Get What's Yours Quotes

“one reviewer called the first version of this book “the new Over-50 Shades of Grey”). But”
― Laurence J. Kotlikoff, Get What's Yours: The Secrets to Maxing Out Your Social Security

“And all you have to do is stay alive and those Social Security payments will keep coming each and every month—payments guaranteed by the United States government and protected against inflation. That’s because every January, you get, by law, annual benefit raises that equal the prior year’s rate of inflation.1”
― Laurence J. Kotlikoff, Get What's Yours: The Secrets to Maxing Out Your Social Security

“Married? You Can Get Maximum Spousal and Retirement Benefits If your husband (wife) files for their retirement benefit (regardless of whether they suspend it), you can, after reaching FRA, file just for a full spousal benefit (half of your spouse’s full retirement benefit) and then wait until 70 to collect your largest possible retirement benefit.”
― Laurence J. Kotlikoff, Get What's Yours: The Secrets to Maxing Out Your Social Security

“Spousal”
― Laurence J. Kotlikoff, Get What's Yours: The Secrets to Maxing Out Your Social Security

“Federal taxes may be due on up to half of your Social Security benefits if what’s called your “combined income” is more than $25,000 a year ($32,000 for joint filers). If you make between $25,000 and $34,000 ($32,000 and $44,000 for joint returns), you may owe federal taxes on up to 85 percent of your benefits.”
― Laurence J. Kotlikoff, Get What's Yours: The Secrets to Maxing Out Your Social Security

“If you decide to defer your benefits, the odds are you will need to file for Medicare before you file for Social Security. Medicare, of course, often seems as complicated as Social Security. That’s a book for another day. For now, just make sure that you file for Medicare alone and do not accidentally file for your Social Security benefit, too. Take your time. Make sure you understand ahead of time anything you sign or are asked to sign.”
― Laurence J. Kotlikoff, Get What's Yours: The Secrets to Maxing Out Your Social Security

“If your spouse dies between 62 and FRA, the benefit will be based on their full retirement benefit. If they die later, the benefit will be based on whatever retirement benefit they were entitled to, including any Delayed Retirement Credits.”
― Laurence J. Kotlikoff, Get What's Yours: The Secrets to Maxing Out Your Social Security

“Apart from any reduction for taking a widow(er) benefits early, your widow(er) benefit will equal at least what your spouse was collecting as a retirement benefit.”
― Laurence J. Kotlikoff, Get What's Yours: The Secrets to Maxing Out Your Social Security

“You Can File and Suspend to Get Benefits for Your Spouse To enable your spouse to receive spousal benefits, you need to file for your retirement benefit. But you don’t need to take your retirement benefit if you file after reaching FRA. You can, instead, file and suspend—that is, file for your benefit, but suspend its collection. This way you can wait until 70 to begin taking your own retirement benefit, when it will be at its largest value thanks to the Delayed Retirement Credit.”
― Laurence J. Kotlikoff, Get What's Yours: The Secrets to Maxing Out Your Social Security

“If husband took his retirement benefit after FRA and widow takes the survivor’s benefit at or after her own FRA, she will, indeed, receive his actual retirement benefit—his full retirement benefit inclusive of his Delayed Retirement Credits. As it happens, this may be even more than the check he was receiving each month. Why? Because his monthly Medicare Part B premium may have been withheld from his monthly Social Security check and of course those premiums no longer need to be paid.”
― Laurence J. Kotlikoff, Get What's Yours: The Secrets to Maxing Out Your Social Security

“File and Suspend For one spouse to claim spousal benefits, the other spouse has to have filed for their own retirement benefits. Once they reach Full Retirement Age, they can file for retirement benefits and then suspend them at the same time. This action enables their spouse to file for spousal benefits while allowing the one who files and suspends to defer taking their own retirement benefits for up to 4 years until they turn 70. During the suspension period, they will earn Delayed Retirement Credits, raising their eventual monthly benefit in real terms by 8 percent a year. (Further file-and-suspend details were provided in Chapter 5.)”
― Laurence J. Kotlikoff, Get What's Yours: The Secrets to Maxing Out Your Social Security

“In most cases—but not all!—a spousal benefit is equal to half of the Primary Insurance Amount—the retirement benefit the other spouse would receive upon reaching their FRA.”
― Laurence J. Kotlikoff, Get What's Yours: The Secrets to Maxing Out Your Social Security

“If you are receiving Medicare and were receiving Social Security benefits when you suspended them, your Medicare payments can no longer be paid automatically and deducted from your Social Security payments. You will need to pay your Medicare premiums out of your own pocket. Don’t forget this, as failure to do so can mess up your benefit suspension.”
― Laurence J. Kotlikoff, Get What's Yours: The Secrets to Maxing Out Your Social Security

“TO: Social Security Administration FROM: John Doe (Social Security #123-45-6789; Birthdate xx-xx-xxxx) RE: Request to file and suspend retirement benefit I am writing to “file and suspend” my benefits effective as of Month Day, Year, when I will be AB years and CD months old. Please confirm your receipt and approval of this request via email or letter. Sincerely, John Doe”
― Laurence J. Kotlikoff, Get What's Yours: The Secrets to Maxing Out Your Social Security

“call Social Security (1-800-772-1213 [TTY 1-800-325-0778]), or visit a local Social Security office, and tell them you want to suspend benefits. The agency is supposed to provide you a notice that says: We have received your request to stop your benefits to earn special credits that will increase the benefits you will receive at age 70. We will reinstate your benefits at age 70, adding the special credits to your benefit amount.”
― Laurence J. Kotlikoff, Get What's Yours: The Secrets to Maxing Out Your Social Security

“The wife can file for a retirement benefit, but then immediately suspend its collection and restart the benefit at or before age 70, during which time she will earn Delayed Retirement Credits of 8 percent a year. But filing for her own retirement benefit permits her spouse to file a restricted application just for his spousal benefit.”
― Laurence J. Kotlikoff, Get What's Yours: The Secrets to Maxing Out Your Social Security

“The wife can file for a retirement benefit, but then immediately suspend its collection and restart the benefit at or before age 70, during which time she will earn Delayed Retirement Credits of 8 percent a year.”
― Laurence J. Kotlikoff, Get What's Yours: The Secrets to Maxing Out Your Social Security

“The limitation on patience applies here because deferred spousal benefits rise in value between age 62 and FRA but they do not rise beyond that point. So holding out any longer won’t hike your spousal benefits one red cent, save for the annual inflation adjustment. As for survivor benefits, which are available as early as age 60 (age 50 for widow[er]s of disabled workers), the reward for patience also ends at FRA.”
― Laurence J. Kotlikoff, Get What's Yours: The Secrets to Maxing Out Your Social Security

“(Reminder: your spouse has to have filed for her or his own retirement benefit for you to take a spousal benefit.”
― Laurence J. Kotlikoff, Get What's Yours: The Secrets to Maxing Out Your Social Security

“All three ex-wives can collect spousal and survivor benefits provided they were married at least 10 years”
― Laurence J. Kotlikoff, Get What's Yours: The Secrets to Maxing Out Your Social Security

“From 9 months on, either spouse can buy the farm and the other will be eligible for survivor benefits, as well as mother or father benefits if there are children, and the children themselves—whether premarital, newborn, adopted, or from previous relationships—will be eligible for child survivor benefits.”
― Laurence J. Kotlikoff, Get What's Yours: The Secrets to Maxing Out Your Social Security

“Widow/Widower Survivor Benefits—you have to be 60 or over (50 or over if you are disabled) to collect on a deceased ex to whom you were married for at least 10 years provided you didn’t remarry before 60 (50 if disabled).”
― Laurence J. Kotlikoff, Get What's Yours: The Secrets to Maxing Out Your Social Security