Gary (66) & Linda (63)

Gary and Linda were days away from filing for Social Security when they decided to attend our workshop at the Ironwood Library in South East Phoenix in October of 2015.

After the workshop, Linda approach Michael Eberhardt, the presenter and asked for clarification.
Linda said;  “I stopped working last year and I am ready to file for my Social Security. If I will not be working anymore and I collect my Social Security now, my Social Security will not be subject to penalties if Gary continues to work,   right"?

Michael assured her, "No, not as long as you will not work or earn more than the $15,720".  

Gary said, "I am 66 now and still working, if I take my Social Security it will not be penalized either, right"?  Linda's immediate response was "Gary you don't need Social Securit right now; you're still working." 

Mr. Eberhardt suggested before filing they might want to take advantage of a complimentary Social Security Analysis, and they both agreed.

They met with Eberhardt and provided their Social Security and income information for the FREE ANALYSIS.

It turned out that Linda wanted to start her Social Security so she and her sister could travel without using the money from Gary's 401(k).  Gary was still working and earning over $140,000 a year and still contributing $24,000 to his 401(k), and his employer was matching 6%. 

When Eberhardt explain that Gary's Social Security at age 66 is more than $30,000 a year it would wipe out the tax benefit of funding his 401(k).  Plus, he would pay taxes on 85% of his Social Security. 


Mr. Eberhardt explained there was an alternative that Gary and Linda should consider.

  • Gary could file a Restricted Application and qualify for 1/2 of Linda's Social Security,  but, 1/2 of what Linda would have been eligible for at age 66 $16,466 (because Gary is 66) or $32,932 over the next four years.

  • At that time, Gary's Social Security will be $3446 a month or $41,352 annually.  Over $11,000 additional per year for life.

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