Social Security and your Retirement Plan
Social Security retirement benefits and filing strategies were significantly changed by the Bipartisan Budget Act of 2015. Some of the changes include:
- Deemed filing now extends to all ages.
- It's still possible for a worker to file for benefits and then suspend receiving them, but "file and suspend" is no longer available as an advanced filing strategy.
- If a primary worker is not currently receiving benefits, their dependents (spouse, children) can no longer collect benefits based on the primary worker's earning record.
- Lump sum payment for those who have filed and suspended benefits will no longer be available.
If you have questions about any these changes or how they may impact you, give us a call and we'll help you to understand how these changes may affect your personal situation.
See how Social Security integrates with your Retirement Planning program with a Social Security Maximization report.
Life Insurance as a part of your Retirement Plan
You get life insurance when you buy a retirement plan policy. By doing this, you are joining a risk sharing group. At the time of your death, the company promises to pay a sum of money to the person or persons selected by you (the beneficiaries) who are named in the policy. This promise is given in return for your agreement to pay a sum of money (the premium) to the company over a specified period of time.
Great Bay Insurance will take care of your loved ones long after you may be no longer able to do so.