My client is 70 and has started taking benefits on his record. His wife is 62 now and working. When I run the report for first few years she hardly gets any benefits base on her husband’s record. Does income adjustment also apply to spousal benefits?
I have an interesting Social Security situation. The wife (who is currently 64) has a $1,000 monthly income from her government pension, she is subject to the WEP. Can the wife start taking her own PIA now (net of WEP), and later switch to taking 50% of her husband’s when she reaches 66? Since she is subject to the WEP adjustment, can she still take the greater of 100% of her own PIA or 50% of her husband’s?
According to a recent Legg Mason survey people spend 475 hours or more worrying about money each year. That’s nearly 25% of about 2,000 hours that a typical employee works per year. That’s a huge productivity loss for employers. Perhaps the key to address this issue is an effective financial education.
Why do the Maximize Benefits and the Analysis Report give different recommendations?
In a recent survey of over 400 plan sponsors ( http://www.plansponsor.com/Fee_Disclosures_Had_Negligible_Effect_on_Participants.aspx ), it was found that only 1% of plan sponsors participating in the survey reported seeing positive or negative changes in participant behavior. Is it surprising? If a plan participant has an issue with fees what can he/she do about it?
I find entering milestone names in place of dates a lot more helpful than entering individual dates. I’m wondering if I can define a milestone date for my client’s date of birth and use milestone name instead of a date. I tried it but the system won’t allow. Any help would be appreciated.