Issue #140

News and Events

Spotlight:

• Social Security and Your Spouse
• Staff Spotlight

Updates:

• Website Security Notice
• LPL Market Research

Important Dates:

• Office Closed for Labor Day - September 2nd

Hello Marion,

It's no secret that Social Security can be complex to understand. There are numerous rules that govern your monthly benefits, and individual situations can get even more complicated. Social Security plays a critical role in retirement planning, and if you're unfamiliar with the rules, you may be missing out. MassMutual recently conducted a survey on Social Security, and the results revealed that many participants did not know enough. Test your knowledge by answering true or false and see how you do! (correct answers appear below):

1. In most cases, if I take benefits before my full retirement age, they will be reduced for early filing. (True or False?)
2. If I am receiving benefits before my full retirement age and continue to work, my benefits might be reduced based on how much I make. (True or False?)
3. If I have a spouse, he or she can receive benefits from my record even if he or she has no individual earnings history. (True or False?)
4. If I have a spouse and he or she passes away, I will receive both my full benefit and my deceased spouse’s full benefit. (True or False?)
5. Generally, if I am in a same-sex marriage, there are different eligibility requirements when it comes to Social Security retirement benefits. (True or False?)
6. The money that comes out of my paycheck for Social Security goes into a specific account for me and remains there, earning interest, until I begin to receive Social Security benefits. (True or False?)
7. Under current law, Social Security benefits could be reduced by 20% or more for everyone by 2035. (True or False?)
8. If I file for retirement benefits and have dependent children aged 18 or younger, they also may qualify for Social Security benefits. (True or False?)
9. If I get divorced, I might be able to collect Social Security benefits based on my ex-spouse’s Social Security earnings history. (True or False?)
10. Under current Social Security law, full retirement age is 65 no matter when you were born. (True or False?)
11. If I delay taking Social Security benefits past the age of 70, I will continue to get delayed retirement credit increases each year I wait. (True or False?)
12. I must be a U.S. citizen to collect Social Security retirement benefits. (True or False?)

Here are the correct answers: 1. True; 2. True; 3. True. 4. False; 5. False; 6. False; 7. True; 8. True; 9. True; 10. False; 11. False; 12. False;

If you got 10 or more correct, congratulations! You have a good understanding of Social Security basics. If not, use this as an opportunity to expand your knowledge and explore the aspects that surprised you the most. Your decision to start Social Security is unique to you, so it's crucial to understand what may apply in your situation. One of the best ways to do this is by discussing your options with your financial planner. They can help fill in the gaps in your knowledge and give your individual circumstances the careful consideration they require. Don't let unfamiliarity with Social Security hinder you from making the best decisions for your retirement. 

Financial Steward Associates

Who To Contact

Marion Steward, CFP®

for comprehensive Financial Planning, support with financial strategies and investment advice

Heather Williams, CFP®

for comprehensive Financial Planning, support with financial strategies and investment advice

Sid Smith, CFP® - Financial Consultant

for Financial Planning requests and investment updates

Dana Duckman, CFP®

for Financial Planning requests and investment updates

Harmony Dunnick  - Senior Client Service Associate

for opening new accounts and facilitating account transfers, coordinating contributions and withdrawals, and scheduling Financial Reviews

Nikki Samolovitch - Client Service Associate

for opening new accounts and facilitating account transfers, coordinating contributions and withdrawals, and scheduling Financial Reviews

Alex Dunnick - Office Assistant

for answers on general information, special events and scheduling a meeting with an advisor 

Christina Boykin - Operations and Office Manager

for answers on general information and special events 

Not sure who to contact? Email us at our general mailbox and we will direct you!

financial.steward@lpl.com

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Financial Steward Associates, a registered investment advisor and separate entity from LPL Financial.

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