Perspective | Vol. 1 Issue 1 | Fall 2021

Estate Planning continued...

Once you reach full retirement age, you can work and earn as much income as you want without reducing your Social Security retirement benefit. Keep in mind that if some of your benefits are withheld before your full retirement age, you will generally receive a higher monthly benefit at full retirement age because, after retirement age, the SSA recalculates your benefit every year and gives you credit for those withheld earnings. Retirement Benefits for Qualified Family Members Even if your spouse has never worked outside your home or in a job covered by Social Security, they may be eligible for spousal benefits based on your Social Security earnings record. Other members of your family may also be eligible. Retirement benefits are generally paid to family members who rely on your income for financial support. If you are receiving retirement benefits, the members of your family who may be eligible for family benefits include: Your spouse of age 62 or older, if married at least one year Your former spouse of age 62 or older, if you were married at least 10 years Your spouse or former spouse at any age, if caring for your child who is under age 16 or disabled Your unmarried child under age 18 Your unmarried child under age 19, if a full-time student (through grade 12) or over age 18 and disabled if the disability began before age 22 Your eligible family members will receive a monthly benefit of as much as 50 percent of your benefit. However, the amount that can be paid each month to a family is limited. The total benefit that your family can receive based on your earnings record is about 150 to 180 percent of your full retirement benefit amount. If the total family benefit exceeds this limit, each family member’s benefit will be reduced proportionately. Your benefit won’t be affected.

How Do You Apply for Social Security Retirement Benefits?

The SSA recommends that you apply three months before you want your benefits to start. To apply, fill out an application on the SSA website, call the SSA at (800) 772-1213, or make an appointment at your local SSA office. When preparing to apply for Social Security retirement benefits, it’s important to speak with a trusted advisor. Your wealth advisor can assist you in applying for your Social Security retirement benefits and create the best strategy to ensure you get all of the benefits available. If you have questions or concerns about applying for Social Security retirement benefits or planning your ideal work-optional lifestyle, contact us at 317-663-5600 or .


Wealth and Family: How Your Wealth Advisor Can Help with Family Dynamics

Kelli Maxwell Communications and Marketing Manager

When it comes to family wealth advisors, they exist in several professions such as accounting, banking, financial planning and law. Their professional skills are focused on the services and advice they provide for families, not the family unit itself. However, your financial advisor needs to have the skills necessary to deal with complex financial issues that arise in high-net-worth and ultra- high-net-worth families.

While they are not likely trained as a family mediator or counselor, your wealth advisor should possess the ability to bring family members together to address important issues and differences, resolve disputes and help with family governance. Being so close to the family, a trusted advisor observes several types of personal family issues. While a wealth advisor’s primary duties revolve around business and financial issues, their profound evaluation of the family’s needs often uncovers problems that the family members may not have considered.

16 PERSPECTIVE Fall 2021

PERSPECTIVE Fall 2021 17

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