With the Bipartisan Budget Act of 2015, lawmakers closed the loophole that allowed a worker to file for social security benefits and then suspend payments—while his or her partner collected the spousal benefit. How might these changes impact your social security benefits? How can you maximize the amount you receive from the government? And how are social security benefits calculated in the first place?

Gayle Lob is the President and CEO of Lob Planning Group. With 29 years of experience in financial planning, investment management and insurance, she is adept at helping people manage life transitions and plan for financial security and independence. Gayle is also an authority in the realm of social security benefits, and she has shared her expertise on CNBC, CNN and Fox 5 New York.

Today, Gayle joins Katherine to explain the new rules around social security that came with the passage of the Bipartisan Budget Act, specifically focusing on the elimination of the file-and-suspend strategy. She offers insight into why it’s beneficial to wait as long as possible before you start collecting and why you should consider inflation in the process of retirement planning. Listen in to understand the rules of collecting the spousal share on an ex and learn how social security benefits are calculated—and where to go to verify your earnings record!

Topics Covered

Why Gayle recommends waiting as long as possible to collect social security

• Start at 62, collect max of $2K/month

• 25% increase if wait until age 66

• Additional 8% increase every year to 70

• Potential to double income

The rules around collecting social security on an ex-spouse

How the rules changed with the passage of the Bipartisan Budget Act

Who is still eligible to employ the file-and-suspend strategy and who is not

Why you should take inflation into consideration in retirement planning

The generous rules around claiming early for widows and widowers

The lack of formalized rules in social security for same sex marriages

How social security benefits are calculated based on your highest 35 earning years

Why it’s important to make sure your earnings record is accurate

Connect with Gayle Lob

Lob Planning Group: http://www.lobplanning.com/

Call (914) 428-6440

Resources

Bipartisan Budget Act of 2015: https://www.ssa.gov/legislation/Bipartisan%20Budget%20Act%20Closes%20Social%20Security%20Loophole%20updated.pdf

‘Retiring After 65 May Help People Live Longer’ in the Wall Street Journal: https://www.wsj.com/articles/retiring-after-65-may-help-people-live-longer-1462202016

Social Security Website: https://www.ssa.gov/

Connect with Katherine Miller

The Center for Understanding Conflict: http://understandinginconflict.org/

Miller Law Group: https://westchesterfamilylaw.com/

Katherine on LinkedIn: linkedin.com/in/kemiller1

The New Yorker’s Guide to Collaborative Divorce by Katherine Miller: https://www.amazon.com/New-Yorkers-Guide-Collaborative-Divorce/dp/0692496246

Email: [email protected]

Call (914) 738-7765