What is the Social Security spousal benefit? Joe and Big Al explain this as well as dive into reverse mortgages to cover how your home equity could help you in retirement.
2:57 “If you’re married you have a spousal benefit, or if you were married and divorced and were married to that individual for ten years, you could potentially qualify for that spousal benefit on your ex-spouse as long as you haven’t re-married.”
5:23 “If I take the spousal benefit prior to my full retirement age, I would receive a reduction in that benefit. You can take Social Security benefits as early as 62.”
8:17 “When you look at a restricted application, that goes hand in hand with your spousal benefit.”
14:19 “A lot of us are living longer and you’ve got to think of Social Security as maybe longevity insurance.”
17:23 “The difference between [taking your Social Security] at age 62 versus age 70 is a 76% increase.”
23:03 “She [Hillary Clinton] wants to keep the tax brackets that we have right now as is except she wants to add a surtax if your adjusted gross income is over $5 million.”
25:31 “Trump would actually like to reduce our taxes; he wants to take it to three brackets – 12%, 25% and 33%. Right now our lowest bracket is 10% and our highest is 39.6%.”
35:57 “Costs of buying and selling a home only to do it again during retirement might cost you more money.”
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