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Your Social Security Divorce Options Have Just Changed

Your Social Security Divorce Options Have Just Changed

If you are divorced, the recent changes to the Social Security law may mean that you will not be able to collect as much from Social Security as you had thought.  That is because the Budget Act of 2015 eliminated the option for anyone born after 1953 to file what is called a restricted application.

A restricted application allowed you to begin collecting a Social Security retirement benefit from your ex-husband at your full retirement age and then switch to receiving benefits based on your work history at age 70.  This made sense for many divorced women because for every month you delay starting your Social Security benefits, the amount of your monthly benefits increases.  A restricted application would allow you to get paid based on your ex-husband’s Social Security benefits while waiting for your benefits to grow larger.

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Five Surprising Facts About Divorce and Social Security

Five Surprising Facts About Divorce and Social Security

Not too long ago, a friend of ours gave us a bottle of pure maple syrup from Vermont.  It was delicious.

It got me thinking about the process of how maple syrup was made.  I wasn’t sure how they got syrup from a tree, so I did a little bit of online research.  Apparently, they put what they call a spile into a tree and the tree sap comes out through the spile and into a container below.

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5 Easy Ways to Lower Your Income Taxes

5 Easy Ways to Lower Your Income Taxes

5 Easy Ways to Lower Your Income Taxes

 

When you filed your tax return, did you think to yourself, “I’m paying too much,” or “What can I do to lower my taxes?

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Is Your Giving Going Where You Think It Is?

Is Your Giving Going Where You Think It Is?

Is Your Giving Going Where You Think It Is?

One of the greatest feelings comes from being able to give to others.  You want to make sure that as many dollars of your donation as possible actually reach the people in need that you are trying to help.  A few minutes of research can make sure your donation makes a strong impact.

QUESTIONS TO ASK ABOUT A CHARITY

Is the charity making the most of the money you donate? - While most charities have the greatest of intentions, not all charities are as careful with their operating expenses as one might like.   A rule of thumb is to look for at least 75% of funds to be directed to programs.  A high percentage of giving can be seen at a charity like Donors Choose, a charity that allows individuals to fund specific project requests from teachers in U.S. public schools, which directs 94.7% of all donations directly to the projects.

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Irmaa Who?

Irmaa Who?

Our team of advisors just spent several hours discussing IRMAA and honing strategies to deal with this pest.

No, I didn’t misspell it, and I’m not referring to Erma Bombeck or a great great aunt of mine. This is the Income Related Medicare Adjustment Amount. Simply put, the more income on your tax return in retirement, the more you will pay for your Medicare Part B and Part D prescription drug premiums.

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Securities offered through Royal Alliance Associates, Inc., member FINRA/SIPC. Insurance and investment advisory services offered through Phase 3 Advisory Services Ltd., a registered investment advisor not affiliated with Royal Alliance.

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