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Social Security Widow Benefit Strategies - YouTube
Channel: Gordon Marketing
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hi i'm sylvia gordon rebecca is not here
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today because she doesn't understand
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social security if you're like her
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like most agents and you don't have a
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good grasp of the fundamentals the
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basics
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of social security stay tuned i'm gonna
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spend five or ten minutes
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telling you just one important thing
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that you can grasp that will
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impact your career and be a great
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resource for your
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clients
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[Music]
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those of you that have heard of social
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security optimization that was a great
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way to fill
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seminars and get clients in the door for
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your annuity and financial planning and
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medicare leads
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but that all went away after they
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changed the law in 2015 so in 2016 they
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cut out a great avenue for us to use
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social security but social security is
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still a great way to fill seminars
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and a great way for you to get life
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annuity medicare
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leads but you got to learn it so stay
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with me on my series where i'm teaching
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you about
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social security you don't have to know a
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lot to be in the top 1
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of medicare agents because most people
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don't know anything so there's not a lot
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of strategies anymore
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to optimize it they kind of got rid of
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that term optimization but there is
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one strategy that you should be aware of
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that can greatly benefit your people and
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i was doing a training on this for an
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agency this morning
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right away the agent called me back
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later and she goes hey this impacts
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my husband well they're not really
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married but they've been together
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for a long time because his first wife
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died and so she wanted to know about
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survivor benefits widow widower benefits
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and what his best course of action would
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be because i touched on it and that's
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what i want to teach you guys right now
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if you are married at least 10 years you
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qualify
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for benefits from your spouse or if
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you're divorced
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from your ex-spouse or if you
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if your ex-spouse then later dies you
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could get
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widow benefits so let's say
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i am married and my husband dies
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do i automatically get his social
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security
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okay we have to be legally married at
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least
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nine months i had a lady last week they
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were married like
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eight months and he died and she wants
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to know what she can do there's nothing
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you can do
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those survivor benefits those widow
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benefits are closed off to her she can't
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it's unfortunate okay if you're married
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at least nine months and he dies
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you can get his social security okay now
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let's assume
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he's already eligible for social
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security and he was already
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drawing social security i can get what
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he was getting
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as long as i'm at least 60.
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okay you know it's just like medicare
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you got to memorize these weird ages i'm
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a 60 year old widow
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i was married to him nine months i can
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get his full amount
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now at 62 i become eligible to draw
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social security on my own work history
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so people want to know well what should
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i do should i take
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mine or should i take his
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and the fact that i'm now single because
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he's dead
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i could draw off my ex-husband and he
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was a multi-millionaire
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as long as i was married to him 10 years
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and we've been divorced at least two
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years
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i have some choices here that i can
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choose whichever amount is going to be
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higher
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so let's just forget about my rich
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ex-husband let's just talk about
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my husband that died i'm a widow and
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let's
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remember there's no crime insurance so
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i have to be at least 60. i don't want
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to draw my benefits
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at 62 because i want my benefits to
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continue to grow
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so there's this thing called deeming if
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anybody's online it's actually got a
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certificate from the nssa the national
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social security administration
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can you can get a certificate and get a
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take a course
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if you all don't come from me in the
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comments because i'm simplifying this
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and i'm not talking about deeming and
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all that other stuff
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um just suffice it to say
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that you can choose to take your widow
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benefits or to take your own benefits
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well i wouldn't want to take my benefits
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at 62.
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one taken at 62 is about a 30 reduction
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so i'm going to take a lot less than if
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i waited till my full retirement age
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so generally that's a
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a bad financial decision as it is you
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don't take it 62 for every year you let
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it grow
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it grows about eight percent up to your
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full retirement age
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which for anybody born after 1960 would
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be age 67.
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so for me at 67 that's my full that's my
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main amount
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my big amount now that pot can continue
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to grow
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if i don't take it at 67 and i let it
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continue to grow till
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70. and that's where the strategy come
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here
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and that is i'm i'm a widow so i'm gonna
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at 60 i'm going to claim my
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widow benefits i'm not going to touch my
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benefits i'm going to let them continue
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to grow
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until age 70 and then at age 70 if that
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amount
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is higher than his amount i switch so
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security let me switch
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and i start drawing off my own work
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history for the rest of my life
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now the math doesn't always work out on
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that and anything that we're going to
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talk about in social security you got to
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do the math
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and ideally i'd say call social security
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and i'll help you but since it's a
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pandemic and they're working from home
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service is at all time low and hard to
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get a hold of
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so if you do have questions specifically
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about this topic go ahead and ask me in
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the comments or email us or call us call
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the marketers
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and this is something that when you're
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talking to your clients
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something to talk to them about because
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in general you're the only person that's
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coming out to their home
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the only professional that's going to
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have any knowledge about social security
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even though you guys have a very small
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amount
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they need help most people are doing
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this wrong
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i'll leave you with one last tip is that
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if people did screw this up and she did
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start taking social security at 62. she
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took her whatever if it's a 60 because
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she could and then at 62 she switched to
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hers
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she can suspend her she can stop she can
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she can do a good
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i do i do over i i'm sorry
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she can stop it
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so as long as she hasn't taken for more
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than 12 months she can
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file the paperwork or social security to
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stop it then hers could continue to grow
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she has to pay that money back she's got
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to pay all of it back
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and sometimes that's prohibitive because
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the money's gone
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so i hope you guys found this valuable
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let me know in the comments
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if this is the kind of content you want
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to hear on the wednesday wrap up if you
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want us to go back to the right
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or normal format where we give you just
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a little bit of what's happened all week
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otherwise i'm going to continue to do
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quite a few more on social security just
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a little bit at a time
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that i guarantee will help make you a
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better medicare
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professional thanks for tuning in if you
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haven't subscribed please consider
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hitting the subscribe button
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we're getting really close to 6 000
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subscribers and we really need your help
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[Music]
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you
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