business owners

Top Tips for Business Owners to Maximize Retirement Income

Are you a business owner with an at-home spouse who helps out with bookkeeping or a variety of other tasks that need to be done? Once you get to retirement age it’s too late, but for those of you that are in your 20’s, 30’s, 40’s or even 50’s there’s still time to let these efforts build future benefits. Paying your spouse at least $4,880 a year will ensure that they continue to vest into the Social security system, which will help you at retirement time.

To fully vest you need to earn 40 credit hours, with a maximum of 4 credits per year at $1220 per credit.  Spouses who are not vested can still pull a half benefit off of their working spouse’s retirement benefit (or ex-spouse’s, if married over 10 years). If widowed after being married 9 months or more, you can draw benefits up to your deceased spouse’s full amount, depending on what age decide to file.

If both spouses have work history the social security retirement benefits picture can drastically change for the better. With two vested partners you’ll also have more options, such as the potential for the lower earning spouse to pull earlier while delaying the higher earning spouse’s filing until age 70 to get the highest benefit. And don’t forget that social security disability benefits are hinged on a person working at least 5 out of the last 10 years, which can help when the worst happens.

As you can see, it’s in your best interest to ensure that the work both partners contribute to your business is recognized as paid employment by the Social Security Administration. We offer a pre-check social security flat fee planning option that will help you review where you are today and give you insight about the impact on future income you can make by ensuring that both spouses are being paid for the work that they do.

Please “Select a Plan” so we can get started on maximizing your social security benefits or take our quiz to find out how much you know about your social security.

Social Security Expert Faye Sykes on the Air with Radio Host Dana Barrett

Faye Sykes, CEO of Social Security Benefit Planners joined us in studio during hour one of today’s show! Faye explained the right time to take social security and how she and her company is able to help families maximize their social security benefits.

During hour two, Jackie Cannizzo, Executive Director of JCI Foundation joined us to dish on two upcoming events you don’t want to miss! The JCI Foundation will host the Judson Women’s Leadership Conference on June 20th at the Cobb Galleria; a great opportunity for women to learn and be inspired by successful leaders from all walks of life.

Social Security Expert Faye Sykes on the Air with Radio Host Eric Holtzclaw

Planning today for tomorrow. Social Security expert Faye Sykes, NSSA, CLTC, National Social Security Advisor and CEO of Social Security Benefit Planners joined radio show host Eric V. Holtzclaw on Build Your Best Business to highlight steps all entrepreneurs can take to protect their retirement income.

Faye shares what inspired her to enter into this niche market and add on to her current services to help both new and existing clients and expand her business. LISTEN NOW!

 

 

Common Retirement Fears

Do you have fear around retirement? A startling number of Americans do, so don’t feel silly if thinking about the whole idea of retirement just makes you want to shut down.

The very common response of fear and anxiety when thinking about retirement stems from several sources. Getting older itself is anxiety-provoking for most of us. We want to stay young and healthy forever, and it can be unsettling to admit that this isn’t how our lives are going to work.

But beyond the basic discomfort with aging, there’s often a more specific fear around the idea of retirement. That fear frequently leads even highly intelligent people to push away the thoughts and ignore the issue. It’s a natural response, but an unfortunate one because avoiding the issue is precisely the action that is most likely to lead to a negative experience at retirement.

If you do make yourself examine your fears around retirement, you’ll probably find that they center on four questions that many people share:

Will Social Security even be there when I retire? This is a reasonable fear, given that so many politicians try to inspire panic about the program’s future. But Social Security has been around a long time and it probably isn’t going anywhere. True, the funding formula and/or benefits will need to be adjusted at some point, but the situation is nowhere near as dire as some make it sound. You’ve been paying into Social Security for many years and it will almost certainly pay you back in your retirement years. Don’t depend on the program as your only income in retirement, but don’t worry too much about it either. Social Security is going to be there.

What if I didn’t save enough? This question is another valid concern. Most people don’t save enough to provide the same income they had when they were working. Since we’re living longer now, it’s more important than ever to build your retirement savings. You know this, so don’t waste time in fear of the future; save for it instead. Talking with a retirement planner can help you understand just how much you’ll need to save each month so that you will have enough funds to live comfortably for many years after retirement. This is one area where ignoring the problem will only make it worse, so face your fear and talk with your financial advisor. Taking action feels good, and you’ll thank yourself later.

Will I be bored and lonely not working? As our parents age, we sometimes seem them struggle with these issues. It’s natural to wonder if you’ll face the same problems. Retirement can be a lonely time or a wonderful period to pursue old and new interests, relish relationships with all kinds of people and thoroughly enjoy yourself. To ensure your experience is positive, it’s important to prepare yourself for the changes. Remember, you don’t have to retire all at once. You can work less over gradually in many cases, while also strengthening your social networks and engaging in interests that you didn’t have time for when you were working full time. Make friends and hobbies a priority now, and you’ll be thrilled to have more hours to enjoy them when you retire.

What about health care costs? The rising costs of health care inspire fear in most people, whether they’re working or retired. Save for retirement expenses, including health care, but don’t let the fear paralyze you. Medicare is one of the most generous health insurance programs available, and you’ll qualify for it by the time you retire, most likely. Also keep in mind that the healthcare landscape is changing, and costs may not be as high as you fear when you actually retire.

Retirement fears are real and reasonable. Taking an active stance as you prepare for your retirement and examine the reasons for your anxiety will go far toward alleviating those fears. It will also reduce the risk of those fears coming true, so don’t play ostrich any more. Look forward to retirement with your eyes wide open, and take advantage of your current opportunities to ensure a positive experience later.

Not associated with or endorsed by the Social Security Administration or any other government agency.

Social Security Expert Faye Sykes on the Air with Ryan Poterack

Planning today for tomorrow. Social Security expert Faye Sykes, NSSA, CLTC, National Social Security Advisor and CEO of Social Security Benefit Planners joined radio show host Ryan Poterack with expert advice on Social Security planning. LISTEN NOW!

Not associated with or endorsed by the Social Security Administration or any other government agency.