Background:
A client that had been recently widowed was both frustrated and emotionally drained because they had attempted to get in touch with the social security office multiple times and had no success making any changes or getting the information they needed.
The Challenge
- The client was unsure of their widower options and every time they attempted to contact the social security office, the wait times were outrageous and when they finally did connect with a staff member, they were unable to assist based on lack of knowledge. The client felt helpless and exhausted from the situation, so they reached out to our team to facilitate a conversation with the social security office to get the answers that they desperately needed.
Solution:
- We initiated the call for the client and waited on the phone with them for over an hour to get in touch with the right person and conducted a successful conversation.
- Our team is educated on the various social security benefits that one can receive based on their situation. Already knowing that widows and widowers can elect certain strategies that most aren’t aware of, we were able to get in touch with the right person to discuss this which amounted to substantially higher benefits.
- The client was able to collect her late husband’s social security benefit starting at her retirement age of 62 while allowing for her benefit to grow by 8% annually until age 70. Then, at age 70, she could collect her own benefit, which will be much higher than what it would have been at age 62 and also higher than her late husband’s benefit.
The Benefit
You don’t have to face difficult situations like this by yourself. Our team is educated on what questions to ask and how to get the information and answers you need when it comes to many facets of financial planning.
These case studies do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted regarding your specific situation.
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