Hey, Rachel...let's do it
Thanks for joining us today, Kevin!
This is such a cool program...free customized strategies for Vets. I'm excited.
It's a great deal...who qualifies to take advantage of this special promotion and how does it work?
We've partnered with Social Security Solutions to offer thier powerful claiming tool. It crunches all sorts of numbers and complex rules to tell folks the best time to claim their benefits to maximize lifetime benefits. We sell it for $49.95 at kiplinger.socialsecuritysolutions.com.
But...thanks to the generous support of Wells Fargo, we're offering it free on Veterans Day to all active duty military and veterans. All of 'em. Free.
It's our way of saluting our vets and saying thank you for all your service.
What information does a veteran need to provide?
Does the tool ask for personal details such as your
Social Security number?
First, the website: socialsecurityforveterans.com. Visit it on Monday, November 11 to access your free, downloadable report.
You will be asked for name, age and marital status....we don't ask for your social security number.
How does the tool know what your benefit amount will be? Where do you get that information from?
And, you'll need you PIA...your primary insurance amount. Sounds complicated, but it's not
Your Primary Insurance Amount, or PIA, is the estimated benefit you will receive from Social Security if you claim at your full retirement age, which is currently 66.
Until a few years ago, the government mailed everyone age 25 and older an annual statement showing their estimated benefit, their PIA. But then the government decided it couldn’t afford the postage, and stopped the program.
It’s easy, however to get your PIA at the Social Security Website, SSA.gov. The first thing you’ll see there is an icon for setting up your personal Social Security account. Once you do that, and it only takes a few minutes so you can identify yourself, you’ll get your personal Social Security statement, including your PIA. That’s then number you need to plug in to our program at socialsecurityforveterans.com. If you’re married, you’ll need your husband or wife’s PIA, too.
Once you get you PIA, go to socialsecurityforveterans.com and plug it in...and almost instanly you'll get a 23-page downloadable report that you can save on your computer or print out. Packed with not only personalized recommendations but also a wealth of information about Social Security. This special veterans day edition also includes detailed information and case studies specifically for veterans.
The software developed by Bill Meyer and Bill Reichenstein of Social Security Solutions is a powerful tool that takes into account all the complex rules governing Social Security and all the cool strategies that can help you maximize your benefits.
Here's a question from Jack...
Oh, you skeptics! But it's a great question and I'm happy to say the answer is NO. This is a no strings attached deal. We're not collecting e-mail addresses to sell something later. This is our way -- with Wells Fargo's help -- to say Thank You to the men and women who serve our nation and protect our freedom. They also all pay Social Security taxes, so we want to help them make the most of their benefits
And here's a
question from Harry...
Sorry, but it's probably too late. There are some strategies that could help, but the program won't help. For example, if he claimed prior to full retirement age and is not yet age 70, he could ask the government to suspend his check (if he can afford it) and earn what's called delayed retirement credits that boost benefits by 8% each year between age 66 and 70. Then he could restart the higher benefits at a later time. But, our free for a day program won't help folks who have already claimed
And here's a question from Mike...
Absolutely. This is open to all branches of the military. And to widows and widowers of vets.
We want to help as many people as we can.
Douglas has a Social Security question...
It's one or the other. A quick refresher....Social Security figures your benefit at full retirement age – which is currently 66. For every month you claim before that age, the benefit is reduced. If you claim as early as possible, at age 62, the reduction is 25%. So, if you are due $1,000 a month at 66, you’d get $750 at 62. And, that reduction is in force for the rest of our life.
On the other hand, if you delay claiming past 66, you benefit gets goosed every month. The increase due to what’s called delayed retirement credits equals 8% a year. If you wait until age 70, your benefit will be 32% more than the age 66 amount. In our example of a $1,000 benefit due at 66, it will grow to $1,320 if you wait until age 70 . . . and all future cost of living raises will be based on that higher amount.
Some people call the reduction for claiming early a penalty. Really, it’s just math. Sure, you’ll get less each month, but you’ll be getting those checks for more months. The actuaries at Social Security have worked hard to make sure that whenever you claim your benefits . . . early or late . . . you receive about the same amount from the system . . . if, and this is a big if, if you die around age 82 or 83. Basically, if you live longer, you’ll benefit from delaying your claim; if you die sooner, you’ll benefit from claiming early.
So, if you start early, your benefit will be reduced. Now, you can suspend the benefit, prior to age 70, and then restart it at a higher amount.
Will this tool show you which claiming age is optimal for your situation?
That's the beauty of it. And it's all based on projected life expectancy...the great unknowable. If you don't want to take a stab at it yourself, the program defaults to assume a man lives to 85 and a woman to 90...but the results will show what your lifetime benefits will be if you die ten years before or 10 years after your projected date. You'll get a good idea of how much you can expect. The goal is to recommend a strategy that will maximize your lifetime benefits. You'll get specific dates to claim and strategies to use...personalized to your situaiton. And, did I mention, it's free for Vets on November 11?
Here's a question from Christie...
There will be people available for technical questions, but not for personalized discussions. You'll get the downloadable report that you can save on your computer and/or print out. I think you'll be pleased to see all the info in the report.
And a question from Busy...
When I said technical questions, I mean, accessing the software...not technical SS questions.
Ah, an important distinction...
Creation of the report is almost instantandous...once you enter your information. The only time consuming effort is getting your PIA from social security. You might want to go to SSA.gov this weekend, set up an account and get you PIA ahead of Monday.Then go to socialsecurityforvetreans.com, answer a few questions and I think you'll have your report within a few minutes.
Great...here's a question from Bill...
Great questions....and the answer is I doubut that Veterans are losing out more than the general population. We focused on Vets because of our Veterans Day Initiative to give away the software. But, after 35 years of writing about Social Secuirty for Kiplinger, I know there is an enormous knowledge gap on this issue across the population. I don't think there's any reason to think vets are less well informed than others. We just want to make them the best informed...with the use of this tool.
Is there anything special veterans should be aware of regarding