This workshop has been postponed. A future date will be announced soon. We apologize for any inconvenience this may cause and will update this page with more details about the new date.
Looking at the Big Picture
When you think about retirement, you often think of your 401(k), pensions, and personal savings and other assets you’ve worked hard to build over the years. Social Security is the other asset you have been building through your working years that you may not be considering as part of the picture. The benefits you may be entitled to receive through Social Security could add up to a significant part of your retirement income, changing the picture you may already have in mind.
How do Benefits Work for Married Couples?
For married couples, a spouse can be entitled to as much as one-half of the retired worker’s full benefit, regardless of their own earning record. Therefore, spouses who have their own earnings records have the choice of receiving either 50% of their spouse’s benefits or the benefits they earned on their own, whichever is greater.
When your spouse predeceases you, you have another choice to make if you have been receiving benefits on your own earnings record and your deceased spouse had a higher benefit: you can elect to upgrade to the higher benefit as the survivor. The implication is that if you or your spouse expects to be long-lived, you are probably going to want to make selections that will lock in the highest benefit stream possible from Social Security. For many, this may mean holding off on filing for benefits until at least reaching the full retirement age.
Benefits for the Divorced
Although a former spouse may no longer be part of your day-to-day life, their Social Security benefits may be able to support you throughout your retired life. If you are a divorcee, you can determine if you are eligible to receive spousal benefits through your ex-spouse. If you decide to file for spousal benefits, it will not affect the amount of your former spouse’s benefit, nor will it affect his or her current spouse’s ability to receive benefits.
Food and refreshments will be provided.
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS.
San Francisco Fire Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.