ENHANCED SOCIAL SECURITY PLANNING
Enhanced Social Security Planning: Getting the Most Out of Your Social Security Benefits
This DVD, partly based on a peer-reviewed Social Security article I wrote for Trusts & Estates magazine, “runs the numbers” on different Social Security strategies for married couples.
• Spouses were born on 1/1/1952. Projections start 1/1/2014 (when they are 62);
• 6% rate of return / 3% rate of inflation / PA inheritance tax rate is 15%;
• Living expenses are $75,000 adjusted annually;
• In the SS at 62 scenario, the couple receives $28,422 at age 62.
• In the SS at 70 scenario, the wealthier partner receives maximum SS benefits of $41,226 at age 70 plus COLAs. The less wealthy spouse takes a spousal benefit at 66 of $15,616 plus COLAs;
• Account balances are $400,000 of after-tax assets & $700,000 in a Traditional IRA;
• Roth IRA conversions were completed in the following sequences: $50,000
annually in years 2014-2017; $35,000 annually in years 2018-2019.
The Key to a Financially Secure Retirement for Life: A Tale of Two Couples
There were two married couples with identical financial resources. Both couples had the same amount of money, identical investments, identical taxes, and identical earnings history for Social Security purposes.
The first couple didn’t engage in any proactive planning. The second couple followed the advice offered in this workshop. Making reasonable projections, the first couple (see graph) runs out of money in 28 years while the second couple has $1.4 million dollars and their portfolio continues to increase.
Why the life-changing difference? The first couple began taking Social Security at age 62, and they didn’t make any Roth IRA conversions.
The second couple used our preferred “apply and suspend” technique for Social Security and they also optimized their Roth IRA conversion strategy.
Social Security Maximization Techniques Combined with Optimal Roth IRA Conversion Strategies
The difference between using the best Social Security maximization strategies and taking Social Security too early can be measured in hundreds of thousands of dollars. Employing the optimal strategies not only increases both you and your spouse’s long-term Social Security income, it will also guarantee much stronger financial security, especially if the surviving spouse has the weaker earnings record. And keep in mind that on average, wives outlive their husbands by 7 years.
This DVD presents cutting-edge Social Security strategies in conjunction with our well-established Roth IRA conversion method.
• Fundamental peer-reviewed strategies to optimize Social Security benefits
• How to optimize Social Security benefits for the spouse with the weaker earnings record
• How to increase Social Security benefits for your spouse after your death
• The math behind a Roth IRA conversion and why it is good for older married taxpayers with children and grandchildren
• The advantages to you and your heirs of establishing your own one-person “Super K” 401(k) plan
• How to make Roth IRA conversions for free with your nondeductible IRAs and after-tax dollars inside your IRA or retirement
plan after the 2014 law changes
The Roth IRA advantage to you and your spouse on a $100,000 conversion could be $28,186; the advantage to your children could be $160,825; and to your grandchildren, $838,585. The benefits of combining the “apply and suspend” Social Security technique with a series of small Roth IRA conversions between ages 66 to 70 can be worth over $1,000,000 to you.
This DVD, partly based on a peer-reviewed Social Security article I wrote for Trusts & Estates magazine, “runs the numbers” on different Social Security strategies for married couples. Getting Roth IRA conversions and Social Security right can literally make a difference of hundreds of thousands of dollars.