WEBVTT 1 00:00:00.720 --> 00:00:03.000 And our phone lines they are open for you right now. 2 00:00:03.040 --> 00:00:06.120 If you've got a question for our retirement planning professionals 3 00:00:06.160 --> 00:00:08.480 from Class Financial, all I gotta do is dial in 4 00:00:08.560 --> 00:00:11.400 six oh eight three two one thirteen ten. That's six 5 00:00:11.519 --> 00:00:14.359 oh eight three two one thirteen ten. Love to have 6 00:00:14.400 --> 00:00:17.879 you join us this morning, and we are joined by h. CJ. 7 00:00:18.039 --> 00:00:21.199 Closs and Eric Schwartz, retirement planning professionals from COSS Financial. 8 00:00:21.239 --> 00:00:22.839 You can learn more about them and the whole team 9 00:00:22.879 --> 00:00:26.039 at Costs Financial on the website class financial dot com 10 00:00:26.039 --> 00:00:29.600 that's Coss k l Aasfinancial dot com and their telephone 11 00:00:29.679 --> 00:00:32.679 number six oh eight four four two five six three seven. 12 00:00:32.920 --> 00:00:34.719 No charge for that initial gets to know your appointment 13 00:00:34.719 --> 00:00:38.240 tech Loss Financial. It will be complimentary to you. CJ. 14 00:00:38.359 --> 00:00:39.560 How you doing this morning. 15 00:00:40.359 --> 00:00:42.759 I'm doing great, Just brave the snow on the way in. 16 00:00:42.799 --> 00:00:43.679 I'm feeling good about it. 17 00:00:44.399 --> 00:00:48.479 Yes, it can get dicey out there for sure, for sure. Eric, 18 00:00:48.600 --> 00:00:50.200 how is your drive in this morning? 19 00:00:51.600 --> 00:00:53.359 You know it was it was pretty slow, Sean, but 20 00:00:53.399 --> 00:00:54.159 I made it. 21 00:00:54.280 --> 00:00:57.280 That's good. It's good to hear, and it's smart to 22 00:00:57.359 --> 00:01:00.039 keep it slow on days like today, for sure. And 23 00:01:00.359 --> 00:01:04.040 we've got a conversation ahead involving social security, talking about 24 00:01:04.519 --> 00:01:08.040 social security benefits and of course the effect that has 25 00:01:08.159 --> 00:01:10.480 on others around you, and we'll get to that in 26 00:01:10.599 --> 00:01:12.560 just a moment. One of the really cool features of 27 00:01:12.640 --> 00:01:16.040 Money in Motion with Coss Financial is the Class Quiz 28 00:01:16.120 --> 00:01:17.840 Question Week. This week you will have a chance to 29 00:01:17.879 --> 00:01:21.120 win a twenty five dollars gift card two pet smart 30 00:01:21.359 --> 00:01:23.719 from our friends at Coloss Financial. Little tip if you 31 00:01:23.799 --> 00:01:26.159 listen close to the program. Just about every show, the 32 00:01:26.239 --> 00:01:28.920 question and answer to the Class Quiz Question week come 33 00:01:29.000 --> 00:01:32.120 up during the program, so it really benefits you to 34 00:01:32.159 --> 00:01:34.319 pay close attention to the show. We'll do that a 35 00:01:34.359 --> 00:01:36.159 little bit later on the program. We'll talk a little 36 00:01:36.159 --> 00:01:38.840 bit more about how you can win that. And before 37 00:01:38.879 --> 00:01:41.799 we get rolling on this week's conversation around social security, 38 00:01:41.959 --> 00:01:45.000 let's actually take a look back at last week's program 39 00:01:45.159 --> 00:01:47.079 and get the question and answer there as well. 40 00:01:47.200 --> 00:01:51.920 Eric, absolutely so, as always, thank you everyone for listening, 41 00:01:52.079 --> 00:01:55.439 and congratulations to our winner from last week was Jody 42 00:01:55.519 --> 00:01:58.319 from Fitchburg, and the question was it was a true 43 00:01:58.359 --> 00:02:03.000 or false question. Conversion means you are paying taxes on 44 00:02:03.040 --> 00:02:05.519 the converted amount now, and when we say now, we 45 00:02:05.560 --> 00:02:08.560 mean in the year of the conversion to enjoy tax 46 00:02:08.560 --> 00:02:12.120 free withdrawals later, and the correct answer to that was true. 47 00:02:13.080 --> 00:02:16.439 Fantastic, congratulations to Jody. You two can be like Jody 48 00:02:16.479 --> 00:02:18.000 all You got to just pay attention to the program 49 00:02:18.039 --> 00:02:19.360 and then we'll tell you how you can win a 50 00:02:19.400 --> 00:02:21.479 little bit later on in the show. So as mentioned 51 00:02:21.800 --> 00:02:25.560 to be talking about social Security benefits, but specifically benefits 52 00:02:25.560 --> 00:02:29.439 and how they impact spouses or former spouses CJ. What 53 00:02:29.520 --> 00:02:30.400 do we need to go there? 54 00:02:31.639 --> 00:02:32.560 Yeah, that's correct. 55 00:02:32.960 --> 00:02:35.960 Our focus for today will be on current or former 56 00:02:36.080 --> 00:02:41.120 spouses of US citizens who are historically or are currently 57 00:02:41.240 --> 00:02:45.599 eligible for Social Security benefits. However, before we get too 58 00:02:45.599 --> 00:02:48.039 deep into that kind of narrow discussion, I want to 59 00:02:48.080 --> 00:02:51.159 begin by outlining the various types of Social Security benefits 60 00:02:51.240 --> 00:02:55.439 someone could be eligible to receive throughout their lifetime. We 61 00:02:55.479 --> 00:02:57.400 actually did this about a month or two ago, where 62 00:02:57.400 --> 00:03:00.319 we just reminded everybody, hey, there's actually when when you 63 00:03:00.319 --> 00:03:03.800 say social Security, there's actually here in the United States 64 00:03:03.879 --> 00:03:06.000 a lot more to that in terms of types of 65 00:03:06.000 --> 00:03:08.400 benefits than I think a lot of people realize. The 66 00:03:08.439 --> 00:03:10.240 most common one that we all think of is just 67 00:03:10.439 --> 00:03:11.520 retirement benefits. 68 00:03:11.560 --> 00:03:14.159 I work, I'm a US citizen with soci Security number. 69 00:03:14.199 --> 00:03:17.240 I work, I pay Soci Security taxes through myself and 70 00:03:17.280 --> 00:03:19.360 my employer, and then over time, when I get to retirement, 71 00:03:19.400 --> 00:03:22.719 I get an income that is your retirement benefit. However, 72 00:03:22.800 --> 00:03:25.719 there are various types of Social Scurity benefits, and they 73 00:03:25.719 --> 00:03:31.520 include one of the five categories. Category number one retirement benefits, 74 00:03:31.520 --> 00:03:36.159 which I just mentioned, Category number two disability insurance benefits, 75 00:03:36.520 --> 00:03:41.560 Category number three survivor benefits, Category number four Family benefits, 76 00:03:41.919 --> 00:03:47.680 and Category number five Supplemental Security income benefits. Now, according 77 00:03:47.680 --> 00:03:51.639 to the Sociecurity Administration, here are quick definitions of each 78 00:03:51.879 --> 00:03:54.639 type of benefit someone could be eligible to receive. So 79 00:03:54.719 --> 00:03:58.360 of those five, let's just go through quick definitions, beginning 80 00:03:58.439 --> 00:04:00.479 with Socialecurity retirement benefits, the most. 81 00:04:00.400 --> 00:04:01.800 Common of them all. 82 00:04:01.919 --> 00:04:04.960 This is a monthly check that replaces part of your 83 00:04:05.000 --> 00:04:08.960 income when you reduce your hours or stop working altogether. 84 00:04:09.719 --> 00:04:12.280 It may not replace all your income, so it's best 85 00:04:12.319 --> 00:04:16.120 to identify other ways to pay for your monthly expenses 86 00:04:16.199 --> 00:04:17.759 as you age. 87 00:04:17.800 --> 00:04:18.319 Everybody. 88 00:04:18.360 --> 00:04:23.759 That is a definition from Social Security's website. Benefit item 89 00:04:23.879 --> 00:04:27.560 number two. The soci Security Disability Insurance Benefit, also known 90 00:04:27.600 --> 00:04:31.839 as SSDI, provides monthly payments to people who have a 91 00:04:32.120 --> 00:04:37.920 disability that stops or limits their ability to work. So 92 00:04:37.920 --> 00:04:41.040 social Security disability is for people who have a disability 93 00:04:41.040 --> 00:04:44.560 that stops or limits their ability to work. Number three, 94 00:04:44.639 --> 00:04:49.399 the Social Security Survivor Benefit provides monthly payments to eligible 95 00:04:49.439 --> 00:04:53.120 family members of people who worked and paid Social Security 96 00:04:53.160 --> 00:04:57.279 taxes before they died. So right in the definition there, 97 00:04:57.360 --> 00:05:01.480 survivor benefits is for family members of somebody who has died. 98 00:05:02.839 --> 00:05:06.319 A category Number four, the soci Security Family Benefit provides 99 00:05:06.399 --> 00:05:10.560 monthly payments to certain family members of people who are 100 00:05:10.720 --> 00:05:16.240 eligible for retirement or disability. Often people confuse the family 101 00:05:16.279 --> 00:05:21.160 benefit with the survivor benefit. Survivor is for certain family 102 00:05:21.199 --> 00:05:25.639 members of people who have died. Family benefits are for 103 00:05:25.720 --> 00:05:29.319 certain family members of somebody who is living and is 104 00:05:29.360 --> 00:05:34.879 eligible for retirement or disability. And finally, the last court category, 105 00:05:35.560 --> 00:05:40.600 Social Security Supplemental Security Income Benefit also known as SSI 106 00:05:40.759 --> 00:05:44.680 for short, provides monthly payments to people with disabilities and 107 00:05:44.879 --> 00:05:49.680 older adults who have little or no income or resources. 108 00:05:50.160 --> 00:05:54.040 So against think you know super low income disability, older 109 00:05:54.079 --> 00:05:58.839 adults a little to no income or resources. So as 110 00:05:58.879 --> 00:06:01.680 you can see, over the lifetime of an average American, 111 00:06:01.759 --> 00:06:04.079 there are a multitude of ways that you could be 112 00:06:04.120 --> 00:06:06.959 impacted by various types of Social Security benefits from things 113 00:06:07.040 --> 00:06:10.319 like long term disabilities, or the death of a loved one, 114 00:06:11.040 --> 00:06:15.439 or a divorce or a disabled child, et cetera, et cetera. 115 00:06:16.199 --> 00:06:18.839 We understand that social Security can get a bad reputation, 116 00:06:19.079 --> 00:06:22.000 and there can be good reasons for that number one, 117 00:06:22.079 --> 00:06:26.199 as funding problems or how politicians use it, you know, 118 00:06:26.279 --> 00:06:30.839 during debates, as a political leverage tour tool. However, at 119 00:06:30.839 --> 00:06:34.160 its core, in our opinion, social Security is a modern 120 00:06:34.279 --> 00:06:38.839 financial marvel that positively impacts the lives of tens of 121 00:06:38.920 --> 00:06:43.800 millions of Americans and countless more it keeps countless more 122 00:06:43.879 --> 00:06:47.519 out of extreme poverty. So, with all that being said, 123 00:06:48.000 --> 00:06:50.279 for the remainder of our show today, we will be 124 00:06:50.319 --> 00:06:55.800 primarily focusing on Social Security, family benefits, and survivor benefits. 125 00:06:55.879 --> 00:06:58.120 So again I gave you kind of that fifty thousand 126 00:06:58.120 --> 00:07:00.600 foot view. Now we're going to never throw down in 127 00:07:00.639 --> 00:07:03.560 the five or ten thousand foot view on family benefits 128 00:07:03.560 --> 00:07:04.560 and survivor benefits. 129 00:07:04.759 --> 00:07:06.800 Love the rundown this morning, as we talk with CJ. 130 00:07:07.000 --> 00:07:10.519 Closs and Eric Schwartz, our retirement planning professionals from Class 131 00:07:10.519 --> 00:07:12.959 financial don't forget. You can learn more online the website 132 00:07:13.000 --> 00:07:18.319 cossfinancial dot com. That's Klaasfinancial dot com. The telephone number 133 00:07:18.319 --> 00:07:21.199 six oh eight four four two five six three seven. 134 00:07:21.439 --> 00:07:23.240 No charge for that initial get to know you appointment 135 00:07:23.240 --> 00:07:26.000 tech COLSS Financial. It will be complimentary to you again 136 00:07:26.040 --> 00:07:29.079 their number six oh eight four four two five six 137 00:07:29.240 --> 00:07:31.639 three seven. So, Eric, what should we know when it 138 00:07:31.639 --> 00:07:34.920 comes to Social Security survivor benefits and how can that 139 00:07:35.120 --> 00:07:37.439 have an impact on a former spouse. 140 00:07:39.079 --> 00:07:41.720 That's a great question, Sean. And before we kind of 141 00:07:41.759 --> 00:07:43.759 dive into that, I want to just highlight one of 142 00:07:43.800 --> 00:07:47.759 the definitions cj diis referenced. That's the Social Security Administration 143 00:07:47.839 --> 00:07:52.000 gives us for survivor benefits. Okay, So the Social Security 144 00:07:52.040 --> 00:07:56.120 Survivor Benefit provides monthly payments to eligible family members of 145 00:07:56.199 --> 00:08:00.360 people who worked and paid Social Security taxes before they die. 146 00:08:00.839 --> 00:08:04.360 So who are those eligible family members? So Social Security 147 00:08:04.399 --> 00:08:09.279 tells us that this can include spouses, divorced spouses, children, 148 00:08:09.680 --> 00:08:13.879 or even a dependent parent. And while we'll be focusing 149 00:08:13.920 --> 00:08:17.839 today on spouses and divorced ex spouses, it's important for 150 00:08:17.879 --> 00:08:20.120 our listeners to realize there are a lot of other 151 00:08:20.160 --> 00:08:26.319 individuals that could benefit from a Social Security benefit after 152 00:08:26.360 --> 00:08:29.160 a loved one dies, So just keep that in mind. 153 00:08:29.160 --> 00:08:31.360 We're going to dig in deeper here, just on those 154 00:08:31.879 --> 00:08:36.519 benefits for spouses and divorced X spouses, So survivor benefits. 155 00:08:37.240 --> 00:08:40.519 According to Social Security, you may be eligible for survivor 156 00:08:40.559 --> 00:08:45.039 benefits if your current or divorced X spouse died and 157 00:08:45.639 --> 00:08:50.039 you are age sixty year older or fifty to fifty nine, 158 00:08:50.159 --> 00:08:53.360 if you have a disability and you were married for 159 00:08:53.559 --> 00:08:58.080 at least nine months before your spouse's death and you 160 00:08:58.120 --> 00:09:01.799 didn't remarry before age sixty or age fifty if you 161 00:09:01.840 --> 00:09:05.879 have a disability. Now, whenever we talk about Social Security, 162 00:09:06.240 --> 00:09:10.960 the content tends to get very very dense at times, 163 00:09:11.120 --> 00:09:14.240 and there are a lot of different moving pieces, so 164 00:09:14.279 --> 00:09:18.279 stick with us here. Ex Spouses who are married for 165 00:09:18.320 --> 00:09:21.639 at least ten years, as well as some valid non 166 00:09:21.639 --> 00:09:25.720 marital legal relationships may also be eligible. And then, beyond 167 00:09:25.759 --> 00:09:29.000 the two broad categories, you may also be eligible regardless 168 00:09:29.000 --> 00:09:30.960 of age and how long you were married. So one 169 00:09:31.000 --> 00:09:33.120 common example of this is if you're caring for a 170 00:09:33.240 --> 00:09:37.000 child of the person who has passed away. Now, of course, 171 00:09:37.039 --> 00:09:40.279 if you are eligible for a Social Security survivor benefit, 172 00:09:40.399 --> 00:09:42.919 as a current or divorced X spouse, or you were 173 00:09:43.000 --> 00:09:46.480 part of a valid non marital legal relationship. The next 174 00:09:46.519 --> 00:09:49.879 question becomes is what is the benefit, what's the amount, 175 00:09:50.519 --> 00:09:53.559 what are you actually receiving. The answer is it could 176 00:09:53.559 --> 00:09:56.159 provide you with a monthly payment based upon the work 177 00:09:56.240 --> 00:09:59.919 history of the decendent, along with the potential for Medicare 178 00:10:00.039 --> 00:10:02.799 benefits based on their work history. Of course, you have 179 00:10:02.840 --> 00:10:06.960 to be sixty five for that. Based upon what I've 180 00:10:06.960 --> 00:10:09.399 outlined here, if you think you may be eligible for 181 00:10:09.840 --> 00:10:13.720 a survivor benefit, you should gather the decedent Social Security 182 00:10:13.759 --> 00:10:16.399 number and do one of two things. Either call the 183 00:10:16.399 --> 00:10:20.240 Social Security Administration or schedule a meeting at a local 184 00:10:20.279 --> 00:10:24.240 Social Security office. Now, Social Security has actually a pretty 185 00:10:24.320 --> 00:10:28.720 robust website these days. They're trying to get their information 186 00:10:28.759 --> 00:10:34.200 available two folks directly, but in our experience, when it 187 00:10:34.240 --> 00:10:38.360 comes to survivor benefits, there's little information that you can 188 00:10:38.519 --> 00:10:42.519 find that relates directly to you by logging into your 189 00:10:43.240 --> 00:10:46.679 Social Security web portal, So you really do have to 190 00:10:46.720 --> 00:10:50.960 actually directly reach out to the administration and basically you're 191 00:10:50.960 --> 00:10:53.799 going to provide the Social Security representative with the decedent 192 00:10:53.919 --> 00:10:56.679 Social Security number. And then let them know why you 193 00:10:56.720 --> 00:11:00.519 think you may be eligible for survivor benefits. One important 194 00:11:00.559 --> 00:11:04.320 note about survivor benefits. If you begin receiving monthly benefits 195 00:11:04.480 --> 00:11:07.240 and you are not yet full retirement age or FRA, 196 00:11:07.480 --> 00:11:13.360 as we've talked about, you may have earning limits, right, 197 00:11:13.440 --> 00:11:16.279 so they're not going to let you. In some cases, 198 00:11:17.320 --> 00:11:19.360 if you're not yet at your full retirement age, which 199 00:11:19.399 --> 00:11:23.000 is either sixty six or sixty seven or somewhere in between, 200 00:11:24.480 --> 00:11:27.480 your survivor benefit amount could be reduced by the amount 201 00:11:27.480 --> 00:11:30.120 that you earn or are anticipated to earn in a 202 00:11:30.200 --> 00:11:33.360 year over the annual limit which they allow you to 203 00:11:33.399 --> 00:11:38.440 earn twenty three four hundred dollars this year. Now, this 204 00:11:38.480 --> 00:11:42.559 is a really complicated discussion, and we've simplified it here 205 00:11:42.679 --> 00:11:47.440 quite a bit. But for current or divorced expouses of 206 00:11:47.440 --> 00:11:50.720 a deceased individual, you should probably talk with someone at 207 00:11:50.720 --> 00:11:55.919 the Social Security Administration just to determine eligibility, or at 208 00:11:56.000 --> 00:11:59.840 least speak with the financial advisor and get some guidance 209 00:11:59.879 --> 00:12:00.279 on all. 210 00:12:00.240 --> 00:12:02.799 This great guide. It's some great information. As we talk 211 00:12:02.840 --> 00:12:05.559 with our retirement planning professionals, Eric Schwartz and CJ. Closs, 212 00:12:05.600 --> 00:12:07.919 of course they come to us from Class Financial website 213 00:12:07.919 --> 00:12:11.360 Coss Financial dot com. That's clause k l a A 214 00:12:11.399 --> 00:12:14.240 S Financial dot Com. They're telephone number six oh eight 215 00:12:14.399 --> 00:12:17.679 four four two five six three seven. No charge for 216 00:12:17.679 --> 00:12:19.799 that initial get to know your appointment tech co Loss Financial. 217 00:12:19.879 --> 00:12:22.600 It will be complimentary to you again their number six 218 00:12:22.639 --> 00:12:25.399 oh eight four four two five six three seven. We're 219 00:12:25.399 --> 00:12:28.240 going to talk about Social Security family benefits. We'll get 220 00:12:28.279 --> 00:12:30.639 the details with CJ. We'll also head on over to 221 00:12:30.639 --> 00:12:33.759 the Money in Motion listener question corner and have the 222 00:12:33.759 --> 00:12:35.960 Class Quiz question a week. All of that coming up 223 00:12:35.960 --> 00:12:38.480 in Money and Motion with Class Financial right here on 224 00:12:38.559 --> 00:12:44.559 thirteen ten WIB eight talking with our retirement planning professionals CJ. 225 00:12:44.679 --> 00:12:47.320 Closs and Eric Schwartz. They come to us from Class 226 00:12:47.320 --> 00:12:51.279 Financial the website coss Financial dot com. That's css k 227 00:12:51.600 --> 00:12:54.240 l a A S Financial dot com. Telphy number for 228 00:12:54.279 --> 00:12:56.320 the office right here in Madison, sixt oh eight four 229 00:12:56.480 --> 00:13:00.879 four two five six three seven. Talking Social Secure this week, 230 00:13:01.159 --> 00:13:04.559 and we started that last segment. We ended up talking 231 00:13:04.559 --> 00:13:09.000 about survivor benefits and very very complicated and some really 232 00:13:09.039 --> 00:13:11.399 good guidance there. If you missed any part of that 233 00:13:11.480 --> 00:13:13.120 segment to want to listen back to this show or 234 00:13:13.159 --> 00:13:15.759 previous shows Doorfgate. You can always listen and subscribe to 235 00:13:15.759 --> 00:13:19.279 the podcast at class financial dot com. So, CJ, what 236 00:13:19.399 --> 00:13:22.600 about social Security family benefits and what do we need 237 00:13:22.639 --> 00:13:24.919 to know here? So and you know, kind of how 238 00:13:24.960 --> 00:13:28.000 does that differ then from survivor benefits? 239 00:13:29.039 --> 00:13:29.279 Yeah? 240 00:13:29.320 --> 00:13:31.720 Good questions. So, you know, as as Eric kind of 241 00:13:31.799 --> 00:13:35.840 ended his section there, the big encouragement here is like, whoa, 242 00:13:35.879 --> 00:13:39.200 there's a there's a lot to this. You know, if 243 00:13:39.200 --> 00:13:42.879 I'm a survivor or an ex house of somebody who 244 00:13:42.879 --> 00:13:45.159 has passed away, I may be eligible for benefits. So 245 00:13:45.480 --> 00:13:48.919 our biggest encouragement is just kind of keep your ears 246 00:13:49.000 --> 00:13:50.799 open to what we're saying. And if you think this 247 00:13:50.879 --> 00:13:53.840 might impact you, just talk to the Social Security Administration. Now, 248 00:13:53.879 --> 00:13:55.799 even as I say that, I'm chuckling on the inside 249 00:13:55.799 --> 00:13:58.159 a little bit. Just talk to the Socialcurity Administration. 250 00:13:58.240 --> 00:13:59.039 Yeah, it's like your. 251 00:13:59.000 --> 00:14:00.559 Neighbor, go over and chat with them and have a 252 00:14:00.679 --> 00:14:03.120 nice Unfortunately, that's not the way it works with Social 253 00:14:03.080 --> 00:14:03.919 Security Administration. 254 00:14:03.960 --> 00:14:05.159 They get a lot of inbound calls. 255 00:14:05.159 --> 00:14:08.399 There's almost seventy million recipients of Social Security, not to 256 00:14:08.440 --> 00:14:11.080 mention three hundred million people paying into. 257 00:14:10.919 --> 00:14:12.080 This thing or something like that. 258 00:14:12.440 --> 00:14:14.000 So yes, it could take some time to get a 259 00:14:14.039 --> 00:14:16.399 meeting set up, but just talk to them and see 260 00:14:16.440 --> 00:14:19.399 if you're eligible. Now to your point, you know, we 261 00:14:19.519 --> 00:14:21.840 kind of move on from survivor benefits and we talk 262 00:14:21.879 --> 00:14:26.120 about family benefits, you know, and how do these things differ. So, 263 00:14:26.559 --> 00:14:30.120 just like Eric did, I'm going to start with the definition. So, 264 00:14:30.159 --> 00:14:34.200 the Social Security Family Benefit provides monthly payments to certain 265 00:14:34.279 --> 00:14:38.120 family members of people who are eligible for retirement or 266 00:14:38.200 --> 00:14:43.399 disability benefits. So again right away you can tell this 267 00:14:43.480 --> 00:14:47.360 definition differs from the survivor of benefits Eric's just discussed 268 00:14:47.399 --> 00:14:51.600 in that we are not referencing deceased, current or divorced 269 00:14:51.639 --> 00:14:55.000 ex spouses in this definition. We are referencing benefits of 270 00:14:55.039 --> 00:15:00.200 a living, current or divorced X spouse. It may be 271 00:15:00.279 --> 00:15:03.399 eligible for family benefits if you are the spouse, divorce 272 00:15:03.440 --> 00:15:06.399 ex spouse, or child of someone entitled to retirement or 273 00:15:06.440 --> 00:15:10.720 disabilility benefits. We will be focusing on spouses and divorced 274 00:15:11.080 --> 00:15:14.320 X spouses. Okay, so we're not focusing on all the 275 00:15:14.320 --> 00:15:17.200 definitions of people who might be eligible for family benefits. 276 00:15:17.200 --> 00:15:21.399 We're just focusing today on the spouses and divorced X spouses. 277 00:15:21.799 --> 00:15:23.120 So let's dig a little deeper. 278 00:15:24.080 --> 00:15:26.960 You may be eligible for family benefits if you have 279 00:15:27.039 --> 00:15:30.720 been married for at least one year and are age 280 00:15:30.799 --> 00:15:34.679 sixty two and older, or caring for a child age 281 00:15:34.720 --> 00:15:38.519 fifteen and younger, or caring for a child of any 282 00:15:38.600 --> 00:15:42.200 age who has a disability. I'm going to repeat that 283 00:15:42.240 --> 00:15:44.759 you may be eligible for family benefits if you have 284 00:15:44.799 --> 00:15:47.360 been married for at least one year and are age 285 00:15:47.399 --> 00:15:51.000 sixty two and older, or caring for a child age 286 00:15:51.039 --> 00:15:54.360 fifteen and younger, or caring for a child of any 287 00:15:54.399 --> 00:15:59.840 age who has a disability. X X spouses who were 288 00:15:59.840 --> 00:16:02.559 made married for at least ten years, as well as 289 00:16:02.559 --> 00:16:06.600 some valid non marital legal relationships, may also be eligible. 290 00:16:07.480 --> 00:16:11.519 So notice one important distinction between survivor benefits and family benefits. 291 00:16:12.120 --> 00:16:14.399 In the case of survivor benefits, where you were the 292 00:16:14.480 --> 00:16:17.120 spouse at the point of their death, you had to 293 00:16:17.200 --> 00:16:19.720 be married for at least nine months before they died 294 00:16:19.720 --> 00:16:22.639 and didn't rema and didn't remarry before age sixty to 295 00:16:22.639 --> 00:16:25.519 be eligible for those benefits. However, in the case of 296 00:16:25.639 --> 00:16:29.279 family benefits, where you are the current spouse, you must 297 00:16:29.279 --> 00:16:31.720 have been married for at least one year. 298 00:16:31.600 --> 00:16:33.279 To be eligible for these benefits. 299 00:16:33.799 --> 00:16:36.240 I tell everybody this because there's quite a bit of 300 00:16:36.360 --> 00:16:40.480 like interesting things floating around there. People go, wait, I 301 00:16:40.480 --> 00:16:42.039 thought it was nine months. Other people go, no, wait, 302 00:16:42.080 --> 00:16:43.759 I thought it was one year. And then other people, yeah, 303 00:16:43.799 --> 00:16:45.120 go wait, I thought you had to be married for 304 00:16:45.159 --> 00:16:49.159 ten years. And actually all of those are true, just 305 00:16:49.240 --> 00:16:54.000 depending upon what type of benefit you're talking about. So 306 00:16:54.639 --> 00:16:57.159 I know we're probably freaking you all out because there's 307 00:16:57.159 --> 00:16:59.879 so much complexity here, But our hope is that you 308 00:17:00.120 --> 00:17:03.399 here's something that says, hey, that could be me, and 309 00:17:03.440 --> 00:17:06.440 then you start looking into it. So, similar to what 310 00:17:06.519 --> 00:17:09.440 Eric referenced earlier, if you are eligible for a family 311 00:17:09.480 --> 00:17:12.880 benefit as a current or divorced ex spouse or we're 312 00:17:12.920 --> 00:17:16.200 part of a valid non merital legal relationship, you could 313 00:17:16.279 --> 00:17:19.279 be eligible for a monthly payment based upon the work 314 00:17:19.359 --> 00:17:21.319 history of the living current. 315 00:17:21.119 --> 00:17:22.720 Spouse or divorced x spouse. 316 00:17:23.440 --> 00:17:24.960 So if you think you may be eligible for a 317 00:17:24.960 --> 00:17:27.559 family benefit, just like Eric mentioned before, you should do 318 00:17:27.720 --> 00:17:30.559 one of a few things. Either call the Social Security 319 00:17:31.200 --> 00:17:35.720 Administration to confirm your eligibility and ask questions, or schedule 320 00:17:35.759 --> 00:17:38.440 a meeting at a local Social Security office or talk 321 00:17:38.480 --> 00:17:41.559 with a financial advisor who can discuss the logistics of 322 00:17:41.599 --> 00:17:45.559 your circumstances, and in any of these instances, you should 323 00:17:45.559 --> 00:17:49.279 be prepared with some of the following basic information, your 324 00:17:49.319 --> 00:17:53.000 Social Security number, your work history, your current in any 325 00:17:53.039 --> 00:17:56.640 past marriages, and then name and details about your children. 326 00:17:57.400 --> 00:17:59.559 A lot of great detail there. So we talked with CJ. 327 00:17:59.680 --> 00:18:03.039 Class and Eric Schwartz. They are our retirement planning professionals 328 00:18:03.079 --> 00:18:06.480 from Coss Financial. A lot of really important, great content 329 00:18:06.759 --> 00:18:08.880 each and every week here on Money in Motion, including 330 00:18:08.920 --> 00:18:11.279 this week with Coss Financial. Don't forget if you ever 331 00:18:11.319 --> 00:18:13.519 missed part of the program, you can always listen back 332 00:18:13.559 --> 00:18:16.079 at cossfinancial dot com. You can also sign up for 333 00:18:16.079 --> 00:18:19.160 the weekly Market Pulse newsletter. It's a great weekly email. 334 00:18:19.160 --> 00:18:21.279 It's got a snapshot of what's happening in the markets. 335 00:18:21.400 --> 00:18:23.640 Also linked to the most recent podcasts that available to 336 00:18:23.680 --> 00:18:27.960 you at Cossfinancial dot com. That's Klaas Financial dot com. 337 00:18:28.000 --> 00:18:29.960 They're telfoed up for the office right here in Madison 338 00:18:30.000 --> 00:18:32.799 six oh eight four four two five six three seven. 339 00:18:33.119 --> 00:18:35.319 No charge for that initial gets know your appointment at 340 00:18:35.359 --> 00:18:38.119 Loss Financial. It will be complimentary to you again their 341 00:18:38.200 --> 00:18:41.319 number six oh eight four four two five, six three seven. 342 00:18:41.480 --> 00:18:43.039 We're going to talk have a bit of a Rod 343 00:18:43.079 --> 00:18:46.079 Tidwell Jerry Maguire moment in just a moment here on 344 00:18:46.200 --> 00:18:49.160 thirteen ten wi BA. We'll do that next as Money 345 00:18:49.160 --> 00:18:52.240 in Motion with COSS Financial continues right here thirteen ten 346 00:18:52.519 --> 00:18:57.319 wib I talking with CJ. Kloss and Eric Schwartz. They 347 00:18:57.359 --> 00:19:00.519 are our retirement planning professionals from Class Financial, the website 348 00:19:00.559 --> 00:19:03.359 class financial dot com. That's Coss k l a as 349 00:19:03.480 --> 00:19:06.400 Financial dot com telph number six so eight four four 350 00:19:06.519 --> 00:19:10.680 two five six three seven. An Oscar winning moment. I 351 00:19:10.680 --> 00:19:12.680 and a lot of folks probably from Jerry Maguire. You 352 00:19:12.680 --> 00:19:15.960 got Cuba Gooden Junior, as Rod didwell going back and 353 00:19:16.000 --> 00:19:17.599 forth on the phone. Show me the money, Show me 354 00:19:17.640 --> 00:19:20.480 the money. Let's talk about showing me the money. Kind 355 00:19:20.519 --> 00:19:23.920 of a little serious though, Eric, how much could I 356 00:19:24.000 --> 00:19:26.400 get then when it comes to monthly benefit if I'm 357 00:19:26.440 --> 00:19:30.559 eligible for a survivor benefit or family benefit there. 358 00:19:32.319 --> 00:19:35.240 Well, luckily, Sean, we don't get a whole lot of 359 00:19:35.519 --> 00:19:38.880 Jerry Maguire moments in our meeting, but they are generally 360 00:19:38.960 --> 00:19:41.480 asking us that same question, how much am I going 361 00:19:41.519 --> 00:19:46.039 to get? The Social Security Administration uses a specific formula 362 00:19:46.119 --> 00:19:49.359 calculate the amount of a survivor benefit or a family benefit, 363 00:19:50.599 --> 00:19:54.039 and in general it's a percentage of the current or 364 00:19:54.160 --> 00:19:57.559 former spouse's primary insurance amount. So we've talked about this 365 00:19:57.599 --> 00:20:00.920 on the show before. Your primary insurance amount is the 366 00:20:00.960 --> 00:20:04.440 benefit amount you would receive at your full retirement age. 367 00:20:04.480 --> 00:20:07.640 They'll get an age between sixty six and sixty seven. 368 00:20:08.480 --> 00:20:12.319 But the calculation is more complex, of course, and it's 369 00:20:12.359 --> 00:20:17.240 impacted by several different factors, some of which include your age, 370 00:20:17.799 --> 00:20:22.359 your current spouse's eligibility for benefits, your work history, the 371 00:20:22.480 --> 00:20:25.720 year that your late spouse passed away, whether or not 372 00:20:25.799 --> 00:20:29.920 you remarried, and at what age you do decide to remarry, 373 00:20:30.480 --> 00:20:33.839 the number of eligible family members that you have, the 374 00:20:33.920 --> 00:20:37.200 year you actually become eligible, and finally, the age that 375 00:20:37.240 --> 00:20:41.880 you begin drawing your benefit. Okay, so I want to 376 00:20:41.920 --> 00:20:44.920 just kind of pause here for a second. Unfortunately, CJ 377 00:20:45.000 --> 00:20:48.480 and I have a lot of experience helping clients through 378 00:20:48.599 --> 00:20:52.440 the process following the loss of a loved one, and 379 00:20:52.480 --> 00:20:56.160 beyond all of the normal things you'd expect, you know, 380 00:20:56.319 --> 00:20:59.759 grief and loss, we're trying to help them figure out 381 00:20:59.799 --> 00:21:04.200 how to navigate the financial implications of this, and I 382 00:21:04.240 --> 00:21:07.279 will say from my experience, especially in the case of 383 00:21:07.359 --> 00:21:11.480 young families, but also you know, in most cases, the 384 00:21:11.720 --> 00:21:15.000 Social Security survivor benefit tends to be one of the 385 00:21:15.240 --> 00:21:18.680 I would say most surprising to clients and in many 386 00:21:18.680 --> 00:21:21.480 ways impactful. I mean, we're potentially talking about thousands of 387 00:21:21.559 --> 00:21:25.799 dollars a month here for a family that may have 388 00:21:25.880 --> 00:21:28.079 just lost, you know, one of their income earners. So 389 00:21:28.599 --> 00:21:31.240 we really really want to encourage people don't ignore this, 390 00:21:33.079 --> 00:21:37.119 really really take the steps to investigate any benefits you 391 00:21:37.200 --> 00:21:39.519 might be eligible for. Get in touch with the Social 392 00:21:39.599 --> 00:21:44.559 Security Administration and figure out if there are benefits that 393 00:21:44.759 --> 00:21:47.359 you are eligible for, not only from a deceased spouse, 394 00:21:47.400 --> 00:21:49.960 but just a living former spouse as well. 395 00:21:50.559 --> 00:21:52.880 Talking this morning with Eric Schwartz and CJ. Closs. They 396 00:21:52.920 --> 00:21:56.720 are our retirement planning professionals from Class Financial online class 397 00:21:56.799 --> 00:22:00.839 financial dot com. That's Class k l aasancial dot com. 398 00:22:00.880 --> 00:22:02.640 While you're at the website, of course, you can learn 399 00:22:02.680 --> 00:22:04.839 more about COSS Financial. You can learn more also if 400 00:22:04.880 --> 00:22:07.759 you are a business owner and the different options and 401 00:22:07.759 --> 00:22:10.640