We have partnered with several CPAs, and with our planning software, we can run different scenarios to test tax strategies that you can then take to your CPA to see if they would benefit your tax situation.
We also work with an estate planning attorney to help you map out the most successful legacy planning program that you can and then be here to answer questions.
Answering All Questions Related to Social Security
Let's begin with understanding what social security is. In the United States of America, "Social Security"
refers to the Old Age, Survivors, and Disability Insurance (OASDI) program, which is run by the Social Security Administration (SSA), a federal organization. Despite being most known for its retirement benefits, it also provides income for workers who are disabled and survivor benefits. According to the statistics, more than 70.2 million Americans were receiving social security benefits as of June 2022.
Social Security is known to be an insurance program. Most of the time, employees pay into the program through payroll deductions made at their employment. Self-employed individuals must contribute to Social Security when completing their federal tax returns. Employees may earn up to four credits yearly. One credit is given for every $1,510 earned up to a maximum of $6,040, or four credits, in 2022. This money is transferred to the Old-Age and Survivors Insurance Trust Fund (OASI) for retirees and the Disability Insurance Trust Fund (DI) for recipients with disabilities, both of which are used to make payments to those who are now qualified for them. The trust funds hold any funds that are not used.
Who Gets Social Security Payments?
Social Security offers payments to retirees, surviving family members, and disabled workers. At age 62, workers who have contributed to Social Security for at least ten years are qualified for early retirement benefits. Additionally, spouses are eligible to apply for benefits depending on their own or their spouse's earnings history. If any marriage has lasted for at least ten years, a divorced spouse who is not presently married might be eligible for benefits based on an ex-economic spouse's history. Children of retirees are likewise eligible for benefits up to the age of 18, or even longer if they are disabled or still in school.
People who cannot work due to a physical or mental impairment that is expected to last for around a year or become a cause of death may be eligible for Social Security disability benefits (SSDI). Lastly, depending on the worker's earnings history, the surviving spouse and children of the dead employee may be entitled to survivor benefits. For as long as they haven't remarried, this also applies to surviving spouses who are 60 years or older or older than 50 and disabled. These payments may also be available to a surviving spouse who is taking care of a disabled kid under the age of sixteen.
Benefits of Social Security
The social security program is the country's most effective program to date. It provides essential life insurance and disability insurance protection to citizens. Furthermore, the program has saved many people from going below the poverty line and living in miserable conditions. It just not only benefits the white but the people of color and the women population as well. The program is a foundation for retirement protection for all US citizens, which gives them the hope of a secure future even if things go wrong. Lastly, social security benefits are progressive, increasing simultaneously with inflation, which is nothing but good news!
So many people fail to make the seismic shift when retirement planning from accumulating assets to accessing their resources in retirement. Robert Stanlick concentrates on retirement planning
and investment strategies using a number of innovative approaches. He will help show you how to identify strong income attributes of an investment and build a specialized strategy just for your income needs versus investing totally in a lifestyle or target date portfolio.A financial service professional since 1990, Robert has the in-depth knowledge of financial issues that comes from nearly a quarter-century of experience. In addition to a bachelor’s degree from Colorado State University-Pueblo, he has completed programs from the College of Financial Planning and from the Life Underwriters Training Council.Robert is an accomplished public speaker. He has been presenting Social Security workshops for 7 years as well as many investing and retirement classes. He was a host of Money for Life show on KVOR for over 9 years and has been a guest for KRDO TV and radio, KKTV, KOA and KHOW.Robert’s experience and training enable him to assist clients with services ranging from retirement income and Social Security planning to tactical investment strategies and legacy planning.
Whether you are retired or approaching retirement soon, we have your back getting through it all. As your legal business advisors, we understand the risks and responsibilities our clients face with planning all the important aspects of their legacy. We help create the opportunity for confidence by diligently reviewing your family’s wants and needs every time we connect.
While often, our clients are seeking a partnership with investment management expertise and a more comprehensive planning approach for their overall wealth management needs, we take it an extra step. We partner with your professionals to make sure your wishes are met for your goals.
Our team has the desire to know you well and understand what’s most important to you so we can offer prudent advice to get you there. One thing we hang our hats on is creating a financial plan that’s easily digestible and actionable, allowing you to enjoy your retirement with confidence.
We analyze several key characteristics of corporate executives and business owners, all of which are integral to the financial-planning process. We find there are often eight key commonalities within this group:
Financial planning for these individuals must address all risks involved with these key components to protect the individual from being derailed from their goals.
Whether you are in the midst of a divorce, changing careers, or grieving the death of your spouse, sometimes a helping hand can guide you to gain clarity and confidence in your financial life. We will partner with you on an array of important financial decisions, so you can focus on the emotional changes and planning for this new chapter ahead.