In advance of our third client story, I wanted to introduce our newest team member, Tyler Cetrulo.
Tyler has worked in multiple leadership positions within Corporate Revenue and Corporate Accounting for the past five years, managing teams composed of very different personalities and backgrounds. His mission is to seek out solutions for others and to put their goals ahead of his own.
The hiring process took over 7 months. It was extremely important to get the right fit in terms of how we want to serve our clients.
We wanted to further expand the scope of financial planning services we provide to you, including tax planning along with even more comprehensive retirement income and estate planning. Tyler has been helping us to implement these additional service offerings so we can elevate our client experience.
Our third client story is about a couple in their 60s looking for additional cash flow to supplement their work income.
One spouse was 62 at the time and no longer working. The other was 67 and earning income from self-employment.
The older spouse was considering claiming his Social Security benefit to get a strong cash flow boost.
However, the older spouse was born before January 2nd, 1954. This allowed him to take advantage of a “Restricted Social Security Filing,” available to individuals born prior to this date. The restricted filing introduced a new cash flow stream to which they didn’t know they were entitled.
Our suggested solutions included the following:
- Have the younger spouse claim her Social Security. The restricted filing then allowed the older spouse to claim his spousal benefit off her work record. Therefore, they were collecting both her Social Security benefit and his spousal benefit giving them a similar cash flow boost as if he just claimed.
- By only claiming his spousal benefit, he was able to let his benefits continue to grow until he turned 70.
- If his benefit had been claimed as originally planned, they would have missed out on spousal benefits for three years. Furthermore, he would have been locked into a lower lifetime benefit at age 67 and can now take a higher lifetime benefit at 70. This can be a huge additional income benefit to both spouses for as long as they live.
Our motto is “we can help you with that.” We will collaborate with you on any financial decision you make, engaging other subject matter experts when necessary. We will not stop until we get things right.
We encourage you to reach out to us for assistance making important financial decisions and we always appreciate you recommending us to others.
Any examples given are for illustrative purposes only and not meant to provide specific advice or recommendations for any individual. We strongly recommend you consult a qualified professional regarding your specific situation.