The Pitfalls of Social Security and What Every Retiree Needs to Know About Them

Every year, thousands of retirees get caught in the pitfall that is collecting Social Security. What many people don’t know is that without knowing how to set it up correctly or when you should have all of your preparations finalized you could be setting yourself up for disaster.


On this episode of the David Lukas Show, our informative host talks about all the important things YOU NEED TO KNOW about Social Security. Throughout the hour he educates his faithful listeners on the many common mistakes retirees make and what you can do to avoid them.

So what are the pitfalls of Social Security you ask:

  • Spousal benefit – Some states don’t recognize certain marriages therefore they can’t use the spousal benefit
  • Survivor and death benefit – If you remarry before the age of 60—50 if you’re disabled—you can no longer receive survivor benefits based on your deceased spouse’s work record. The survivor benefit is reduced if you collect before your own full retirement age
  • File and suspend – Doesn’t help single people
  • Delayed claiming – If you die before you collect benefits, you and your spouse will miss out on that income
  • Lump-sum payment – Once you get the lump sum, your future monthly retirement benefit is reduced to reflect the amount you already received.
  • Spousal benefit in divorce – You can claim the spousal benefit if you’ve been married for 10 years or more. But if you remarry, you can not collect the spousal benefit from your ex’s work record. Therefore, your spousal benefit will be reduced if you claim earlier than your full retirement age.
  • Benefits while working – If you claim retirement benefits before full retirement age and continue to work, Social Security will withhold a set amount of your monthly payout above a certain annual income. In 2015 it will withhold $1 for every $2 earned over $15,720. Special rules apply for the specific year in which you reach full retirement age.)

To hear the insight David has to share on Social Security, listen to the entire show today! Do you have Social Security or retirement questions? If so, call or write in to David Lukas Financial, and possibly get your question(s) answered on the air!

Attention Arkansas listeners age 60 and up!

Request your FREE 2016 social security guide (44th edition) by calling (501) 218-8880 today!

Want to know more about how David Lukas Financial can benefit you and your retirement portfolio—call all David Lukas, (501) 218-8880, today to learn more about The WorryFree Retirement® process.David Lukas Financial is conveniently located right here in North Little Rock, Arkansas.