Retirement Advisor | January 2016 | LifeHealthPro.com 10
the news 01.16
3 ways to maximize Social Security benefits under the new law
Nearly 1. 5 millioN baby boomers have the next five months to decide whether to file and
suspend their social security benefits or suspend if they have already filed, according to boston
University Professor laurence Kotlikoff. The following are three of Kotlikoff’s “secrets” to maximize
a client’s social security benefits under the new rules:
Industries millennials think just aren’t cool
TaKe i T from Today’s yoUNg hiPs Ters: retail, construction and
manufacturing are way not cool. And the same goes for insurance.
That’s what research into millennial industry preferences released by The
hartford revealed. only 7 percent of those millennials who participated in
the study said they were interested in careers in those three industries.
other industries are also failing to attract these young leaders of the future,
including insurance ( 4 percent) and wholesaling and utilities ( 3 percent each).
“The results reveal a quiet crisis — a generation of leaders who aren’t
interested in many businesses that drive our nation’s economy,” said The
hartford’s millennial Workplace expert lindsey Pollak. “millennials can help
close this leadership gap by widening their career searches and exploring
jobs, salaries and benefits before writing off whole sectors of the U.s. job
Where do millennials want to work? No big surprises here. arts and
entertainment received the highest markets ( 40 percent) with education
and tech close being at 36 percent. and the best way to lure them to their
less preferred industries, 46 percent of the respondents said, was to offer
them a variety of career opportunities instead of simply a job.
SOURCE: DAN COOK, BENEFITSPRO.COM
The best strategy for most clients remains unchanged. That strategy, Kotlikoff says,
“is to be patient” and to “wait to collect as long as your benefits are still growing.”
If a client is married, he or she may still be able to use the file and suspend strategy.
There are two conditions that have to be satisfied. “one person has to be pretty close to 66 or
over 66 to file and suspend,” Kotlikoff said. “and the other person has to be over 62 by the end
of this year in order to not be deemed to be also filing for retirement benefits by the time they
reach full retirement age and be able to just take their spousal benefit.”
Clients divorced after a marriage of at least 10 years may still be able to collect a full
spousal benefit. divorced clients who were born before Jan. 2, 1954, with an ex-spouse at least
62 years old can file and suspend if the divorce occurred two or more years ago or the ex has filed
for his retirement benefit, Kotlikoff said.
SOURCE: EMILY ZULZ, THINKADVISOR.COM