Escapees January-February 2024

You can also apply for survivor bene fi tsas early as age 50 if you are disabled and the disability occurred within seven years of your spouse’s death. Survivor bene fi ts can be equal to 100% of the deceased spouse’s bene fi t if claimed at the survivor’s FRA, or a reduced amount if claimed as early as age 60. Surviving spouses can choose to delay claiming survivor bene fi ts to increase their monthly payout, just like with regular retire mentbene fi ts. Waiting until the survivor’s full retirement age will result in the maximum bene fi t. Unlike your own bene fi t, survivor bene fi ts do not continue to increase past full retirement age.

ANDY EVANS is a CERTIFIED FINANCIAL PLANNER™ professional. He holds a BBA degreein fi nance from Texas A&M University and is a graduate of The Southern Methodist University Graduate School of Banking. He has over 25 years of experience in banking and fi nancial services and holds Series 7, Series 24, Series 66 and Series 63 registrations. Andy is an experienced investment advisor representative who specializes in retirement plan designs with diversi fi ca tion to address all clients’ needs and establish lasting fi nancial relationships. claiming strategies to help you make an informed decision. Maximizing your social security bene fi ts, including spousal and survivor bene fi ts, can play a signi fi cant role in ensuring a secure and comfortable retirement. However, understanding the potential pitfalls and challenges is equally important to avoid fi nancial setbacks in your golden years. CHURCH STREET FINANCIAL SERVICES 2123 US HWY 190 W. Livingston, TX 77351 www.churchstreet fi nancial.com, 936-327-7789 FINANCIAL ADVISOR OFFERING SECURITIES AND ADVISORY SERVICES THROUGH CETERA ADVISORS LLC, MEMBER FINRA/SIPC, A BROKER/DEALER, AND A REGISTERED INVESTMENT ADVISER. CETERA IS SEPARATE FROM ANY OTHER NAMED ENTITY. completely separate, and one person’s bene fi ts generally do not interfere with any current or future spouses or additional divorces. Subject to Federal Income Tax Tax implications also play a major role in your claiming strategy. Social security bene fi ts may be subject to federal income tax, depending on your overall income. You may pay tax on up to 85 percent of your Social Security bene fi ts if you fi le a federal tax return as an individual and your modi fi ed adjusted gross income is more than $34,000, or if you fi le a joint tax return and your adjusted gross income is more than $44,000. To minimize the impact, consider strategically timing other sources of income, such as retirement account withdrawals. Claiming Social Security bene fi ts isa unique and personal decision based on many factors. Given the complexities of the rules surrounding social security, it is advisable you consult with someone experienced with social security planning or use specialized software to analyze different

“Claiming Social Security bene fi ts is a unique and personal decision based on many factors. Given the complex ities of the rules surrounding social security, it is advisable you consult with someone experienced…”

After a Divorce Additional planning opportunities are available after a divorce. If you are divorced but your marriage lasted 10 years or longer, you can receive social security bene fi ts on your ex-spouse’s record as long as you meet certain requirements. You need to be unmarried, age 62 or older, your ex-spouse must be entitled to social security retirement or disability bene fi ts, and the bene fi t you are entitled to receive on your own work is less than thebene fi t you would receive based on your ex-spouse’s work. If your ex-spouse has not turned on their bene fi ts, you must be divorced for two years before claiming. If you meet those requirements, you can receive full or unreduced bene fi ts when you reach your full retirement age. Collecting social security bene fi ts as an ex-spouse does not affect your ex-spouse’s bene fi ts or their new spouse’s bene fi ts. If you remarry after you turn 60 (age 50 if disabled), the remarriage will not affect your eligibility for survivor bene fi ts on your ex-spouse. The calculations are

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ESCAPEES Magazine January/February 2024