Today we continue our new series, this one crucial to anyone approaching age 62 or older – Social Security. It is tremendously complicated, especially for couples when they both have worked. Making the right decisions could add or take away as much as $400,000 to your income stream from Social Security. The Maffe Financial Group has specialists who have closely studied the ins and outs of Social Security and have allowed me to video tape a sample presentation that they are offering free to groups. In this video Charles D. Yannich, a financial planner with Maffe introduces some of the issues. He may be contacted at yannich_charles@nlvmail.com.
Similar Posts:
- Social Security Secrets: Part 5
- Social Security Secrets: Part 2
- Social Security Secrets: Part Three
- New Series: Secrets Of Social Security
- Social Security Secrets: Part 7
- Social Security Secrets: Part Six; Seminars Scheduled For Tolland, Rockville
One thing most people don’t know is that collecting early doesn’t keep you from earning the full amount later. If you pay back Social Security what you received in early payout you get the full benefit as of the time you paid up to date. That way you can use government money tax free and still get full benefits.
When reading tips on how to maximize your Social Security payment, I began to wonder if there are any other readers out there that retired from federal service under CSRS. There has been bills in congress to correct this injustice but they always seem to busy to act on it. This is called the WEP and GPO provisions. I personally am losing as least $400 a month because of these provisions. This is at least about $50,000 since I retired at age 65. This all came about because I worked under social security for about 23 years and contributed to social security all this time. I than became employed for the federal government and contributed to their retirement system. In this situation they deduct about 50% of what you were entitled to under social security. These provisions became effective in1986, thus alot of the people affected by this have died and I dont think our congress cares about the rest of us still living. I might add that anyone employed by the federal government afer 1986 is not affected by this because they enacted a new retirement system which includes social security.