Summary:
Certain Social Security program rules include obscure details that can catch retirees by surprise and cost them retirement income or, sometimes, help them receive more than they expected. These rules involve overpayments, the Earnings Test, pensions, withdrawing an application, voluntary suspension, lump sum payments, and the widow’s limit. Even basic details about dependent benefits are frequently misunderstood. In this presentation we will review the basics about Social Security rules and benefits, discuss these more obscure topics, and show case examples to illustrate these situations and the amount of benefit income that can be at stake. Attend this session to gain valuable insights and learn the critical information needed to avoid mistakes and future problems as you navigate the Social Security claiming decision with confidence.
Key Takeaways:
1. Understand the causes of overpayments, how to avoid them, and the critical actions to take if the SSA sends you an overpayment notice,
2. Learn when and how the withdrawal of an application or voluntary suspension of benefits can be beneficial to your Social Security claiming strategy, and
3. Using a case example, understand the amount of Social Security benefits that will be withheld due to the earnings test and how that affects future income for the retiree.
Speaker Bio:
Martha Shedden, RSSA, CRPC, is President and Co-founder of the National Association of Registered Social Security Analysts, NARSSA, and is a Chartered Retirement Planning Counselor (CRPC). In 2017 she co-founded NARSSA with Michael Rosedale, CPA, to provide an e-learning platform and software for retirement professionals to become educated and trained to help their clients make their most optimal claiming decisions. See Martha’s popular Podcast, covering all types of retirement planning topics, Social Security, Answers from the Experts. Her book Avoiding Social InSecurity, The Retirement You Desire, The Social Security You’ve Earned, is based on top podcast interviews. She is also the author of numerous Social Security white papers, seminar presentations and financial publication articles.