Immediate action required; you may be losing more than $50,000! April 29 is the last day anyone age 66 or older can file with Social Security to take advantage of the “file and suspend” strategy! File and suspend allows anyone who is over their full retirement age to allow their benefits to grow to age 70 while allowing a spouse to claim spousal benefits now or in the future on your work record. After this date you must actually start receiving benefits and therefore no longer compound the growth of your benefit to allow a qualifying spouse to collect spousal benefits. Review your situation with one of our Financial Life Advisors as soon as possible.
This is the time of the year when people are confronted with all kinds of Tax scams all with the goal of obtaining personal information about you. Be aware that the IRS never initiates a contact with a taxpayer by phone; the first contact is always in writing. A newer scam involves a call from a purported IRS agent calling to verify information in your tax return with the pretense of expediting your tax refund. The IRS does not contact taxpayers in this way. IRS commissioner John Koskinen has stated “These schemes continue to adapt and evolve in an attempt to catch people off guard just as they are preparing their tax returns; Don’t be fooled. The IRS won’t be calling you out of the blue, asking you to verify your personal tax information.” Be very wary as we have seen instances where people are caught off guard when receiving very official sounding calls.
March 16, 2016