How to Take Advantage of Upcoming Social Security Changes - 9

Original publish date March 12, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. In episode 9 of YMYW podcast, Joe and Big Al talk Social Security! Big changes are coming up fast, listen to find out what you need to do right now to take advantage before it's too late.

02:03 “Sanders would take tax capital gains rates at ordinary income and eliminate opportunities under current law for avoiding the tax through gifts and requests for appreciated property”

08:01 “We did a Social Security Webinar; if you want to check that out, go to our website”

11:44 “In just a matter of weeks, those little known [Social Security] claiming strategies are coming to a screeching halt. The government is changing the rules on how you can claim your benefits, and the deadline is just around the corner. For those who are eligible, you have a very short window to take action”

17:09 “April 28th [2016] is the deadline for you to file for your benefit and suspend them”

24:16 “If you’re married, it’s a really good idea for the spouse who has the highest benefit to wait as long as they can, hopefully to age 70. Why is that? First of all, while you’re both living, you’ll enjoy that higher benefit, and when one of you passes (let’s say the higher wage earner passes), then the spouse will get the survivor benefit which is equal to the same as the spouse that passed away”

27:52 “If you do the appropriate planning, if you understand how this works, you could save significant dollars on your taxes”

34:03 “What is not included in provisional income is your Roth IRA distributions”

35:49 “Taxes don’t stop when your paycheck does…as you near retirement, tax planning becomes more important than ever”