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Savvy Social Security Planning for Boomers

What Advisors Need to Know toMaximize Clients’ Retirement Benefits

By Elaine Floyd, CFP®

Director of Retirement and Life Planning, Horsesmouth, LLC

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Common misconceptions about Social Security

• You have to be old to collect

• The system is going broke

• Benefit amounts are too small to bother with

• Social Security personnel can help

• No compensation for the advisor

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Social Security trust fund through 2016

Source: 2009 OASDI Trustees Report

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Costs vs. benefits through 2085

Source: 2009 OASDI Trustees Report

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The lifetime value of Social Security benefits

$2,346/month + 2.8% annual COLAs:

Live 10 more years: $320,000

Live 20 more years: $740,000

Live 30 more years: $1.3 million

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What Social Security personnel can and can’t do

• They CAN

• Estimate individual benefits

• Tell clients the amount they are entitled to now

• They CAN’T

• Project future benefits through scenario planning

• Help with innovative strategies designed to maximize benefits

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Savvy Social Security planning promotes client retention and

referrals

• Social Security is the foundation of the retirement plan

• Customized guidance is essential

• Opens the door to comprehensive retirement income planning

• Specialized skill set provides concrete reason for referrals

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How Social Security works: What advisors need to know

• How benefits are calculated• When benefits may begin• Rules for spousal benefits• Rules for survivor benefits• How working affects benefits• How COLAs affect benefits• How benefits affect taxes• How benefits may be reduced by WEP or GPO

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Why maximize Social Security benefits?

• More income now

• Higher lifetime benefits

• Greater security in old age

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5 Strategies for maximizing Social Security benefits

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Strategy #1for maximizing Social Security benefits

Work longer, earn more

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Benefits based on highest 35 years of earnings up to taxable maximum

Table of maximum earningsYear Max

earnings Year Max

earnings Year Max

earnings

1968 $7,800 1982 $32,400 1996 $72,700

1969 7,800 1983 35,700 1997 65,400

1970 7,800 1984 37,800 1998 68,400

1971 7,800 1985 39,600 1999 72,600

1972 9,000 1986 42,000 2000 76,200

1973 10,800 1987 43,800 2001 80,400

1974 13,200 1988 45,000 2002 84,900

1975 14,100 1989 48,000 2003 87,000

1976 15,300 1990 51,300 2004 87,900

1977 16,500 1991 53,400 2005 90,000

1978 17,700 1992 55,500 2006 94,200

1979 22,900 1993 57,600 2007 97,500

1980 25,900 1994 60,600 2008 102,000

1981 29,700 1995 61,200 2009 106,800

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Average Indexed Monthly Earnings (AIME) for baby boomer born in

1946

Maximum earnings since 1969

$3,049,387 in total indexed earnings ÷ 420 months =

$7,260 AIME

Year Age Nominal earnings

Indexing factor

Indexed earnings

1969 23 7,800 6.5580224 51,1531970 24 7,800 6.2479648 48,7341971 25 7,800 5.9490433 46,4031972 26 9,000 5.4180675 48,7631973 27 10,800 5.0990230 55,0691974 28 13,200 4.8129206 63,5311975 29 14,100 4.4782491 63,1431976 30 15,300 4.1891827 64,0941977 31 16,500 3.9523132 65,2131978 32 17,700 3.6615479 64,8091979 33 22,900 3.3670059 77,1041980 34 25,900 3.0887868 80,0001981 35 29,700 2.8062971 83,3471982 36 32,400 2.6598655 86,1801983 37 35,700 2.5363082 90,5461984 38 37,800 2.3954907 90,5501985 39 39,600 2.2976007 90,9851986 40 42,000 2.2313712 93,7181987 41 43,800 2.0975980 91,8751988 42 45,000 1.9991378 89,9611989 43 48,000 1.9229988 92,3041990 44 51,300 1.8380943 94,2941991 45 53,400 1.7720575 94,6281992 46 55,500 1.6852279 93,5301993 47 57,600 1.6708581 96,2411994 48 60,600 1.6271859 98,6071995 49 61,200 1.5644759 95,7461996 50 62,700 1.4915320 93,5191997 51 65,400 1.4092981 92,1681998 52 68,400 1.3392059 91,6021999 53 72,600 1.2685137 92,0942000 54 76,200 1.2020409 91,5962001 55 80,400 1.1740327 94,3922002 56 84,900 1.1623754 98,6862003 57 87,000 1.1346387 98,7142004 58 87,900 1.0842351 95,3042005 59 90,000 1.0459631 94,1372006 60 94,200 1.0000000 94,2002007 61 97,500 1.0000000 97,500

Total $3,049,387AIME $7,260

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Primary Insurance Amount (PIA) = Benefit at Full Retirement Age (FRA)

• At age 62, average indexed monthly earnings (AIME) are multiplied by three “bend points”

• Example if AIME = $7,260:

$711 x .90 = $639.90$3,577 x .32 = $1,144.64 ($4,288 - $711 = $3,577)$2,972 x .15 = $445.80 ($7,260 - $3,577 = $2,972)Total = $2,230.34

PIA = $2,230.30(plus 2009 COLA of 5.8% = $2,359)

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Effect of working longer if less than 35 years of earnings

Donna: age 50, no earnings record to date

If Donna’s benefit is based on:

She will receive this monthly benefit at age 66 in today's dollars

She will receive this monthly benefit at age 66 in COLA-adjusted future dollars

Spouse's earnings record ($2,367 PIA in today’s dollars)

$1,183 $2,115

Own earnings record with 16 years of maximum earnings (age 50-66)

$1,655 $2,901

Difference = $472/month in today's dollars$786/month in future dollars

Difference over 30 years with annual COLAs = $434,471

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Effect of working longer if more than 35 years of earnings

Boomer Bob: age 62, 35 years of maximum earnings

If he works until age:

Years of earnings used in

benefit computation

PIA Age-70 benefit

62 1975 Š 2009 $2,924.80 $3,860

66 1979 Š 2013 $2,997.90 $3,957

70 1983 Š 2017 $3,073.70 $4,057

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Apply at the optimal time

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When benefits may begin

Year of birth Full Retirement Age (FRA)

1924 - 37 65

1938 65 & 2 mos.

1939 65 & 4 mos.

1940 65 & 6 mos.

1941 65 & 8 mos.

1942 65 & 10 mos.

1943 Š 54 66

1955 66 & 2 mos.

1956 66 & 4 mos.

1957 66 & 6 mos.

1958 66 & 8 mos.

1959 66 & 10 mos.

1960 & later 67

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Effect of early or delayed retirement

Age % of PIA Benefit in today's dollars if PIA is $2,360

Benefit adjusted for

annual COLAs*

62 75 $1,770 $1,770

63 80 1,888 1,888

64 86.67 2,045 2,074

65 93.33 2,203 2,296

66 100 2,360 2,536

67 108 2,549 2,821

68 116 2,738 3,115

69 124 2,926 3,423

70 132 3,115 3,746

*COLA assumptions by OASDI Trustees: 0% in 2010 and 2011; 1.4% in 2012; 2.8% in 2013; 3.1% in 2014; 3.0% in 2015; 2.8% in 2016 and thereafter

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Bob, Betty, and Bill, each 62 now, all live to age 80

Age Year Bob's annual

benefit with 2.8% COLAs

Cumulative total

Betty's annual

benefit with 2.8% COLAs

Cumulative total

Bill's annual benefit with 2.8% COLAs

Cumulative total

62 2009 $21,108 $21,108 $0 $0 $0 $063 2010 21,699 42,807 0 0 0 064 2011 22,307 65,114 0 0 0 065 2012 22,931 88,045 0 0 0 066 2013 23,573 111,618 31,440 31,440 0 067 2014 24,233 135,851 32,320 63,760 0 068 2015 24,912 160,763 33,225 96,986 0 069 2016 25,609 186,373 34,156 131,141 0 070 2017 26,326 212,699 35,112 166,253 46,348 46,34871 2018 27,064 239,763 36,095 202,348 47,645 93,99372 2019 27,821 267,584 37,106 239,454 48,979 142,97373 2020 28,600 296,184 38,145 277,599 50,351 193,32474 2021 29,401 325,585 39,213 316,811 51,761 245,08475 2022 30,224 355,810 40,311 357,122 53,210 298,29476 2023 31,071 386,881 41,439 398,562 54,700 352,99477 2024 31,941 418,821 42,600 441,161 56,232 409,22678 2025 32,835 451,656 43,793 484,954 57,806 467,03279 2026 33,754 485,411 45,019 529,973 59,425 526,45680 2027 34,699 520,110 46,279 576,252 61,088 587,545

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Simple breakeven analysis

62

$1,759

70

$3,862

2.80%

Age

Monthly benefit if start at earlier age

Annual benefit if start at earlier age

Cumulative benefit if start at earlier age

Monthly benefit if start at later age

Annual benefit if start at later age

Cumulative benefit if start at later age

62 $1,759 $21,108 $21,108 $0 $0 $063 1,808 21,699 42,807 0 0 064 1,859 22,307 65,114 0 0 065 1,911 22,931 88,045 0 0 066 1,964 23,573 111,618 0 0 067 2,019 24,233 135,851 0 0 068 2,076 24,912 160,763 0 0 069 2,134 25,609 186,373 0 0 070 2,194 26,326 212,699 3,862 46,344 46,34471 2,255 27,064 239,763 3,970 47,642 93,98672 2,318 27,821 267,584 4,081 48,976 142,96173 2,383 28,600 296,184 4,196 50,347 193,30874 2,450 29,401 325,585 4,313 51,757 245,06575 2,519 30,224 355,810 4,434 53,206 298,27176 2,589 31,071 386,881 4,558 54,696 352,96677 2,662 31,941 418,821 4,686 56,227 409,19378 2,736 32,835 451,656 4,817 57,801 466,99579 2,813 33,754 485,411 4,952 59,420 526,41480 2,892 34,699 520,110 5,090 61,084 587,49881 2,973 35,671 555,781 5,233 62,794 650,29282 3,056 36,670 592,451 5,379 64,552 714,84483 3,141 37,697 630,148 5,530 66,360 781,20484 3,229 38,752 668,900 5,685 68,218 849,42285 3,320 39,837 708,737 5,844 70,128 919,54986 3,413 40,953 749,690 6,008 72,091 991,64187 3,508 42,099 791,789 6,176 74,110 1,065,75188 3,607 43,278 835,067 6,349 76,185 1,141,93689 3,707 44,490 879,557 6,527 78,318 1,220,25490 3,811 45,736 925,292 6,709 80,511 1,300,765

Enter the earlier age benefits may be claimed

Simple Breakeven Analysis

Corresponding monthly benefit amount

COLA% (Annual cost-of-living adjustment)

Enter the later age benefits may be claimed

Corresponding monthly benefit amount

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Coordinate spousal benefits

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Spousal benefits: Traditional(gender neutral)

• Wife with low or no earnings receives one-half of husband’s PIA

• Rules for spousal benefits• If wife files at FRA, spousal benefit is 50% of husband’s PIA;

if she files at age 62 it is 35%

• Husband must file for benefits in order for wife to receive spousal benefit

• No delayed credits after FRA for spousal benefits

• Same rules for divorced-spouse benefits if marriage lasted 10 years and spouse is currently unmarried

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Spouses’ benefits based on filing dateHerbert & Lola, both 62 now

Herbert earned maximum over careerHerbert’s PIA = $2,346

Lola had little or no earnings

Age Herbert's worker's benefit (COLA adjusted)

Lola's spousal benefit (COLA adjusted)

Total COLA-adjusted benefit at age 70

62 (both file) $1,759 (75% of $2,346)

$821 (35% of $2,346)

$2,580 $3,218

66 (both file) $2,620 ($2,346 adjusted for 4 years of 2.8% COLAs)

$1,310 (50% of $2,620)

$3,930 $4,902

70 (Herbert files & suspends at 66, claims at 70; Lola claims at 66)

$3,862 ($2,346 adjusted for 8 years of DRCs and 2.8% COLAs)

$1,462 ($1,310 adjusted for 4 years of COLAs)

$5,324 $5,324

Assumes 2.8% annual COLAs

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Strategies from the Center for Retirement Research at Boston College

• “File and suspend”• High-earning husband files for own benefit at 66 to make wife

eligible for her spousal benefit• Husband suspends own benefit to earn DRCs to age 70

• “Claim now, claim more later”• High-earning husband claims his spousal benefit at 66 (wife

must have filed for her own benefit)• Switches to his own benefit at 70Warning: these strategies do not work before FRA

• How to decide: Customized scenario planning for each couple based on individual ages and benefit amounts

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Example of scenario planning

Andy & Alice

Both age 62

Andy’s PIA = $2,200

Alice’s PIA = $800

Which strategy will give them the most annual income?

Which strategy will give them the most cumulative benefits?

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Scenarios 1-3 for Andy & Alice

• Scenario 1• Alice files for her own benefit now, at 62• Andy files for his benefit in eight years, at age 70

• Scenario 2• Alice files for her own benefit now, at 62• In four years, when they are 66, Andy files and suspends so Alice

can switch to her higher spousal benefit• Four years later, when Andy is 70, he claims his own benefit

• Scenario 3• Alice files for her own benefit now, at 62• In four years, when Andy turns 66, he files for his spousal benefit

off Alice’s record• Four years later, when Andy is 70, he switches to his own benefit

and Alice switches to her higher spousal benefit

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Scenarios 4-5 for Andy & Alice

• Scenario 4• Andy files and suspends at 66• Alice files for her spousal benefit at 66• When they both turn 70, Andy claims his maximum benefit

• Scenario 5• Alice files for her own benefit at 66• Andy files for his spousal benefit at 66• When they are both 70, Andy claims his full benefit and Alice

switches to her higher spousal benefit

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Inputs for Scenario 5

20106262

Husband's PIA (in present dollars) 2200Wife's PIA (in present dollars) 800

Age 70

Monthly benefit $3,622

Age 66Monthly benefit $893

Age 70Monthly benefit $1,372

Age 66

Monthly benefit $447

2.8%

Enter the age of death of husband 85 Enter the age of death of wife 95

Enter the wife's age Description of this scenario:

Alice files for own benefit at 66. Andy files for his spousal benefit at 66. When Andy turns 70, he claims his own maximum benefit and Alice switches to her higher spousal benefit.

Enter the age at which the husband will claim benefits on his work record.

Enter the age at which the wife will claim benefits on her work record.

Enter the age at which the wife will claim benefits on her husband's work record.

Enter the age at which the husband will claim benefits on his wife's work record.

COLA% (Annual cost-of-living adjustment)

Survivor Planning

Date of this report:

Enter the current yearScenario 5Enter the husband's age

January 16, 2010Social Security Analysis for: Andy & Alice

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Calculations for Scenario 5

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2010 62 62 $0 $0 $0 $0 $0 $0 $0

2011 63 63 0 0 0 0 0 0 0

2012 64 64 0 0 0 0 0 0 0

2013 65 65 0 0 0 0 0 0 0

2014 66 66 893 10,721 447 5,361 1,340 16,082 16,082

2015 67 67 918 11,021 459 5,511 1,378 16,532 32,614

2016 68 68 944 11,330 472 5,665 1,416 16,995 49,609

2017 69 69 971 11,647 485 5,824 1,456 17,471 67,080

2018 70 70 1,372 16,463 3,622 43,463 4,994 59,927 127,006

2019 71 71 1,410 16,924 3,723 44,680 5,134 61,605 188,611

2020 72 72 1,450 17,398 3,828 45,931 5,277 63,330 251,941

2021 73 73 1,490 17,885 3,935 47,217 5,425 65,103 317,043

2022 74 74 1,532 18,386 4,045 48,539 5,577 66,926 383,969

2023 75 75 1,575 18,901 4,158 49,899 5,733 68,800 452,769

2024 76 76 1,619 19,430 4,275 51,296 5,894 70,726 523,495

2025 77 77 1,665 19,974 4,394 52,732 6,059 72,706 596,201

2026 78 78 1,711 20,534 4,517 54,209 6,229 74,742 670,943

2027 79 79 1,759 21,108 4,644 55,726 6,403 76,835 747,778

2028 80 80 1,808 21,700 4,774 57,287 6,582 78,986 826,764

2029 81 81 1,859 22,307 4,908 58,891 6,766 81,198 907,962

2030 82 82 1,911 22,932 5,045 60,540 6,956 83,471 991,433

2031 83 83 1,964 23,574 5,186 62,235 7,151 85,809 1,077,242

2032 84 84 2,019 24,234 5,331 63,977 7,351 88,211 1,165,453

2033 85 85 2,076 24,912 5,481 65,769 7,557 90,681 1,256,134

2034 86 86 5,634 67,610 0 0 5,634 67,610 1,323,745

2035 87 87 5,792 69,503 0 0 5,792 69,503 1,393,248

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Scenario Summary

Andy & Alice

When wife is age: Scenario 1 Scenario 2 Scenario 3 Scenario 4 Scenario 5 Scenario 6

70 $55,799 $56,222 $55,799 $59,927 $59,927 $075 $64,061 $64,546 $64,061 $68,800 $68,800 $080 $73,546 $74,103 $73,546 $78,986 $78,986 $085 $84,436 $85,075 $84,436 $90,681 $90,681 $090 $75,507 $75,507 $75,507 $75,507 $75,507 $0

When wife is age: Scenario 1 Scenario 2 Scenario 3 Scenario 4 Scenario 5 Scenario 6

70 $119,372 $133,905 $141,731 $121,416 $127,006 $075 $422,697 $439,526 $445,057 $447,179 $452,769 $080 $770,934 $790,398 $793,294 $821,174 $826,764 $085 $1,170,732 $1,193,221 $1,193,092 $1,250,544 $1,256,134 $090 $1,528,252 $1,550,741 $1,550,612 $1,608,064 $1,613,654 $0

Summary of Scenarios 1-6 for

Combined annual income

Cumulative benefits

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Maximize survivor income

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Survivor benefits: traditional

• Both spouses already receiving Social Security when one spouse dies

• Surviving spouse switches to survivor benefit (100% of deceased spouse’s benefit) if higher

• Amount of survivor benefit depends on when deceased spouse originally applied for benefits

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Lola’s survivor benefit based on age Herbert applied

Age at which Herbert filed for benefits

Lola's survivor benefit at age 70

Lola's survivor benefit at age 85 (2.8% COLAs)

62 $2,370

(81% of $2,346 + 8 years of 2.8% COLAs)

$3,586

66 $2,926

(Herbert's age 66 benefit of $2,620 adjusted for 4 years of 2.8% COLAs)

$4,428

70 $3,862

(Herbert's age-70 starting benefit)

$5,844

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Survivor benefits important reminders for clients

• Death of a spouse will cause loss of one income (widow’s own benefit will stop when she switches to survivor benefit)

• Remarriage before age 60 disqualifies a widow(er) from receiving survivor benefits

• Same rules for survivor benefits also apply to divorced-spouse survivor benefits

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Savvy survivor planning for widow(er)s over 60

Is survivor benefit higher or lower than earned benefit?

Recommend the strategy that will maximize the higher benefit

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Savvy survivor planning

When survivor benefit is higher than earned benefit

• Widow(er) waits until FRA to claim survivor benefit

• Resist temptation to apply for survivor benefit at 60 (71.5% of PIA - permanently reduced)

• Apply for earned benefit at 62 to bring in extra income

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TeresaWidow, age 60, PIA = $800

Deceased spouse’s PIA = $2,200

• Scenario 1: Applies for survivor benefit at 60

• Scenario 2: Applies for own benefit at 62, switches to survivor benefit at 66

• Monthly income at age 80: • Scenario 1: $2,733

• Scenario 2: $3,821

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Savvy survivor planning

When survivor benefit is lower than earned benefit

• High-earning widow(er) claims survivor benefit as early as age 60 and lets own benefit earn DRCs to age 70

• Claiming survivor benefit before FRA does not reduce own benefit

• Brings in extra income until age 70• High-earning widow(er)s may not think to ask about

this!

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Peter & PaulaBoth spouses age 60

Peter’s PIA - $2,389 Paula’s PIA = $1,500

• Paula dies

• Peter claims survivor benefit at 60, receives $1,072 (71.5% of $1,500), from age 60 to 69.

• COLA-adjusted total: $146,000 in survivor benefits that otherwise would have been lost

• Also works for divorced-spouse survivor benefits

• Warning: earnings test applies before FRA

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Minimize taxes on benefits

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Taxation of Social Security benefitsFiling status Provisional income* Amount of SS subject to

tax

Married filing jointly Under $32,000

$32,000 - $44,000

Over $44,000

0

50%

85%

Single, head of household, qualifying widow(er), married filing separately & living apart from spouse

Under $25,000

$25,000 - $34,000

Over $34,000

0

50%

85%

Married filing separately and living with spouse

Over 0 85%

*Provisional income = AGI + one-half of SS benefit + tax-exempt interest

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Maximum amount of other income to avoid tax on Social Security benefits: 50% threshold

Herbert & Lola at age 66Half of Social Security benefit: $47,160 ÷ 2 = $23,580

$32,000 First income threshold for married couple- 23,580 One-half of Social Security benefit$ 8,420 = Maximum amount of other income to remain under 50% taxation threshold

Total income:$47,160 Social Security+ 8,420 Other income$55,580 Total income ($4,632/month)

Can they live on this? If not, go to 85% threshold

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Maximum amount of other income to avoid tax on Social Security benefits: 85% threshold

Herbert & Lola at age 66Half of Social Security benefit: $47,160 ÷ 2 = $23,580

$44,000 Second income threshold for married couple- 23,580 One-half of Social Security benefit$20,420 = Maximum amount of other income to remain under 85% taxation threshold

Total income:$47,160 Social Security+20,420 Other income$67,580 Total income ($5,632/month)

Can they live on this? If not, up to 85% of benefits will be taxable

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Maximum IRAs to keep RMDs under taxation threshold

Herbert & Lola at age 70:Half of Social Security benefit (COLA adjusted): $58,824 ÷ 2 = $29,412

$32,000 First income threshold for married couple- 29,412 One-half of Social Security benefit

$2,588 = Maximum amount of other income to remain under taxation threshold at age 70

Maximum IRA to keep RMDs at age 70-1/2 under income threshold$2,588 x 27.4 = $70,911

$44,000 Second income threshold for married couple- 29,412 One-half of Social Security benefit$14,588 = Maximum amount of other income to remain under 85% taxation threshold at age 70

Maximum IRA to keep RMDs at age 70-1/2 under 85% income threshold$14,588 x 27.4 = $399,711

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Tax planning strategies

• Start drawing down IRAs before age 70-1/2 to reduce RMDs which may cause Social Security benefits to be taxed

• Convert traditional IRAs to Roth

• Reduce expenses: pay down debt, adopt simpler lifestyle

• Continue to manage taxes throughout retirement

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What is Savvy Social Security Planning?

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Savvy Social Security Planning is

Teachingbaby boomers through seminars, workshops,

and individual consultations

Baby boomers want to know . . .

• Will Social Security be there for me?

• How much can I expect to receive?

• When should I apply for Social Security?

• How can I maximize my benefits?

• Will Social Security be enough to live on in retirement?

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Helpingbaby boomers

avoid common mistakes

• Failing to apply for benefits• Applying too early• Not understanding the interplay of earned, spousal,

and survivor benefits• Failing to understand the long-term impact of

decisions made today

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Guidingclients’ decisions through

in-depth scenario planning

• Shows year-by-year income and cumulative benefits using clients’ actual ages and benefit amounts

• Enables clients to make their own decisions; you provide guidance, but the ultimate decision is theirs

• Shows income shortfalls that will need to be made up from other sources, leading to comprehensive retirement income planning

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Establishing yourself as an expert on Social Security

• Learn the rules and stay on top of the literature and new developments

• Identify a niche:

• Boomers approaching age 62

• Women

• Married couples

• Communicate and educate: seminars, workshops, newsletters

• Develop a referral strategy

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Opportunities abound for advisors knowledgeable about Social Security

• Baby boomers are turning 62 at the rate of 10,000 per day

• Social Security is more complicated than people realize

• Decisions made early in the process have far-reaching impact

• The strain on Social Security personnel will increase

• Advisors who understand Social Security will be in great demand

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How we can help

888-336-6884

www/horsesmouth.com/security

savvy social security planning for boomers · savvy social security ... director of retirement and...

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