Financial Advice for Millionaires

These are surprisingly good ideas. If you live in the Miami area, you can get a dinner at Ruth Chris.

https://www.kiplinger.com/retirement/604177/financial-advice…

It seems like every article in Kiplinger’s these days is an infomercial for a financial adviser.

intercst

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A free meal at Ruth’s Chris (probably not ordering off the menu) sounds good. But do I really wanna sit through the whole “pitch” for that?

A free meal at Ruth’s Chris (probably not ordering off the menu) sounds good. But do I really wanna sit through the whole “pitch” for that?

I just got one of the Ruth’s Chris offers yesterday in the mail. I filed it appropriated.

PSU

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A free meal at Ruth’s Chris (probably not ordering off the menu) sounds good. But do I really wanna sit through the whole “pitch” for that?

We did once. Not Ruth’s but a local steak place of the same quality.
Decided that it was not worth sitting thru the hard sell.

So next time we just went to the restaurant ourselves and paid the bill. YIKES!!

A free meal at Ruth’s Chris (probably not ordering off the menu) sounds good. But do I really wanna sit through the whole “pitch” for that?

A meal at Ruth Chris’, free or not, is IMO not what it used to be.

IP

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A free meal at Ruth’s Chris (probably not ordering off the menu) sounds good. But do I really wanna sit through the whole “pitch” for that?

I once sat through a presentation on “Maximizing Your Social Security” and got a nice dinner out of it. I knew going in that I was gathering information and was thus prepared for the sales portion of the evening (which was surprisingly soft) and the later follow-up calls, to which I answered that I wasn’t going to use them as my financial advisor.

What I learned was worthwhile:
-Staging SS claiming between spouses can be useful (rather than claim zero until FRA, get the lesser of the SS based on earnings for several years before claiming the other spouse’s SS plus spousal SS based on that for the other)
-Delaying SS after FRA until age 70 increases benefit for the claimer, but doesn’t increase spousal benefit.
-Claiming spousal benefit early reduces death benefit amount even if the “main” spouse doesn’t claim early

So, worth a few “No Thank You’s” and a free dinner. Getting some wrong or not-quite-correct notions corrected made my calculations more accurate.

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-Delaying SS after FRA until age 70 increases benefit for the claimer, but doesn’t increase spousal benefit.

But it does increase survivor benefit for the spouse, if the main earner delays SS until 70.

The rules are different for survivor benefits. A widow or widower whose spouse waited until 70 to file for Social Security is entitled to the full amount the deceased was getting — including the delayed retirement credits — so long as the surviving spouse has reached full retirement age.

https://www.aarp.org/retirement/social-security/questions-an….

IP

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A meal at Ruth Chris’, free or not, is IMO not what it used to be.

True dat! At Morton’s they fill the martini glass :wink:

'38Packard

  • who does not appreciate a half-filled martini glass when paying full price.
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-Delaying SS after FRA until age 70 increases benefit for the claimer, but doesn’t increase spousal benefit.

But it does increase survivor benefit for the spouse, if the main earner delays SS until 70.

The rules are different for survivor benefits. A widow or widower whose spouse waited until 70 to file for Social Security is entitled to the full amount the deceased was getting — including the delayed retirement credits — so long as the surviving spouse has reached full retirement age.

Thanks for the clarification. It looks like I had part of that wrong. The clear part to me was that waiting until spouse & I are 68/67 vs. 70/69 are pretty close, and both of those are way better than 62. Of course, that’s based on my assumptions of at least one of us (and maybe both) living into our 90s.

The clear part to me was that waiting until spouse & I are 68/67 vs. 70/69 are pretty close, and both of those are way better than 62. Of course, that’s based on my assumptions of at least one of us (and maybe both) living into our 90s.

Or one of you could take it at FRA. We will be waiting until 70 for DH, which is pretty close to FRA for me as I am 4 years younger. His work history is much longer than mine since I didn’t pay in for the 2 decades of raising kids and being our financial planner.

IP

-Claiming spousal benefit early reduces death benefit amount even if the “main” spouse doesn’t claim early

On SSA site it appears it would only reduce the benefit if the surviving spouse was under their own full retirement age at the time of death.

" Widow or widower, full retirement age or older—100% of your benefit amount.
Widow or widower, age 60 to full retirement age—71½ to 99% of your basic amount."

and
“If you already receive benefits as a spouse, your benefit will automatically convert to survivors benefits after we receive the report of death.”

On the other hand, it appears that as long as the spouse has only taken their own benefit(rather than spousal), they can choose what age to take the survivor’s benefit.
“For those already receiving retirement benefits, you can only apply for benefits as a widow or widower if the retirement benefit you receive is less than the benefits you would receive as a survivor.” (which appears to show you have to actually apply – nothing automatic)

Or if the spouse has not yet taken their own benefit, they can take the survivor’s benefit for as long as they want before claiming their own benefit (obv. this case might be more relevant for the higher earning or equal earning spouse more than the lower earning)
“If you are also eligible for retirement benefits, but haven’t applied yet, you have an additional option. You can apply for retirement or survivors benefits now and switch to the other (higher) benefit later.”

https://www.ssa.gov/benefits/survivors/ifyou.html
https://www.ssa.gov/benefits/survivors/onyourown.html#h5