Social Security and Retirement Planning: by Married Couples, Divorced Spouses, Widows and Widowers

As part of planning for a secure financial retirement individuals should have a retirement budget projecting sources of income and estimated expenses during their retirement years. One of the key components of most retirees' retirement income is their Social Security benefit. Although Social Security is a major element of most people's financial planning for retirement, due to its complexity many prospective retirees don't have a full understanding of this significant benefit and for the potential benefit for which they could become eligible. This book helps simplify and promote understanding of the Social Security rules for married couples, divorced spouses, widows and widowers, and the Social Security planning opportunities available to them. Although Social Security is also important for unmarried individuals and for people with disabilities (and their families) this book does not address their specific concerns. To help prospective retirees understand important areas within Social Security many examples are used to illustrate the key rules governing Social Security benefits for married (and formerly married) couples. After explaining the many rules impacting married couples, divorced spouses, widows and widowers a comprehensive example is provided illustrating the financial impact of different Social Security decisions made by a couple during their retirement years. Additionally, although the BiPartisan Budget Act of 2015 significantly reduced retirees' Social Security planning opportunities a full chapter is devoted to planning options still available to married couples, divorced spouses, widows and widowers after the law's passage. Taking advantage of these planning opportunities may allow retirees to better utilize their Social Security benefits to improve their finances during their retirement years. In order to highlight key elements in the planning process Planning Points and Cautions are highlighted throughout the book to focus on potential opportunities or traps within each area. Summary material is also provided as a general reminder of some of the key planning areas described in this book.