Today, Jon Gay, Bruce Hosler, and Jason Hosler from Hosler Wealth Management discuss various aspects of Social Security benefits and switching strategies. They start by explaining the concept of switching benefits, which allows individuals to switch to a new benefit when they become entitled, especially if it is higher than their current benefit.
They emphasize that the Social Security Administration doesn't always notify people about switching opportunities, so individuals may not be aware of higher benefits available to them. You will hear an example of an expert who received a misleading letter from the Social Security Administration, highlighting the importance of understanding the rules.
The conversation goes into strategies for determining the best time to file for Social Security benefits, considering factors like health, life expectancy, and spousal benefits. Stressing the importance of using Social Security benefit planning software to explore various options and select the best strategy for each individual's situation.
They also discuss the advantages of filing for benefits online and provide advice on how to communicate your intentions clearly when dealing with Social Security offices. Not all Social Security workers have experience handling complex cases, so keeping the process simple can be beneficial.
Several switching opportunities are highlighted, including spousal add-ons, divorced spouse add-ons, and survivor benefits. These strategies can significantly increase the amount individuals receive in Social Security benefits. Still, they often require careful planning and knowledge of the rules.
For more information about anything related to your finances, contact Bruce Hosler and the team at Hosler Wealth Management: Visit them online at https://www.hoslerwm.com/
Or call them in their Prescott office at (928) 778-7666 or their Scottsdale office at (480) 994-7342.
For more podcast episodes, visit our podcast website at https://hoslerwm.com/protectingwealthpodcast/
Limitation of Liability Disclosures: https://www.hoslerwm.com/disclosures/#socialmedia
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