Book SummaryGet What's Yours, by Laurence J. Kotlikoff, Philip Moeller, and Paul Solman

1-Page Summary1-Page Book Summary of Get What's Yours

The summary covers both the benefits and the rules related to Social Security.

Understanding the broad range of benefits and the intricate rules that come with Social Security can frequently be daunting. Social Security offers support for both retired individuals and those with disabilities, each tailored to specific needs, but comprehending its intricacies requires meticulous attention.

A thorough analysis of the wide range of benefits offered through Social Security.

Social Security offers a range of benefits such as retirement aid, spousal assistance, child support, widow provisions, and disability help. The initiative aims to offer assistance by enabling children who are either young or have disabilities, along with dependent parents and former spouses, to gain from the work record of an individual who has passed away.

Various forms of benefits, such as those for retirement, spouses, children, widows, and disability, are available.

To qualify for spousal benefits, the other partner must already be receiving their own retirement benefits, although individuals can start claiming retirement benefits from age 62. Benefits for children are provided to individuals under the age of 18 or to those who suffered a disability before reaching 22, and benefits for surviving spouses necessitate a minimum of nine months of marriage for eligibility; such benefits can start at age 60, or at age 50 for disabled individuals.

Different benefits are determined using specific criteria and methods.

The approach to calculating benefits takes into account factors like the age at which one is fully eligible for retirement and the foundational insurance sum, which is derived from a complex formula that averages indexed monthly earnings over a certain duration. When a spouse is caring for a child who is either...

Get What's Yours Summary Strategies to maximize the lifetime sum of Social Security payouts.

Understanding the intricacies of Social Security can help people maximize their benefits throughout their lifetimes. The author provides strategies that focus on the importance of patience, timing, and personal circumstances.

Strategically scheduling when you file for your benefits is crucial.

To optimize the benefits one obtains from Social Security, it is crucial to strategically decide the timing of the claims and to practice patience. A pair, both 62 years old and having incomes that surpassed the FICA taxation threshold for Social Security, would be entitled to an annual sum of approximately $50,000 if they opted to start receiving benefits at that time. To generate a yearly income that keeps pace with a 2 percent inflation rate, they would have to amass savings exceeding $1.3 million.

Couples who delay the commencement of their Social Security benefits until age 70 can see their payments rise by 76 percent compared to beginning at age 62. However, only about 2% of Americans choose to postpone their Social Security benefits until they turn 70, possibly due to the prevalent belief that receiving benefits sooner or delaying them will result in an equivalent total amount...

Get What's Yours Summary The impact of one's marital state, the ramifications of ending a marriage, and the significance of benefits for survivors.

Grasping the impact of one's previous marital history, the ramifications of divorce, and the regulations governing survivor benefits can significantly influence the strategy for maximizing Social Security benefits. Individuals need to navigate skillfully through the complex web of Social Security rules to maximize their benefits.

Grasping the complexities associated with spousal benefits and those available to divorced individuals can prove to be quite challenging.

Married couples have the option to apply for benefits and subsequently put a hold on their claim.

The eligibility for Social Security benefits is significantly influenced by whether you are married, divorced, or widowed, encompassing various stipulations for each marital status. For example, Cheryl qualifies to begin collecting spousal benefits when Phil turns 70, and she is able to continue receiving these benefits until she reaches the same age, assuming she was at least 62 years old before January 2, 2016. Recent laws have led to a scenario in which senior citizens who choose to suspend their pension payments will also prevent their spouses or dependents from receiving any supplementary benefits during...

Get What's Yours Summary Changes to the rules that dictate the sustainability and operation of the Social Security program.

The structure of Social Security within the United States has undergone notable changes and still faces issues concerning its fiscal soundness, potentially necessitating further adjustments.

The 2015 Bipartisan Budget Act introduced several changes.

The cessation of tactics such as "file-and-suspend."

The 2015 Bipartisan Budget Act significantly altered the structure of the Social Security system. The cessation of the file-and-suspend tactic, previously a common method among married couples to maximize their Social Security advantages, signified a substantial shift. The strategy that allowed one partner to start receiving retirement benefits and then suspend them, which in turn allowed the other partner to claim spousal benefits, encountered restrictions six months after new laws were implemented.

The rules for evaluating and then pausing payments upon attaining the age of full retirement have undergone revisions.

The legislation established fresh guidelines for evaluating eligibility upon attaining the Full Retirement Age (FRA). People who had not reached 62 years old by January 1, 2016, are deemed to be requesting all qualifying benefits upon filing for either...