Gayle Lob – Divorce Dialogues

The Bipartisan Budget Act & Changes to Social Security with Gayle Lob

Katherine Miller — Wed, 18 May 2016 01:00:39 +0000

EP: 023

Gayle Lob

The Bipartisan Budget Act & Changes to Social Security

With the Bipartisan Budget Act of 2015, lawmakers closed the loophole that allowed a worker to file for social security benefits and then suspend payments—while his or her partner collected the spousal benefit. How might these changes impact your social security benefits? How can you maximize the amount you receive from the government? And how are social security benefits calculated in the first place?

Gayle Lob is the President and CEO of Lob Planning Group. With 29 years of experience in financial planning, investment management and insurance, she is adept at helping people manage life transitions and plan for financial security and independence. Gayle is also an authority in the realm of social security benefits, and she has shared her expertise on CNBC, CNN and Fox 5 New York.

Today, Gayle joins Katherine to explain the new rules around social security that came with the passage of the Bipartisan Budget Act, specifically focusing on the elimination of the file-and-suspend strategy. She offers insight into why it’s beneficial to wait as long as possible before you start collecting and why you should consider inflation in the process of retirement planning. Listen in to understand the rules of collecting the spousal share on an ex and learn how social security benefits are calculated—and where to go to verify your earnings record!

Topics Covered

Why Gayle recommends waiting as long as possible to collect social security

Start at 62, collect max of $2K/month
25% increase if wait until age 66
Additional 8% increase every year to 70
Potential to double income

The rules around collecting social security on an ex-spouse

How the rules changed with the passage of the Bipartisan Budget Act

Who is still eligible to employ the file-and-suspend strategy and who is not

Why you should take inflation into consideration in retirement planning

The generous rules around claiming early for widows and widowers

The lack of formalized rules in social security for same sex marriages

How social security benefits are calculated based on your highest 35 earning years

Why it’s important to make sure your earnings record is accurate

Connect with Gayle Lob

Lob Planning Group

Call (914) 428-6440

Resources

Bipartisan Budget Act of 2015

‘Retiring After 65 May Help People Live Longer’ in the Wall Street Journal

Social Security Website

Connect with Katherine Miller

The Center for Understanding Conflict

Miller Law Group

Katherine on LinkedIn

The New Yorker’s Guide to Collaborative Divorce by Katherine Miller

Email katherine@westchesterfamilylaw.com

Call (914) 738-7765

The post The Bipartisan Budget Act & Changes to Social Security with Gayle Lob appeared first on Divorce Dialogues.

Don Juan, Divorce and the Spousal Benefits of Social Security with Gayle Lob

Katherine Miller — Fri, 23 Oct 2015 01:00:43 +0000

EP: 010

Gayle Lob

Don Juan, Divorce and the Spousal Benefits of Social Security

According to the Economic Policy Institute, nearly half of families in the US have no retirement savings at all, and the failure to set money aside for the future ranks as the number one financial regret among Americans. So what if you are counting on receiving spousal benefits through social security, but your marriage ends in divorce? Can you still collect the spousal share? How long should you wait to claim to get the maximum return? Is your ex-spouse involved in the process?

Gayle Lob is the President and CEO of Lob Planning Group, a securities and advisory services firm based in Purchase, New York. Gayle has been helping people manage life transitions since 1987, giving clients the tools they need to plan for financial security and independence. Gayle is an expert in the rules of social security and integrating those benefits into a complete retirement picture, and she has appeared on CNBC, CNN and Fox 5 New York.

Today, Gayle sits down with Katherine to sift through the complex rules of social security. She explains the difference between early retirement and full retirement, addressing how to earn the maximum benefit by waiting to collect. Gayle walks us through the process of claiming spousal benefits in a number of different circumstances, including situations where the partners are still married, divorced or remarried. Listen in for insight around planning for inflation and learn why you cannot depend on a cost-of-living adjustment to social security benefits.