate Planning
  • Financial Planning
  • Insurance & Annuities
  • IRAs and Qualified Retirement Plans
  • Social Security
  • Uncategorized
  • Video

Contact

(808) 772-3942

Laurey@fphawaii.com

Send Me an Email

Let’s Zoom

  • Facebook
  • LinkedIn

Copyright © 2023 · Paraplanning Hawaii
Financial planners and investment advisers who hire Laurey should be aware that they bear 100% of the responsibility for vetting and implementing the findings and suggestions made as a result of the paraplanning services provided. Although some of the information gathered and findings/suggestions made may raise awareness of potential tax or legal issues or opportunities, nothing in the services provided constitutes specific tax or legal guidance, and the hiring financial planner/investment adviser is advised to consult with the appropriate tax or legal professionals before making specific recommendations to his/her/their clients.

Paraplanning Hawaii is a business division of Financial Planning Hawaii, a state of Hawaii Registered Investment Adviser (CRD#153930). Financial Planning Hawaii also provides separate fee-only planning services to consumers across the United States. Laurey Shintani is an employee of Financial Planning Hawaii. She and Financial Planning Hawaii Owner/Co-founder John H. Robinson also maintain separate broker-dealer and investment advisory relationships with J.W. Cole Financial, a FINRA member broker-dealer, and J.W. Cole Advisors, an SEC-Registered Investment Adviser. Financial Planning Hawaii and J.W.Cole Financial/Advisors are unaffiliated entities. Services provided under the paraplanning agreement with Laurey are entirely separate from the direct-to-consumer planning and wealth management guidance provided under Financial Planning Hawaii's fee-only planning business model and the unaffiliated registered representative and investment advisor representative relationships she maintains with J.W. Cole.