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red_moon_riseThe rules around claiming Social Security benefits are full of caveats and nuances. "Your ex is worth twice as much dead than alive," said Mary Beth Franklin, a certified financial planner and Social Security expert. The calculus assumes the first spouse to die had a larger Social Security retirement benefit than the survivor. Social Security rules for married, divorced spousesThe federal government determines Social Security benefits based on age and earnings history. Claiming benefits based on an ex-spouse's earnings record doesn't affect or reduce that former spouse's benefits, Colley said.
Persons: Mary Beth Franklin, Natalie Colley, Sandy, she'd, , Franklin, Colley Organizations: Social, Social Security, Women, Francis Financial, Social Security Administration, spouse's Social Security, spouse's, SSA Locations: West Palm Beach , Florida, New York
"It all comes down to longevity," Mary Beth Franklin, a certified financial planner and Social Security expert, said Thursday at Financial Advisor Magazine's annual Invest in Women conference in West Palm Beach, Florida. Beneficiaries get an 8% guaranteed increase in their Social Security checks for every year they defer beyond their full retirement age, up to 70 years old. Why Social Security is 'crucial' for womenGuaranteed income such as Social Security is "crucial" for women, Franklin said. "Full retirement age" is the age at which someone becomes eligible for their full Social Security benefit. Importantly, continuing to work after claiming benefits — if before full retirement age — may temporarily reduce your Social Security benefits due to an earnings cap.
Persons: Momo, Mary Beth Franklin, Franklin, Organizations: Getty, Social, Social Security, Women, Security, Social Security Administration, Centers for Disease Control Locations: BEACH, Fla, West Palm Beach , Florida
The change will result in an estimated Social Security retirement benefit increase of more than $50 per month, on average. The average monthly retirement benefit for workers will be $1,907, up from $1,848 this year, according to the Social Security Administration. "But remember, depending on your income, you may also be paying a lot more for Medicare," Franklin said. Medicare Part B premiums are based on incomeMedicare Part B covers physician services, outpatient hospital services, some home health care services, durable medical equipment and certain other services not covered by Medicare Part A. Medicare Part B premiums for 2024 have not yet been announced. This strategy may help reduce adjusted gross income and future Medicare premiums, Franklin said.
Persons: Mary Beth Franklin, Franklin, Roth Organizations: Social, Social Security Administration, Social Security, CNBC, Medicare Locations: Franklin
Retirement Changes Abound
  + stars: | 2023-10-12 | by ( Tyler Mathisen | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRetirement Changes AboundSocial Security may be undergoing some big changes—from a higher cost-of-living adjustment to an increase in payments for higher earners—that advisors should be aware of. Mary Beth Franklin, one of the country's leading experts on Social Security, explains the consequences of these potential changes and what future retirees and their advisors need to know.
Persons: Mary Beth Franklin Organizations: Social Security
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