Social Security Maximization For 2022

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Thank you. This is the Truth Network welcome to finishing well brought to you by Cardinal guy, certified financial planner belongs at Shiloh best-selling author and financial planner helping families finish well for over 40 years of finishing well will examine both biblical and practical knowledge to assist families in finishing well, including discussions on managing Medicare IRA long-term care life insurance and investments and taxes. Now let's get started with finishing well, finishing well is a general discussion and education of the issues facing retirees guide.com are no advisors on trial CFP some insurance this show does not offer investment products or investment advice are welcome to finishing well certified financial planner Hans Shiloh and how fun it is to be back with my friend the day after my brief struggle with covert but it is great to be back. And so today show's Social Security maximization for 2022. How fun is that hundred been reading on Romans and it seemed that the John Maxwell commentary on it and he brought to my attention and sort of talk about that in a minute.

I just want to read the passage first. Romans 13 one through seven says let every soul be subject to the governing authorities, for there is no authority except from God, and authorities that exist are appointed by God. Therefore whoever resists authority resist the ordinance of God and those who resist will bring judgment on themselves. For rulers are not a terror to good works, but to evil.

Do you want to be unafraid of the authority to do what is good and you will have praise from the same for he is God's minister to you for good. But if you do evil, be afraid, for he does not bear the sword in vain. For he is God's minister and adventure to execute wrath on him who practices evil. Therefore, you must be subject not only to wrath but also for compensate for. Because of this you also pay taxes and for they are God's ministers attending continually to this very thing, render therefore all their due taxes to whom taxes are due customs to customs feared in fear and honor to whom honor.

And so that idea when we think about the Social Security and I know that you know for me personally before it met on the whole idea just bothered me and I can assure you my kids with limited got their first paycheck to realize how much money came out there just bothered by what's going on here, but as we get through this show. I think you'll see that what is been instituted is really for so much good because unfortunately the church hasn't stepped up and helped all the widows and orphans that desperately need money and every single day I I hate to think how many millions of people are being supported by this Social Security program that so many opposed, but it's just it's an amazing thing right Hans were rolling. My role is to help people understand and then help them make good about how they manage and how they plan for so that they can get the most benefit back out to pay their taxes for exactly what that really really is because as you talk about all the time. If this is like the baselevel hardliner of when you begin the financial plan we need to run these statements and we need to get going. We do with what I'm reading in Romans that it is a limited thing to me personally government, don't be afraid of pay your taxes and these leaders were appointed by God. You may not like or agree with everything they're doing and you know, nobody says they're perfect. This is the system that were all subject to is under God and so I just personally I need to lose all that stuff and just try to make this work not only for my own benefit everybody so it's always good hardly as you embrace it and you go okay with this is what I've got and I'm not in government to make these quick decisions, but it is the system and end the maximize it and look at the tax advantages and this is essentially the advantages for my family.

In the end really the security that gives me that that my wife's can be taken care of. Even through an income standpoint when I'm gone, so that we were talking about today is the new learning numbers or the 2021 earnings numbers got posted the people that are self-employed, self-employed, you probably have to wait till later in the year but if you're under a W-2 and your which is most of the you're still working 2020 21 earnings when and so I break down my statement every year and take a look at it and take a look at the changes of it right after this happened in your minor say to the same route and it gets pretty exciting.

After you begin to understand the ramifications of what happens is you come in these last years of putting incoming yeah and so you and I have a similar situation where our spouses earnings history that both of our mind more than yours is going to be filing for 50% of my full retirement when she gets there and then I would be delaying till 70 so that we get the maximum check that we can and then furthermore I'm currently earning a nice income and so even getting it before 70 only have to pay a bunch of taxes on the benefit I would get so perfect for a bunch of reasons that we talked to many times I'm delaying till the latest possible date and then my life, while based upon me and her full retirement age so the bottom line on the YouTube video on that. We got almost $6000 a month in the projections that will become and every month after 70 and for two reasons. I put on the video will probably get a lot more than that because number one we just had a 5.9% cost-of-living increase that everybody got the time Social Security and baked into the projection now, but I don't think it baked into the projections is the social security increase going to go on. I'm only 63 go on every year for the six years of the time we actually get there can be more than the Social Security and then the second reason is the homework six more years.

Lord willing, then I'm going up be doing that. I'm going to have more contributions so II anticipate that were to get financially more than the $6000 a month, but all it was the $6000 month. That's a pretty good chunk of change to look at getting every month for the rest your life. You know, especially live in your 80s and 90s. We also John was the first time I realized what was actually in that statement and I was so glad that you are my going to tell me go print the study and take a look at it and realize you know what's gonna happen for Tammy and I was in a similar situation which really surprised me that in my case when I looked at the two of them. You know it's like over $5500 if I wait for 70 but like your client said to you yesterday, which I think it's hilarious. I too am planning on dying in the saddle and retired 70 and negative fidelity going from a great attitude.

Now tell you're my hero.

Yeah, my retirement age done that so you know the thing of it is is is I had no idea what the benefit would be to wait till I'm 70 right because there's no sense in paying taxes on this other stuff, but it's also like creating an annuity for yourself to continue to hold off on on filing for it because it's in there like I like the word you use it. It bakes American keeps on growing.

And in this statement shows you exactly you know what it's gonna do yeah and then part of it is what I'm going to have the benefit of all the savings that I've done in retirement savings for my whole life and if I had not saved much and I had some on producing certain whatever if I just got to 70 and I am saved much and I had to live on that pay taxes on the $6000 a month are very very little because the way taxes are calculated on Social Security is not on the social security itself by the amount of the other income that you have had a formula driven mostly by income from come from other sources other than Social Security so the people that have only the Social Security Lease and obtain contact $6000 of income. I mean it's like what you have to earn to be like that it be more like 8000, $9000 right especially when you're paying security taxes and unemployment taxes and you're contributing to a 401(k), probably more like 10 grand you if you compare it to your weekly paycheck, so this thing all by itself is a pretty substantial amount of money relative to what you been making and then now the problem becomes if I start: a bunch of money to live. In addition to that out of my other retirement accounts or I wait till minimum distributions. Then I have to pull out an amount now you have to pay taxes on that money in my 70 drive taxes on my social security makes sense critical things really were. Talk about all the time. If you have an IRA or 401(k). The djembe taxes on. This is an opportunity for some really considered to be fun. Financial planning item in here.

We've got all these assets. I mean, let's look at how we can maximize on both our Social Security and Amber IRAs well.

So one way to solve that problem with the tax deferred money organically tags. Later when you get minimum if you can live up your social security with a lot of seniors that are getting to check you just fine.

You know married couple. You can give away your minimum distribution every year through QCD and go to the Lord and give it to the game and so there's a lot of ways to work all the stuff around, but it just the linchpin to Social Security. What talking so we gotta break, not that we want to remind you that the cells brought to by Cardinal guy.com wonderful video that was just on maximizing Social Security as their carnal advisors and YouTube their YouTube channel to select for cardinal advisors on YouTube or go to Cardinal guy.com for Hans book the complete cargo guide to planning for and living in retirement.

Always email Hans contact Tim Barrett Cardinal guy so we come back more on how to maximize your so scared will be right back. Hans and I would love to take our show on the road to your church, Sunday school, Christian or civic room. Here's a chance for you to advance the kingdom through financial resources by leveraging Hans expertise and qualified charitable contributions veterans aid and attendance, IRA, Social Security, Medicare, and long-term care.

Just go to Cardinal guy.com and contact Tom to schedule a live recording of finishing well, your church, Sunday school civic contact on Cardinal guy.that's Cardinal guide.com welcome back to finishing well certified financial planner Hans Schild today show maximizing Social Security for 2022.

We got a new statement Hans and it's important people go get that thing you do not have my security account. I would suggest you go open one day you go to say� Just sign up to get a userid purity code and I want to be careful.

Don't rush through this. You people that rush through it get quick answers good with doing the identity of their one-time security and run your credit only to get some personal information on you and give you like bank yet alone are some Carrion things they could do a lot of their and if you fail at quiz a couple of times there in a locked here so my only warning is don't do this in a hurry down and if you don't know question stop and think about or ask your spouse for try to think back because they like you have to call and I don't want to wish the enemy.

You can count. You need to go run your statement along about the beginning of February every year because that's when they've added last year's earn now if you're already collecting yourself purity you don't really need to do this but it still would help you to listen to the whole show because we know we have some stuff to just tell you from my experiences actually nonsense, encouraging to do it. Once you know you get through it, but I'm with you that the questions that they listen.

Security questions ask you are tricky when you think about the time invested in getting his questions right versus calling them and staying on hold working invested time to get the questions right.

I even think that that would be because I know that plug in here. Check. Check every month and get your spouse the check every month you're married to element of the household. You know that check coming in for you to live in biographies and generally that's an income after retirement plan for this to be your only income, but if it works out that we don't really tell you this. They must taxes all you got here even if I got purity in a little bit so the good thing we don't want to tax people that are living on what is a minimum income. So for the rest of when we have other income one for collecting Social Security.

Think about where that other income come from networking comes from your pension which we don't really have much control over we can do the math to pensions, pension, most people have much anymore. Most people have an IRA or 401(k). Many people with big balances and that's a big tax problem or that problem to have, but a lot of people postpone taking any money out of it.

We get older and then they really get minimum distributions, tied it back to Social Security the way you pay taxes on your social security from a formula that is mostly driven by your income other than so. So in other words, if you pull out $20,000 a year out of your IRA to live you you like it added a hacker, Social Security, and they come out of the corner. That makes some yourself purity � you pull out $70,000 a year to live on your IRA or you're getting it from pensions or something near and pay tax on most here so so what we want to do if we got somebody in your 50s or 60s as we want to start converting a lot of that pretax money that you're going to be living off of supplementary thought. My start converting that to a Roth or some other tax-free source like a cash value of life and turn off another show, another day, but plenty of planning strategies around security and I want to get them out there and I do YouTube is on the first several YouTube programs that I have up on the YouTube channel that go over all that stuff and even specifically what we talk about.

I also feel icons I should mention Mike, I just had a friend yesterday at a meeting I was at that was turning 62 and I looked at him and I said you're not fixing the file for your Social Security are a guess I was thinking about I said do plan your work and I went out and I spent just a little time with him and he quickly saw the light because so many people just think like humans. I know I need to get while the getting is good. But oh what a difference it makes. If you hang on, at least till full retirement age, because he yell at 62.

You know what happens you lock in this lower amount plus you're paying taxes on that. All that stuff right more than 19,000 a year from her job back. Do not file purity early, you're still working without calling to really bring into the greatest end of the story that I have about clients been dealing with for a couple years but the story pacifically you this way retired a bit before he turned 65.

She's like 65 1/2. He hit me before he turned full retirement age 66 1/2 65 and like, and so she just retired the end of last year. This is her first year retirement and she's got some 401(k) money and so we decided to live off of that because she's going to go get a part-time job is to keep the part-time job making less than 19,000 a year and she can keep it in the retirement so we just decided not to file purity early because it would just gonna live off of this year. Deductions from her was her 401(k) now got an IRA rollover to an IRA under our management Center checker so I found out during this whole process that her ex-husband died knowing his soul.

She is now eligible as a widow, even though she wasn't married to. When he died because she had been married to him and she had not remarried. She's eligible for his benefit. So the people at social security told her that she can't file for about Yan's benefit would be 1900 a month and her benefit would be 1600 a month, but she could really be better off waiting just like I told her till full retirement age and then filing for either his benefit or her benefit to getting benefit out of the fact of her ex-husband.

L by Tom and Tom helping her with a IRA rollover the 401(k) rollover and I and Tom she can file for social purity against her deceased husband get his full benefit now at 65 1/2 and she can collect that and then she can not take her benefit, and that her benefit is going to continue rollup.

So then we would call her back yesterday or the day before and we just said timeout.

We got another strategy, and she then she started telling her she started this agreement. People talk. Tell me about above above a lot than Tom got out the code from the social purity gets up and read it to work coming over to help her do this online and the point of the whole story is that she is a widow benefit that other people that married people are still living are eligible for and then that's going to allow us to not take the distributions out of the IRA for this whole year, which is currently more Mike is not a wealthy lady, she is very concerned going back to work part-time so that she doesn't have to draw down her retirement account, because she thinks she can get very old and she's gonna need that my so, happy story.

Where were able to knowing the rules tonight point turn away and were projecting her security check on her own record to grow to 2400 bucks a month.

By the time she 70 frosting on the cake initial description over.

That's the part that surprised me how cool is that. So now she can continue to get the little benefit, but the other just keeps growing wild in a certain way people go to start arguing with people, social purity, told me how I might. This is a special situation there for widows and there's a benefit widower where that other person had an attorney and then the deceased and the ladies in her 60s and Tom had another client exactly like this and that's why so adamant about it.

It's really me.

It's just that this is one of the people that came into me and just about all I was listening to yourself but I just picked up on it in you know when people commit. I can tell you why God disconnected just like he connected me with Truth Network and you and now just I don't know why Tom, thought of this. Out of nowhere when we all resolved or settled back working to get any benefit out of that but you know this is God at work here is lining things up and it works the other way to God. Had you from consuming all my goodness and my dad was going through all that stuff two years ago and have Pontius Pilate friend.

I mean, what an opportunity it is been really to the one your clients. I mean it's it's really really really helpful and actually in my opinion, really fun.

Well, yeah, and most advisors like don't know the details about. They know the high level they know the basics that we can go over and that are in my book and am on my channel but we know the stuff the know the deep down in the roots exception got stuck. We did learn that in a book somewhere. We learned that by practicing me just help enough people with their overall financial planning and the strategies of people come to us with problems plague is a real problem with income and living in retirement, and having to retire early because of her health and a lot of things in this is God solve the problem. Some call it really gets to that first basics that I believe you mentioned you know if you have not gone and set up your account do that today and get gone and I'll take a look at what what's gonna be happening for you. Tell your friend Robbie to call me guided 62 Lago make it clear that I will do that so we thank you so much for listed today. The finishing well.

As always want to remind you that you can go to Cardinal guy.com and get Hans's book the complete cardinal guide to planning for living in retirement has all the subjects and is a great background information is your making these kind of decisions as well as their YouTube channel.

Cardinal advisors where he'll have an episode on maximizing your Social Security) is really cool is got these charts shows all the numbers on it and is definitely worth watching. I once again, I'm so thankful for you Hans and as a chance to be back today. Thank you. Finishing well is a general discussion and education of the issues facing retirees Cardinal guy.com Cardinal advisors upon trial CFP some insurance this show does not offer investment products or investment advice.

We hope you enjoyed finishing well brought you by Cardinal guy.com visit Cardinal guy.com for free downloads of the show previous shows on topics such as Social Security, Medicare, IRAs, long-term care, life insurance, investments and taxes as well as constant best-selling book, the complete cardinal guide to planning for and living in retirement and the workbook once again for dozens of free resources past shows to get Hans book go to Cardinal guy.com if you have a question, comment or suggestion for future shows.

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