What’s new for Social Security in 2025?

What’s new for Social Security in 2025? – With some 73 million Americans relying on Social Security for monthly income, there is a lot of interest in the recent changes to Social Security benefits. Jeff Perry and Russ Ball discuss the recent...
What’s new for Social Security in 2025? – With some 73 million Americans relying on Social
Security for monthly income, there is a lot of interest in the recent changes to Social Security
benefits. Jeff Perry and Russ Ball discuss the recent updates, including the repeal of the Windfall
Elimination Provision (WEP), 2025 cost of living adjustment, and changes to income levels
related to income taxes. Jeff and Russ informed listeners how to check on their future benefit
estimates. Jeff and Russ also discuss best practices for retaining important documents, including
income tax supporting data, military records, and more.
Check out our previous podcast on Social Security Fairness and the repeal of WEP:
https://somethingmorewithchrisboyd.libsyn.com/social-security-fairness
For more information or to reach Chris Boyd, Russ Ball or Jeff Perry, click the following link:
https://www.wealthenhancement.com/s/advisor-teams/amr
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Welcome to something more with Chris Boyd.
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Chris Boyd is a certified financial planner, practitioner,
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and senior vice president, financial advisor at Wealth
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Enhancement Group, one of the nation's largest registered
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investment advisors.
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We call it something more because we'd like
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to talk not only about those important dollar
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and cents issues, but also the quality of
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life issues that make the money matters matter.
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Here he is, your fulfillment facilitator, your partner
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in prosperity, advising clients on Cape Cod and
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across the country.
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Here's your host, Jay, Christopher Boyd.
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Hello and welcome to another episode of the
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something more with Chris Boyd podcast.
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My name is Jeff Perry, and I'm one
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of the team AMR individuals here.
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And I'm sitting in for Chris this week.
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I have with me Russ Ball in the
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studio as well, running the control panel and
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my cohost for the show.
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How are you doing Russ?
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Pretty well.
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Thanks, Jeff.
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How are you?
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Good.
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Uh, Superbowl is coming up.
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That's right.
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It's, it's not the teams that I had
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hoped for.
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I think every team I was rooting for
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in the playoffs lost every time.
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I, uh, you know, if it's not new
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England, it's not as important.
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Right.
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But it's still quite a spectacle and I'll
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be going to a Superbowl party.
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And so I'm rooting against the chiefs.
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I think I understand now how the rest
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of the country felt about the patriots.
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You know, I, I didn't understand at the
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time I'm going, why don't you love the
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Patriots?
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They're nice people.
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They do a lot in the community, but
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they, yeah.
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How about you?
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Well, I'm a long suffering, uh, New York
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Jets fan.
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So, yeah, that's a big statement to acknowledge
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on air.
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Oh, well, you know, it's, uh, it's hard
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to, uh, be a fan of a team
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like the Jets, but, um, I watched their
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games, you know, uh, when they're playing and,
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and the season was not unlike any other
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Jets season, but, uh, had the potential to
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be.
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Yeah.
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Well, there's always potential.
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And then, uh, Aaron Rogers, it's one of
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those teams that always seems to underperform no
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matter who they have and no matter what
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goes on.
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So I have a friend and a neighbor
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who lives right across the street from me.
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He's a retired New York city police officer
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and he's a Jets fan as well.
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In the fall, August, he was, he was
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confident.
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Oh yeah.
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Yeah.
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Yeah.
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I think all of, all of New York
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is pretty confident, not so much about the
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Giants, but, uh, about the Jets at least.
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And, um, didn't pan out, didn't, didn't pan
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out, but, uh, here we are.
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I got the Eagles who is, uh, you
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know, they, uh, no, not a lot of
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New Yorkers are fans of the Eagles and
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then, and the chiefs, so it's not, not
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a great, uh, matchup for, for, uh, you
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know, old New Yorkers, but, but, uh, yeah,
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it should be a good game.
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I mean, the teams look pretty evenly matched.
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Um, I'm rooting for the Eagles.
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Um, not because I don't like New York,
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which is a reason to, apparently the root
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for the Eagles.
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Um, I just, I guess I'm just want
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somebody else to win.
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I agree.
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I agree.
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It's time for some, some new, uh, a
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new winner out there.
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And, um, it would, you know, you always
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feel like when the team's one enough and
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you, you've been on the other side of
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this, obviously with the Patriots.
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So I didn't mind it at all.
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And my team's winning.
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Yeah, but no, it's, it's time for a
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different team to, to take it together.
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But yeah, lots of reasons to watch Superbowl.
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I mean, some people watch it for the
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halftime.
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Some people watch it for the game.
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Some people bet on these games, squares and
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all that.
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And then some people are going to watch
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it to see how many times Taylor Swift
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is on TV.
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That's right.
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Well, at least you got another Superbowl, more
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people tuning in.
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But yeah, my, whenever we do a Superbowl
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party at my place, it's a couple of
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people watching the game, a couple of people
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talking on the side, cool people play a
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game or whatever, just waiting for the good,
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uh, good ads to come up on TV.
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So it'll probably be like that this year
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as well.
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Yeah.
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Um, go, go Eagles, but at the end
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of the day, I don't really care.
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Yeah.
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Hopefully it's a good game.
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That's, that's what we're hoping for.
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Well, we're not here to talk about football,
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though.
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It sounds like we could probably do a
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podcast on football.
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We're here to talk of today, um, just
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to summarize the changes coming to social security
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in 2025.
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It's a new year and there's changes every
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year.
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Some of them are, you know, kind of
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boring, but we'll still talk about them.
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The big news of 2025 social security.
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And we, we did a podcast on it.
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Uh, you know, when the break news was
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breaking and the elimination, uh, the repeal of
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the windfall elimination provision, which had to do
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with, um, public employees, government employees who did
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not pay into social security during the years
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that they worked for a governmental entity that
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did not collect social security.
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They are their social security.
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If they had earned it with private sector
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work, um, was reduced depending on how many
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years and a formula, um, because they had
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a public pension and many public employees fought
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for decades to have this repealed.
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And finally, that's one of the last things
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that president Biden did in an office, I
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guess, was sign the social security fairness act,
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which repealed this.
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So I think most government employees, uh, present
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and former have heard about it.
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But if you haven't heard about it, I'll
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put a link in the show notes to
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the podcast that we did.
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And if, after you listen to it, if
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you have a question, please feel free to
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reach out to us.
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You know, it's a, it's a big deal
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for people who, uh, did have, or would
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have had their social security reduced because they
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worked for the government.
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Yeah.
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And that's, uh, you know, especially, uh, relevant
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in states like, uh, Massachusetts, Texas, California, where,
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um, government employees are not paying into social
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security and, and they're sort of punished in
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a way, uh, as, as a result, but,
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uh, um, yeah, definitely a good time to,
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uh, to check on your financial plan, uh,
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see how that might impact the plan and,
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uh, we can definitely, definitely help with that.
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I did talk to one, uh, of our
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clients last week, I guess it was.
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And I assumed I said, Joe, that's not
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his name.
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Um, Joe, I'm sure you've heard about the
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repeal of the windfall elimination provision.
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He says, I have no idea what you're
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talking about.
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Yeah.
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So he actually assumed, and this was a
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misconception.
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It's such a big misconception that, and, and
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Joe didn't know about it.
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I feel like I need to say it
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again is because of this decades long provision,
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many public employees drew the misconception of if
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I worked for the government and get a
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pension, I don't get social security.
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That's that that's wrong.
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It was always wrong.
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So not only did he think that he
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hadn't heard about the elimination of the elimination.
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So he was very happy to with, uh,
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and he jumped on, on the call.
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We jumped on social security, uh, for your
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own account, people should do that and check
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their benefits, future benefits or current benefits, and
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he's going to have like an $800 monthly
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benefit that he didn't know existed.
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Wow.
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Yeah.
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So if you're not sure, learn more about
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it and please feel free to contact us
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if we can be of assistance.
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And on that one other point on that
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is, uh, that there is a retroactive period
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from, uh, from the beginning of last year,
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I believe.
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Uh, so that might end up coming in,
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you know, one larger chunk from, uh, what
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you, what you might've been, uh, that's right.
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Oh, so, uh, you know, nice timetable on
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the retroactivity payment, but it's coming sometime.
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Right.
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Right.
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So I just, uh, prepare for that and
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maybe you can, uh, have that as a
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thought for projects that you have or, or
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put it extra into savings, whatever you might
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want to do, but, uh, just know that
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that might be coming.
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So that's right.
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Good news for a former and future, future,
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former past, everybody who worked for the government
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at some point, and it's just a matter
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of fairness.
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And, um, I'm about, I'm biased.
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I'm uniquely, not uniquely, I'm personally impacted by
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that as well.
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So it's full disclosure.
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There's a reason that I'm so happy about
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it.
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So for those 73 million people out there
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that receive retirement income from social security, did
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you realize there were 73 million Americans that
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get so they're on social security?
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No, that's a big number.
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Well, so they're, they're interested in all of
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these issues that we're going to talk about.
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Uh, I think most of them are positive.
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Uh, maybe not as positive as people wished,
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you know, uh, they get an annual cost
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of living when you hear the word Cola,
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that means cost of living adjustment.
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And during COVID when inflation was high, it
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was 8.7% for 2023.
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That was, that was a bump that was
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much higher than his history indicates last year,
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00:09:14,460 --> 00:09:17,780
24 was 3.2, which is still a
262
00:09:17,780 --> 00:09:18,500
nice increase.
263
00:09:18,500 --> 00:09:21,420
Uh, this year it's 2.5. Yeah.
264
00:09:21,880 --> 00:09:23,960
So you should have already received that.
265
00:09:23,960 --> 00:09:25,220
It's not bad.
266
00:09:25,360 --> 00:09:27,160
It's an increase, you know, not, not everything
267
00:09:27,160 --> 00:09:29,400
gets adjusted for inflation, but this does.
268
00:09:30,940 --> 00:09:34,940
So the average monthly payment, um, people often
269
00:09:34,940 --> 00:09:36,540
ask, you know, how much should I expect
270
00:09:36,540 --> 00:09:38,660
from social security when I retire?
271
00:09:38,660 --> 00:09:40,480
When we talk to them, obviously the best
272
00:09:40,480 --> 00:09:42,160
choice is to go onto the social security
273
00:09:42,160 --> 00:09:43,980
website and create your account and get your
274
00:09:43,980 --> 00:09:46,220
own earnings benefit statement.
275
00:09:46,720 --> 00:09:50,420
Um, not just because it is accurate and
276
00:09:50,420 --> 00:09:53,000
they'll project out at different ages, what your
277
00:09:53,000 --> 00:09:54,800
social security benefit will be.
278
00:09:55,120 --> 00:09:57,380
It's also a great opportunity to make sure
279
00:09:57,380 --> 00:09:58,240
it is accurate.
280
00:09:58,460 --> 00:10:00,680
You can look at your earnings in any
281
00:10:00,680 --> 00:10:02,280
given year in your past.
282
00:10:03,160 --> 00:10:05,560
And if something doesn't look right, you know,
283
00:10:05,560 --> 00:10:07,120
go back to your tax return.
284
00:10:07,760 --> 00:10:09,960
If you have them, that's a discussion for
285
00:10:09,960 --> 00:10:11,420
later in the podcast, I guess.
286
00:10:12,640 --> 00:10:15,480
Um, but to validate that the earnings that
287
00:10:15,480 --> 00:10:17,660
you're being credited with the years of earnings,
288
00:10:17,940 --> 00:10:21,340
um, are accurate because that will affect your
289
00:10:21,340 --> 00:10:22,420
social security adjustments.
290
00:10:22,420 --> 00:10:24,480
And it's always better to deal with things,
291
00:10:24,660 --> 00:10:26,980
you know, before you're applying for benefits to
292
00:10:26,980 --> 00:10:27,660
have them corrected.
293
00:10:28,000 --> 00:10:31,840
So, but the average, um, social security benefit
294
00:10:31,840 --> 00:10:38,720
is $1,976 for the average person, which
295
00:10:38,720 --> 00:10:41,400
is up from $1,788 last year.
296
00:10:41,540 --> 00:10:43,640
So the average benefit is up.
297
00:10:44,600 --> 00:10:45,080
Okay.
298
00:10:45,100 --> 00:10:47,040
Always, always nice to see those numbers going
299
00:10:47,040 --> 00:10:49,540
up, but I think it, you raise a
300
00:10:49,540 --> 00:10:51,820
good point that, uh, checking on the social
301
00:10:51,820 --> 00:10:53,560
security website is the best thing you can
302
00:10:53,560 --> 00:10:53,780
do.
303
00:10:53,840 --> 00:10:55,800
It's, it's more accurate if we have that
304
00:10:55,800 --> 00:10:57,540
information for a financial plan.
305
00:10:57,900 --> 00:11:00,500
Uh, and, um, uh, it's pretty easy to
306
00:11:00,500 --> 00:11:01,880
set up and create your account.
307
00:11:02,140 --> 00:11:02,820
It is.
308
00:11:02,900 --> 00:11:05,300
And it's good to see, um, you know,
309
00:11:05,300 --> 00:11:07,400
a lot of, a lot of people ask
310
00:11:07,400 --> 00:11:09,620
us the question of when should I collect
311
00:11:09,620 --> 00:11:12,240
social security or some people just default while
312
00:11:12,240 --> 00:11:13,560
I can get it at 62, I'm getting
313
00:11:13,560 --> 00:11:14,200
it while I can.
314
00:11:14,300 --> 00:11:14,440
Right.
315
00:11:14,440 --> 00:11:17,300
Um, but when you really look at the
316
00:11:17,300 --> 00:11:20,960
difference between ages, say 62 and 70, which
317
00:11:20,960 --> 00:11:23,140
is kind of the range of range of
318
00:11:23,140 --> 00:11:26,180
different, um, it does, it should make you
319
00:11:26,180 --> 00:11:29,240
pause and say, Hmm, should I wait?
320
00:11:29,300 --> 00:11:31,080
Let's, let's do some math and that's this
321
00:11:31,080 --> 00:11:32,440
math that we do for our clients all
322
00:11:32,440 --> 00:11:32,860
the time.
323
00:11:32,860 --> 00:11:35,860
It's, it's a, it's not a simple calculation
324
00:11:35,860 --> 00:11:37,360
cause you have to factor in the value
325
00:11:37,360 --> 00:11:39,840
of money, the worth of money, you know,
326
00:11:39,860 --> 00:11:42,660
and it's factored on your health certainly.
327
00:11:43,200 --> 00:11:44,980
And of course the first question is, do
328
00:11:44,980 --> 00:11:46,020
you absolutely need the money?
329
00:11:46,020 --> 00:11:48,400
If you need the money, then you should
330
00:11:48,400 --> 00:11:51,680
take it, but yeah, lots of factors.
331
00:11:52,080 --> 00:11:54,360
So, uh, there also, there is also a
332
00:11:54,360 --> 00:11:56,040
maximum social security benefit.
333
00:11:56,340 --> 00:11:58,780
So, you know, even if you were, had
334
00:11:58,780 --> 00:12:00,420
a high income and you worked a long
335
00:12:00,420 --> 00:12:03,240
time, social security for the people who may
336
00:12:03,240 --> 00:12:06,860
not know is 35, your 35 highest years
337
00:12:06,860 --> 00:12:09,820
of earnings is how the formula is based.
338
00:12:10,560 --> 00:12:12,880
At full re at age 62, the highest
339
00:12:12,880 --> 00:12:15,440
benefit that you're, you can collect it's capped
340
00:12:15,440 --> 00:12:19,020
at $2,831 at age 62.
341
00:12:19,400 --> 00:12:22,580
And if you're age 70, the cap is
342
00:12:22,580 --> 00:12:24,580
5,108.
343
00:12:26,220 --> 00:12:28,360
So big, big rent, you know, that gets
344
00:12:28,360 --> 00:12:29,980
you thinking if you're the highest, if you're
345
00:12:29,980 --> 00:12:31,860
in the highest range and those are your
346
00:12:31,860 --> 00:12:35,100
numbers, should I take age 62, 2,800,
347
00:12:35,500 --> 00:12:38,860
can I wait at age 70 and collect
348
00:12:38,860 --> 00:12:39,460
5,100?
349
00:12:40,840 --> 00:12:42,520
Obviously how much longer you're going to live
350
00:12:42,520 --> 00:12:44,060
is the primary question.
351
00:12:44,480 --> 00:12:45,540
And do you need the money?
352
00:12:45,740 --> 00:12:50,320
But that's a, uh, that's a question that
353
00:12:50,320 --> 00:12:53,500
should be thought of deeply and put into
354
00:12:53,500 --> 00:12:55,220
the context of a financial plan.
355
00:12:56,260 --> 00:12:56,420
Yeah.
356
00:12:56,560 --> 00:12:58,060
And I think when, when we're looking at
357
00:12:58,060 --> 00:13:00,300
the numbers on those financial plans, when I'm
358
00:13:00,300 --> 00:13:02,340
building them out and we are as a
359
00:13:02,340 --> 00:13:05,620
team, uh, you know, more times than not,
360
00:13:05,660 --> 00:13:07,060
it's going to, it's going to look like
361
00:13:07,060 --> 00:13:08,880
70 is the, is the best time to
362
00:13:08,880 --> 00:13:10,880
take it because you're getting those, uh, increases
363
00:13:10,880 --> 00:13:11,800
every year you wait.
364
00:13:11,900 --> 00:13:14,320
And, um, as, like you said, Jeff, as
365
00:13:14,320 --> 00:13:16,600
long as you're able to wait that period
366
00:13:16,600 --> 00:13:19,340
out and have sufficient cashflow or, or, uh,
367
00:13:19,560 --> 00:13:21,880
you know, cash reserves to cover your expenses
368
00:13:21,880 --> 00:13:24,280
between that time, it's usually a pretty good
369
00:13:24,280 --> 00:13:27,200
bet to, to wait until, um, you're 70
370
00:13:27,200 --> 00:13:29,380
to get that full, uh, benefit.
371
00:13:29,700 --> 00:13:33,320
Um, obviously it's going to depend, but, uh,
372
00:13:33,420 --> 00:13:34,980
when, when you look at the numbers, unless
373
00:13:34,980 --> 00:13:36,900
you assume that you're not going to live
374
00:13:36,900 --> 00:13:38,220
all that long, right.
375
00:13:38,920 --> 00:13:40,980
Uh, uh, it can definitely make a big
376
00:13:40,980 --> 00:13:42,880
difference over that retirement period.
377
00:13:43,020 --> 00:13:43,500
Yep.
378
00:13:43,640 --> 00:13:45,640
And we can, when we do a financial
379
00:13:45,640 --> 00:13:48,000
plan, we do some long-term projections and
380
00:13:48,000 --> 00:13:51,400
we can show you how your projection changes
381
00:13:51,400 --> 00:13:53,680
based upon that decision alone or any other
382
00:13:53,680 --> 00:13:54,620
decision you make.
383
00:13:55,380 --> 00:13:59,280
Um, one mistake I see that people make
384
00:13:59,280 --> 00:14:00,500
and I see it, you know, I live
385
00:14:00,500 --> 00:14:02,440
in Florida and I don't live in a
386
00:14:02,440 --> 00:14:04,220
retirement community, but I live in Florida.
387
00:14:04,620 --> 00:14:06,660
So, you know, every community is a retirement
388
00:14:06,660 --> 00:14:07,440
community, basically.
389
00:14:07,600 --> 00:14:10,020
So a lot of retired people, I see
390
00:14:10,020 --> 00:14:13,300
people who, uh, collect their social security at
391
00:14:13,300 --> 00:14:13,720
62.
392
00:14:14,300 --> 00:14:15,600
I don't know their thought process.
393
00:14:15,600 --> 00:14:17,620
I don't interrogate them about it on the
394
00:14:17,620 --> 00:14:20,040
pickleball court or anything, but I see that
395
00:14:20,040 --> 00:14:23,360
they decided to take it at 62 and
396
00:14:23,360 --> 00:14:26,960
then they are also working like either they
397
00:14:26,960 --> 00:14:28,700
had a pause and didn't expect it.
398
00:14:28,900 --> 00:14:32,240
Maybe they thought they would have a lot
399
00:14:32,240 --> 00:14:34,360
more things to do, or maybe they got
400
00:14:34,360 --> 00:14:35,900
a good job and they said, Oh, I'll
401
00:14:35,900 --> 00:14:36,620
go back to work.
402
00:14:37,760 --> 00:14:40,700
But if you're not a full retirement age,
403
00:14:41,080 --> 00:14:42,760
there's an income test.
404
00:14:42,760 --> 00:14:46,060
So if your income is over 23,400
405
00:14:46,060 --> 00:14:52,140
in 2025, 2025, social security deducts $1 benefits
406
00:14:52,140 --> 00:14:54,900
for every $2 earned over that threshold.
407
00:14:55,740 --> 00:14:57,980
So if you're thinking about, I'm going to
408
00:14:57,980 --> 00:15:01,640
retire, um, should I take it at 62?
409
00:15:01,760 --> 00:15:04,360
One of the factors that is a negative
410
00:15:04,360 --> 00:15:07,740
against taking it early is if you think
411
00:15:07,740 --> 00:15:10,400
you might be working and making over $23
412
00:15:10,400 --> 00:15:14,500
,000, know that part of your income, that
413
00:15:14,500 --> 00:15:16,400
part over is going to be taxed.
414
00:15:16,480 --> 00:15:18,940
If you will tax, meaning losing a dollar,
415
00:15:19,660 --> 00:15:22,300
um, for every two.
416
00:15:22,560 --> 00:15:26,120
So it might be a reason to wait,
417
00:15:26,340 --> 00:15:26,540
right?
418
00:15:26,640 --> 00:15:28,240
If you think you're going to go back
419
00:15:28,240 --> 00:15:30,620
to work, or if you're not sure what
420
00:15:30,620 --> 00:15:32,720
you're going to do when you retire, uh,
421
00:15:32,720 --> 00:15:34,240
might be better to wait either way.
422
00:15:34,240 --> 00:15:37,380
Uh, just to see, you know, how, how
423
00:15:37,380 --> 00:15:38,880
early retirement plays out.
424
00:15:38,960 --> 00:15:40,820
If you maybe down the road, you might
425
00:15:40,820 --> 00:15:41,740
want to go back to work.
426
00:15:41,900 --> 00:15:44,580
And, um, then you're already, you already decided
427
00:15:44,580 --> 00:15:46,820
on that social security decision and, uh, you're
428
00:15:46,820 --> 00:15:48,040
going to maybe lose out on some of
429
00:15:48,040 --> 00:15:48,440
the benefits.
430
00:15:49,060 --> 00:15:49,200
Yep.
431
00:15:49,360 --> 00:15:51,120
And if you wait every month that you
432
00:15:51,120 --> 00:15:53,560
wait, your benefit goes up a little bit,
433
00:15:53,580 --> 00:15:55,640
you know, we use the extreme examples by
434
00:15:55,640 --> 00:15:57,180
waiting eight years, but even if you wait
435
00:15:57,180 --> 00:15:59,220
a year to factor that out, if you're
436
00:15:59,220 --> 00:16:00,740
going to go back to work and this
437
00:16:00,740 --> 00:16:02,460
goes back, you know, this is another factor.
438
00:16:02,500 --> 00:16:03,440
Am I going to work?
439
00:16:03,440 --> 00:16:04,680
Well, that has to do with your health
440
00:16:04,680 --> 00:16:05,080
as well.
441
00:16:05,180 --> 00:16:05,320
Right.
442
00:16:06,440 --> 00:16:06,760
Right.
443
00:16:07,060 --> 00:16:07,260
Yeah.
444
00:16:07,340 --> 00:16:09,800
So yeah, get it modeled out and don't
445
00:16:09,800 --> 00:16:11,440
make just to just don't make the quick
446
00:16:11,440 --> 00:16:13,100
decision, like I I'm eligible.
447
00:16:13,280 --> 00:16:14,640
Therefore I should take it.
448
00:16:15,280 --> 00:16:15,440
Yeah.
449
00:16:15,540 --> 00:16:17,120
And that was another thing I was thinking
450
00:16:17,120 --> 00:16:19,200
with a lot of people, at least, um,
451
00:16:20,100 --> 00:16:21,620
you know, people in my age group and,
452
00:16:21,720 --> 00:16:23,860
and maybe even a little older, they think,
453
00:16:24,020 --> 00:16:25,200
all right, well, yeah, I'm going to retire
454
00:16:25,200 --> 00:16:25,800
at 65.
455
00:16:26,220 --> 00:16:28,180
Um, and that's kind of just a lock.
456
00:16:28,320 --> 00:16:29,740
That's, that's what it's going to be.
457
00:16:29,880 --> 00:16:32,460
And so 65 retire and start social security
458
00:16:32,460 --> 00:16:33,340
that same year.
459
00:16:33,440 --> 00:16:34,720
That's kind of just like, if you're not,
460
00:16:35,060 --> 00:16:36,580
if you don't really know about the different
461
00:16:36,580 --> 00:16:38,440
options, a lot of people don't know that,
462
00:16:38,440 --> 00:16:41,380
uh, social security, there's actually benefit to that.
463
00:16:41,980 --> 00:16:44,080
Um, similar with, with pensions.
464
00:16:44,220 --> 00:16:46,280
Um, we've talked about that in previous episodes
465
00:16:46,280 --> 00:16:51,000
and my, um, uh, I seem to be
466
00:16:51,000 --> 00:16:53,500
mother-in-law is, uh, you know, she
467
00:16:53,500 --> 00:16:55,200
was a teacher and she didn't realize that
468
00:16:55,200 --> 00:16:56,700
if she waits, she could actually get the
469
00:16:56,700 --> 00:16:58,220
full benefit of her pension.
470
00:16:58,380 --> 00:17:00,860
So these are things that, uh, not everyone's
471
00:17:00,860 --> 00:17:03,060
thinking about, but definitely things to consider and
472
00:17:03,060 --> 00:17:05,220
maybe, you know, get some guidance from financial
473
00:17:05,220 --> 00:17:05,520
planning.
474
00:17:07,119 --> 00:17:09,280
The other thing that's changing for this year
475
00:17:09,280 --> 00:17:12,020
in social security is the, um, there's a
476
00:17:12,020 --> 00:17:14,920
limit to the income limit to your income.
477
00:17:14,920 --> 00:17:17,380
That is actually taxed by social security.
478
00:17:17,640 --> 00:17:18,240
It's not an unlimited.
479
00:17:18,480 --> 00:17:20,440
Like if you, if you make last year,
480
00:17:20,500 --> 00:17:24,740
if you made over $168,600 earnings above
481
00:17:24,740 --> 00:17:27,940
that, there was no social security, uh, tax,
482
00:17:28,040 --> 00:17:30,580
if you will, being withheld, that number has
483
00:17:30,580 --> 00:17:33,220
gone up to 176,100.
484
00:17:33,600 --> 00:17:35,340
So a little bit more of your earnings,
485
00:17:35,500 --> 00:17:38,420
if you're in that earning level will be
486
00:17:38,420 --> 00:17:39,560
taxed by social security.
487
00:17:39,740 --> 00:17:43,990
And, you know, this is, um, this is
488
00:17:43,990 --> 00:17:46,110
a group, uh, this is a category that
489
00:17:46,110 --> 00:17:49,290
is ripe for political debate of, you know,
490
00:17:49,310 --> 00:17:51,270
we have a social security issue where the
491
00:17:51,270 --> 00:17:52,990
trust fund will not be able to pay
492
00:17:52,990 --> 00:17:55,390
full benefits in the projected of 2034.
493
00:17:56,060 --> 00:17:59,330
So, or 2033, maybe it's a moving number
494
00:17:59,330 --> 00:18:03,550
that people are looking to reform different parts
495
00:18:03,550 --> 00:18:04,410
of social security.
496
00:18:04,530 --> 00:18:06,810
And I think this one having a cap
497
00:18:06,810 --> 00:18:10,930
on earnings being taxed and what that is,
498
00:18:11,450 --> 00:18:14,770
is one that's ripe for discussion, right?
499
00:18:14,830 --> 00:18:17,690
So why should there be a cap?
500
00:18:17,730 --> 00:18:19,350
I guess is the question, right?
501
00:18:19,350 --> 00:18:22,650
Should you pay your social security taxes on
502
00:18:22,650 --> 00:18:25,610
the first dollar all the way up to
503
00:18:25,610 --> 00:18:28,050
whatever your income is, is a legitimate question
504
00:18:28,050 --> 00:18:29,090
that I think we're going to see in
505
00:18:29,090 --> 00:18:31,990
the political arena for debate, is this one
506
00:18:31,990 --> 00:18:34,710
of the ways that we can mitigate the
507
00:18:34,710 --> 00:18:38,310
insolvency of future social security, right?
508
00:18:38,610 --> 00:18:41,770
But for this year, you're, you're being taxed
509
00:18:41,770 --> 00:18:43,950
on the first 176,100.
510
00:18:44,210 --> 00:18:46,790
It's not a real sympathetic group for people
511
00:18:46,790 --> 00:18:51,230
to think about for people making over 176
512
00:18:51,230 --> 00:18:53,470
,100, that they shouldn't pay a little bit
513
00:18:53,470 --> 00:18:53,710
more.
514
00:18:53,830 --> 00:18:56,590
It's a tough principle wise, you know, you
515
00:18:56,590 --> 00:18:59,490
could say, well, there's a maximum benefit to
516
00:18:59,490 --> 00:19:00,250
social security.
517
00:19:01,350 --> 00:19:04,230
So there should be a maximum contribution, right?
518
00:19:05,290 --> 00:19:08,090
As a matter, but when you're talking about
519
00:19:08,090 --> 00:19:10,530
the system and the solvency of the system,
520
00:19:10,670 --> 00:19:13,810
something's got to give, and I think that's
521
00:19:13,810 --> 00:19:15,070
probably going to be one of the things
522
00:19:15,070 --> 00:19:17,990
that is the easiest or the least difficult
523
00:19:17,990 --> 00:19:21,510
to be a little bit movable, right?
524
00:19:22,070 --> 00:19:22,250
Yeah.
525
00:19:22,410 --> 00:19:23,970
And we talk about it a lot, Jeff,
526
00:19:24,050 --> 00:19:27,430
that there are bound to be discussions, very
527
00:19:27,430 --> 00:19:31,010
serious discussions on this topic in the, hopefully
528
00:19:31,010 --> 00:19:31,710
the near future.
529
00:19:32,270 --> 00:19:35,970
We'll see how it plays out, but that's
530
00:19:35,970 --> 00:19:39,130
definitely one way to, to go about getting
531
00:19:39,130 --> 00:19:41,790
some more, you know, cashflow into the social
532
00:19:41,790 --> 00:19:42,450
security system.
533
00:19:42,570 --> 00:19:42,790
Yeah.
534
00:19:42,950 --> 00:19:43,890
Love them or hate them.
535
00:19:44,250 --> 00:19:46,130
President Trump is a bold politician.
536
00:19:47,610 --> 00:19:49,870
And I would like to see him take
537
00:19:49,870 --> 00:19:52,270
on the issue of social security reform.
538
00:19:52,930 --> 00:19:55,510
You know, every year that we wait, it's
539
00:19:55,510 --> 00:19:57,210
like driving a big ship, right?
540
00:19:57,270 --> 00:19:58,690
I mean, the closer you get to shore,
541
00:19:58,790 --> 00:20:01,890
the more aggressive your turn needs to be
542
00:20:01,890 --> 00:20:04,470
if you're heading for a rock, right?
543
00:20:04,570 --> 00:20:06,270
You can't get beyond top of it and
544
00:20:06,270 --> 00:20:07,910
think you're going to turn this big ship.
545
00:20:08,450 --> 00:20:11,590
So the, the closer we get to the
546
00:20:11,590 --> 00:20:16,010
insolvency projected date of 2033, the bigger or
547
00:20:16,010 --> 00:20:20,010
the more difficult decisions, I think there's decisions
548
00:20:20,010 --> 00:20:23,330
we can make now that would make that
549
00:20:23,330 --> 00:20:25,690
date longer, you know, further away at a
550
00:20:25,690 --> 00:20:27,970
minimum or solve it as a maximum.
551
00:20:28,410 --> 00:20:31,030
So he hasn't, he hasn't really talked about
552
00:20:31,030 --> 00:20:31,910
it, but I hope it's one of the
553
00:20:31,910 --> 00:20:33,790
issues that he takes up in his, this
554
00:20:33,790 --> 00:20:34,110
term.
555
00:20:34,770 --> 00:20:34,870
Yeah.
556
00:20:35,210 --> 00:20:35,410
Yeah.
557
00:20:35,430 --> 00:20:36,950
Unfortunately you get the sense that no one
558
00:20:36,950 --> 00:20:41,170
really wants to talk about politics on either
559
00:20:41,170 --> 00:20:41,870
side of the aisle.
560
00:20:41,870 --> 00:20:46,630
And that's, you know, probably every day Americans
561
00:20:46,630 --> 00:20:47,670
are going to be the ones who have
562
00:20:47,670 --> 00:20:50,970
to, you know, suffer potentially because of it,
563
00:20:50,990 --> 00:20:52,670
but here we are.
564
00:20:52,790 --> 00:20:55,090
And hopefully it does get resolved sooner rather
565
00:20:55,090 --> 00:20:55,390
than later.
566
00:20:55,390 --> 00:20:58,190
Cause it's definitely something that people in my
567
00:20:58,190 --> 00:21:01,770
cohort are, are thinking about social security and
568
00:21:01,770 --> 00:21:04,010
even from a planning point of view, can
569
00:21:04,010 --> 00:21:06,210
we count on full social security down the
570
00:21:06,210 --> 00:21:06,350
road?
571
00:21:06,650 --> 00:21:08,070
Yeah, I think we can.
572
00:21:08,850 --> 00:21:12,190
I just think the solutions are better when
573
00:21:12,190 --> 00:21:13,790
it's further away than in the middle of
574
00:21:13,790 --> 00:21:14,310
a crisis.
575
00:21:14,890 --> 00:21:14,990
Yeah.
576
00:21:15,210 --> 00:21:15,450
Right.
577
00:21:17,210 --> 00:21:19,370
So a few, a few changes to social
578
00:21:19,370 --> 00:21:20,490
security for 2025.
579
00:21:20,810 --> 00:21:23,270
Most of it's kind of bland and mundane,
580
00:21:23,270 --> 00:21:24,990
but we wanted to share it with you.
581
00:21:25,070 --> 00:21:26,530
If you have any questions about it, feel
582
00:21:26,530 --> 00:21:28,610
free to contact our office and we'll be
583
00:21:28,610 --> 00:21:29,730
happy to go through with you.
584
00:21:29,850 --> 00:21:31,890
And if you haven't done it, get your
585
00:21:31,890 --> 00:21:33,910
earnings and benefits statement off the social security
586
00:21:33,910 --> 00:21:36,390
website and make sure it's accurate and it'll
587
00:21:36,390 --> 00:21:37,510
help your planning as well.
588
00:21:38,190 --> 00:21:39,930
Another thing that people are thinking about this
589
00:21:39,930 --> 00:21:43,290
time of year, Russ is income tax preparation
590
00:21:43,290 --> 00:21:43,970
time.
591
00:21:44,590 --> 00:21:44,850
Yes.
592
00:21:45,410 --> 00:21:47,610
I can talk about an exciting episode.
593
00:21:49,630 --> 00:21:51,290
Everyone loves to do their taxes.
594
00:21:52,510 --> 00:21:54,370
I don't want to go into income tax
595
00:21:54,370 --> 00:21:56,430
too much, but I saw an article in
596
00:21:56,430 --> 00:21:56,710
this.
597
00:21:56,730 --> 00:22:01,090
I get bottom line, personal finance magazine, and
598
00:22:01,090 --> 00:22:03,890
it's always got these interesting, I think it's
599
00:22:03,890 --> 00:22:08,110
very well written and little things that you
600
00:22:08,110 --> 00:22:10,530
don't comment commonly come across in the, you
601
00:22:10,530 --> 00:22:11,350
know, general media.
602
00:22:12,730 --> 00:22:15,150
So this one was about how you organize
603
00:22:15,150 --> 00:22:18,210
your tax records and other records, what you
604
00:22:18,210 --> 00:22:19,950
should keep, how long you should keep it.
605
00:22:20,690 --> 00:22:22,570
I think there's a lot of people who
606
00:22:22,570 --> 00:22:24,870
ask this question a lot, but there's not
607
00:22:24,870 --> 00:22:27,630
a lot of good answers, meaning it depends
608
00:22:27,630 --> 00:22:31,110
or this long, but so I found the
609
00:22:31,110 --> 00:22:32,070
article really interesting.
610
00:22:32,210 --> 00:22:33,530
I thought it might be good just to
611
00:22:33,530 --> 00:22:35,530
go through, through some of this stuff.
612
00:22:35,530 --> 00:22:35,870
Yeah.
613
00:22:36,650 --> 00:22:38,290
Do you have a system, Russ?
614
00:22:38,390 --> 00:22:41,170
Do you like, so I'll share my system
615
00:22:41,170 --> 00:22:43,550
under my desk right now is a banker's
616
00:22:43,550 --> 00:22:43,970
box.
617
00:22:44,690 --> 00:22:45,170
Right.
618
00:22:45,810 --> 00:22:48,290
And all I'm looking at it for, for
619
00:22:48,290 --> 00:22:50,470
those of us watching on YouTube, I'm looking
620
00:22:50,470 --> 00:22:52,370
at it and everything in it is my
621
00:22:52,370 --> 00:22:54,150
2024 filing cabinet, right.
622
00:22:54,150 --> 00:22:57,430
That I've moved to archives or it sits
623
00:22:57,430 --> 00:22:58,610
there until I do my taxes.
624
00:22:58,610 --> 00:23:00,130
Then I put it in the archives.
625
00:23:00,730 --> 00:23:01,970
I'm not going to tell you where that
626
00:23:01,970 --> 00:23:02,250
is.
627
00:23:03,170 --> 00:23:05,350
So that's, that's a box of paper.
628
00:23:05,850 --> 00:23:06,330
Yeah.
629
00:23:06,610 --> 00:23:08,690
With my last year stuff.
630
00:23:09,710 --> 00:23:11,830
Um, you're younger than me.
631
00:23:11,850 --> 00:23:13,850
I I'm thinking you might not use the
632
00:23:13,850 --> 00:23:14,630
banker's box.
633
00:23:15,530 --> 00:23:18,170
Well, I do, I do keep my, uh,
634
00:23:18,330 --> 00:23:20,890
my paper files and, and I, I do
635
00:23:20,890 --> 00:23:22,630
have a, I do have a folder that
636
00:23:22,630 --> 00:23:24,370
I put them in it's, uh, you know,
637
00:23:24,510 --> 00:23:27,010
not, it's a growing, but you know, not
638
00:23:27,010 --> 00:23:29,770
overwhelming amount of paperwork.
639
00:23:30,490 --> 00:23:32,550
Um, and then for the current year, I
640
00:23:32,550 --> 00:23:35,310
have, um, yeah, just, uh, drawing my desk
641
00:23:35,310 --> 00:23:37,330
that I put in time to do taxes.
642
00:23:38,470 --> 00:23:41,430
Um, I think, uh, personally I do, I
643
00:23:41,430 --> 00:23:44,610
do my taxes on, um, you know, a
644
00:23:44,610 --> 00:23:45,770
tax software.
645
00:23:46,190 --> 00:23:48,810
So, uh, I have the benefit of, if
646
00:23:48,810 --> 00:23:50,770
I need to get my tax return from
647
00:23:50,770 --> 00:23:52,450
previous year or whatever document it is, I
648
00:23:52,450 --> 00:23:54,910
can go into there and, um, I hope
649
00:23:54,910 --> 00:23:56,990
and pray that it's, uh, as secure as
650
00:23:56,990 --> 00:23:59,350
they, as they say, get it on the
651
00:23:59,350 --> 00:24:00,130
IRS website.
652
00:24:00,330 --> 00:24:01,250
If it's okay.
653
00:24:01,570 --> 00:24:01,810
Yeah.
654
00:24:02,250 --> 00:24:02,550
Right.
655
00:24:02,810 --> 00:24:03,050
Right.
656
00:24:03,050 --> 00:24:04,310
Uh, I guess that's a little bit of
657
00:24:04,310 --> 00:24:07,590
a caveat, uh, it's not, not bugging, but,
658
00:24:08,230 --> 00:24:09,550
um, that's a good point.
659
00:24:09,550 --> 00:24:11,610
I think, um, I, I maybe I'm a
660
00:24:11,610 --> 00:24:12,270
little bit old school.
661
00:24:12,370 --> 00:24:14,930
I know my parents had done the same.
662
00:24:14,990 --> 00:24:17,450
They have a drawer full of files from,
663
00:24:17,610 --> 00:24:19,730
from years and years and years of, um,
664
00:24:19,850 --> 00:24:22,810
businesses and personal taxes, whatever it may be.
665
00:24:23,290 --> 00:24:25,030
Uh, so I do like to keep something
666
00:24:25,030 --> 00:24:28,030
physical, a hard copy, but, uh, you know,
667
00:24:28,030 --> 00:24:30,210
it can obviously become overwhelming over time.
668
00:24:30,870 --> 00:24:30,970
Right.
669
00:24:30,970 --> 00:24:32,650
You know, what got me thinking about this,
670
00:24:32,750 --> 00:24:34,790
not just the article, but, uh, thinking about
671
00:24:34,790 --> 00:24:38,470
the larger questions is the fires in California.
672
00:24:39,230 --> 00:24:39,330
Yeah.
673
00:24:40,110 --> 00:24:42,390
So my art, if I, if I lived
674
00:24:42,390 --> 00:24:44,550
in a region like that or had a
675
00:24:44,550 --> 00:24:47,870
incident here, uh, my archives would be gone.
676
00:24:47,870 --> 00:24:48,250
Right.
677
00:24:48,630 --> 00:24:51,930
And, and even, you know, just to magnify
678
00:24:51,930 --> 00:24:54,050
that, I, when I'm watching the news reports
679
00:24:54,050 --> 00:24:57,750
of the fires, they were, um, interviewing at
680
00:24:57,750 --> 00:25:00,150
his home, which was destroyed Mel Gibson, the
681
00:25:00,150 --> 00:25:00,470
actor.
682
00:25:02,010 --> 00:25:04,430
And he said that he had a lot
683
00:25:04,430 --> 00:25:08,230
of his like documents that you say forever.
684
00:25:08,570 --> 00:25:09,550
And that's another question.
685
00:25:09,830 --> 00:25:10,370
What are they?
686
00:25:10,510 --> 00:25:13,510
But, you know, things that you are going
687
00:25:13,510 --> 00:25:16,070
to keep forever, like they're important, either sentimental
688
00:25:16,070 --> 00:25:19,350
or legal or whatever in, in a safe
689
00:25:19,350 --> 00:25:20,050
in that home.
690
00:25:20,070 --> 00:25:22,150
And the safe survived the fire.
691
00:25:22,310 --> 00:25:23,730
I mean, the safe was still a square
692
00:25:23,730 --> 00:25:27,250
piece of steel, but when they opened the
693
00:25:27,250 --> 00:25:30,370
heat of the fire was so much that
694
00:25:30,370 --> 00:25:33,090
everything was incinerated basically.
695
00:25:33,770 --> 00:25:33,870
Wow.
696
00:25:34,290 --> 00:25:34,490
Yeah.
697
00:25:34,870 --> 00:25:37,130
So, you know, you, you can think that
698
00:25:37,130 --> 00:25:41,070
you're protecting whatever Mel Gibson was protecting in
699
00:25:41,070 --> 00:25:42,970
that safe, but it's gone.
700
00:25:43,430 --> 00:25:45,650
So, I mean, that kind of leads people
701
00:25:45,650 --> 00:25:48,690
to maybe use one of those services that
702
00:25:48,690 --> 00:25:51,430
are online or, you know, everything from one
703
00:25:51,430 --> 00:25:53,850
drive to some of these actual vaults.
704
00:25:53,850 --> 00:25:56,290
Um, you know, and there's companies, let's say
705
00:25:56,290 --> 00:25:58,710
the cold, uh, cold mountain, or forget the
706
00:25:58,710 --> 00:26:00,370
name of the first one that, you know,
707
00:26:00,370 --> 00:26:03,850
these storage facilities, these cloud storage facilities that
708
00:26:03,850 --> 00:26:05,030
will do this for a fee.
709
00:26:05,490 --> 00:26:05,890
Right.
710
00:26:07,270 --> 00:26:08,930
Um, and if you do that, then the
711
00:26:08,930 --> 00:26:10,590
next day there's going to be something on
712
00:26:10,590 --> 00:26:11,690
the news that they were hacked.
713
00:26:11,750 --> 00:26:12,990
And then you're going to worry about that.
714
00:26:12,990 --> 00:26:13,210
Right.
715
00:26:13,870 --> 00:26:14,270
Exactly.
716
00:26:14,450 --> 00:26:14,850
Exactly.
717
00:26:15,010 --> 00:26:17,950
And, um, I had a client recently ask,
718
00:26:18,010 --> 00:26:20,410
uh, you know, he has all these estate
719
00:26:20,410 --> 00:26:24,150
planning documents saved, um, on, uh, you know,
720
00:26:24,170 --> 00:26:27,550
on what's considered a secure, uh, portal online.
721
00:26:28,110 --> 00:26:30,490
And, um, the fact of the matter is,
722
00:26:30,630 --> 00:26:33,690
uh, no matter where your, uh, documents are
723
00:26:33,690 --> 00:26:36,570
stored, it seems that, um, with any level
724
00:26:36,570 --> 00:26:39,410
of encryption and security, it's never a hundred
725
00:26:39,410 --> 00:26:43,050
percent secure 99.99%. But the U S
726
00:26:43,050 --> 00:26:47,010
government treasury isn't, they were hacked and utilities
727
00:26:47,010 --> 00:26:47,610
are hacked.
728
00:26:47,610 --> 00:26:51,590
And so what is who can say a
729
00:26:51,590 --> 00:26:52,410
hundred percent, right?
730
00:26:52,750 --> 00:26:53,190
That's right.
731
00:26:53,390 --> 00:26:55,570
But, um, there are a few things you
732
00:26:55,570 --> 00:26:57,130
could look out for when you're, you know,
733
00:26:57,130 --> 00:26:59,010
storing your, your documents online.
734
00:26:59,150 --> 00:27:02,250
Uh, I believe it's a 256 bit encryption.
735
00:27:02,250 --> 00:27:04,470
That's the highest level that's, that's currently available.
736
00:27:04,470 --> 00:27:08,110
And that's, um, uh, you know, reportedly very
737
00:27:08,110 --> 00:27:11,910
secure and, um, and extremely challenging to hack.
738
00:27:12,010 --> 00:27:14,470
I think there are all these, uh, cybersecurity
739
00:27:14,470 --> 00:27:16,350
tips that I could probably rattle off, but
740
00:27:16,350 --> 00:27:18,650
one that, uh, I think is really important
741
00:27:18,650 --> 00:27:20,610
if you're storing your documents online or really
742
00:27:20,610 --> 00:27:21,130
for any.
743
00:27:21,570 --> 00:27:24,490
Uh, online usage is to have multi-factor
744
00:27:24,490 --> 00:27:24,970
authentication.
745
00:27:25,050 --> 00:27:27,470
So that's where you get that text message
746
00:27:27,470 --> 00:27:29,390
or whatever it is, whichever app that you
747
00:27:29,390 --> 00:27:30,350
put in a certain number.
748
00:27:30,910 --> 00:27:34,110
And, um, that's, uh, across the board.
749
00:27:34,170 --> 00:27:36,390
I've, I've always heard that that's, uh, one
750
00:27:36,390 --> 00:27:37,970
of the best things you can do to
751
00:27:37,970 --> 00:27:40,190
add another level of security, especially if you're
752
00:27:40,190 --> 00:27:42,330
dealing with really important documents online.
753
00:27:42,770 --> 00:27:43,730
I think that's good advice.
754
00:27:44,140 --> 00:27:47,350
The minor inconvenience of having that extra step
755
00:27:47,350 --> 00:27:48,950
or having to go get your phone because
756
00:27:48,950 --> 00:27:51,650
it's in the next room or whatever is
757
00:27:51,650 --> 00:27:53,270
worth it, whether it's a bank account or
758
00:27:53,270 --> 00:27:55,650
whether it's storing documents or a financial account,
759
00:27:55,810 --> 00:27:56,730
it's, it's advisable.
760
00:27:56,810 --> 00:27:57,710
It's a standard now.
761
00:27:57,770 --> 00:28:00,030
I think, I think you're kind of negligent
762
00:28:00,030 --> 00:28:01,650
if you're not doing that actually.
763
00:28:02,270 --> 00:28:03,190
Yeah, I agree.
764
00:28:03,430 --> 00:28:04,950
So how long should we keep this stuff?
765
00:28:05,010 --> 00:28:06,650
So I have my archive here.
766
00:28:06,730 --> 00:28:08,810
My box has 2024 on it.
767
00:28:09,550 --> 00:28:11,590
And if you just kind of Google it,
768
00:28:11,850 --> 00:28:13,810
it's going to say, well, you should keep
769
00:28:13,810 --> 00:28:16,270
your tax records and your records for three
770
00:28:16,270 --> 00:28:18,690
years in most circumstances.
771
00:28:19,990 --> 00:28:20,550
Okay.
772
00:28:20,770 --> 00:28:23,550
So that sounds pretty simple, but that doesn't
773
00:28:23,550 --> 00:28:26,110
mean that you shouldn't keep them longer.
774
00:28:26,110 --> 00:28:26,350
Right?
775
00:28:26,430 --> 00:28:30,530
So the situations that come up, um, if
776
00:28:30,530 --> 00:28:33,250
you're audited and it's an issue of fraud,
777
00:28:33,650 --> 00:28:37,030
there's no limit on how long the IRS
778
00:28:37,030 --> 00:28:38,670
can come back to you.
779
00:28:38,670 --> 00:28:41,210
As long as it wasn't statute limitations for
780
00:28:41,210 --> 00:28:42,150
whatever they're accusing you.
781
00:28:42,150 --> 00:28:45,050
But if there's fraud involved, if there's a,
782
00:28:45,050 --> 00:28:47,670
there's also no limit, if they audit you
783
00:28:47,670 --> 00:28:50,490
on a gift tax return that didn't include
784
00:28:50,490 --> 00:28:51,590
adequate disclosure.
785
00:28:52,450 --> 00:28:52,890
Right.
786
00:28:53,090 --> 00:28:54,870
Or there's a six year limit.
787
00:28:55,070 --> 00:28:57,330
If you, they audit you and you underreport
788
00:28:57,330 --> 00:28:59,230
your income by more than 25%.
789
00:28:59,810 --> 00:29:03,510
Or they allege that you underreported your income.
790
00:29:03,710 --> 00:29:04,310
Doesn't have to be true.
791
00:29:04,390 --> 00:29:05,730
It just has to be, that's the subject
792
00:29:05,730 --> 00:29:06,750
of the audit.
793
00:29:07,330 --> 00:29:09,170
So that makes me think, okay, I guess
794
00:29:09,170 --> 00:29:11,750
I should save it for longer than three
795
00:29:11,750 --> 00:29:15,590
years, and then you think about some things
796
00:29:15,590 --> 00:29:17,010
that happen on your tax return.
797
00:29:17,990 --> 00:29:20,710
Um, so maybe you have a house that
798
00:29:20,710 --> 00:29:23,670
you bought and maybe you sell that house
799
00:29:23,670 --> 00:29:27,150
someday and you know, so you have an
800
00:29:27,150 --> 00:29:31,770
exclusion if you're single $250,000 married $500
801
00:29:31,770 --> 00:29:34,070
,000 exclusion from capital gains.
802
00:29:34,270 --> 00:29:35,630
So that might save you.
803
00:29:35,850 --> 00:29:38,490
But if the capital gain is larger than
804
00:29:38,490 --> 00:29:40,090
that, you're going to have to show your
805
00:29:40,090 --> 00:29:40,870
cost basis.
806
00:29:40,870 --> 00:29:41,990
So you're going to have to have some
807
00:29:41,990 --> 00:29:44,670
documentation of what you paid for the house,
808
00:29:44,690 --> 00:29:46,730
all the capital improvements you've made along the
809
00:29:46,730 --> 00:29:48,430
way, and then the sales cost, right?
810
00:29:49,610 --> 00:29:51,610
So a lot of people don't have that.
811
00:29:51,690 --> 00:29:53,710
They might have bought a house 20 years
812
00:29:53,710 --> 00:29:55,530
ago and they have no memory of what
813
00:29:55,530 --> 00:29:55,890
they paid.
814
00:29:55,950 --> 00:29:57,010
Certainly no proof.
815
00:29:57,490 --> 00:30:00,990
Or what happens super often is a home
816
00:30:00,990 --> 00:30:03,370
changes from a primary residence to a rental.
817
00:30:03,730 --> 00:30:04,130
Yeah.
818
00:30:04,530 --> 00:30:06,290
And then, so you, you know, after three
819
00:30:06,290 --> 00:30:08,330
years, you're not going to get that exclusion.
820
00:30:08,330 --> 00:30:10,650
Then you really need those records for your
821
00:30:10,650 --> 00:30:11,350
capital gains.
822
00:30:11,550 --> 00:30:15,310
So I'd say any house home purchases or
823
00:30:15,310 --> 00:30:18,130
sales, you need to keep those documents for
824
00:30:18,130 --> 00:30:19,010
a long time.
825
00:30:20,090 --> 00:30:21,890
So the, the return that made the return
826
00:30:21,890 --> 00:30:24,410
on the year that you sold that property.
827
00:30:24,570 --> 00:30:26,370
There won't be, there won't be something on
828
00:30:26,370 --> 00:30:27,970
your taxes the year that you bought it,
829
00:30:28,010 --> 00:30:30,830
but you'll, you need records like a closing
830
00:30:30,830 --> 00:30:32,770
statement when you bought it to establish your
831
00:30:32,770 --> 00:30:33,490
cost basis.
832
00:30:33,710 --> 00:30:33,950
Right.
833
00:30:33,990 --> 00:30:34,950
How much did I pay for it?
834
00:30:34,950 --> 00:30:38,130
When, and then you add back, you add
835
00:30:38,130 --> 00:30:40,970
in capital improvements, how you increase the value
836
00:30:40,970 --> 00:30:42,990
of the house, not maintenance, but capital improvements.
837
00:30:43,070 --> 00:30:44,350
I put an addition on, right.
838
00:30:44,450 --> 00:30:48,410
I finished the basement, whatever improved the capital.
839
00:30:48,850 --> 00:30:50,110
Investment in the house.
840
00:30:50,690 --> 00:30:53,090
So you have to keep those records to
841
00:30:53,090 --> 00:30:55,910
prove if you audited what your cost basis
842
00:30:55,910 --> 00:30:58,130
was and what the cost of capital improvements
843
00:30:58,130 --> 00:31:00,650
were for when you do the tax return
844
00:31:00,650 --> 00:31:03,290
in my example, 20 years later.
845
00:31:03,630 --> 00:31:04,190
Yeah.
846
00:31:04,190 --> 00:31:05,890
So that's kind of a bit unique that
847
00:31:05,890 --> 00:31:07,110
people don't think about.
848
00:31:08,930 --> 00:31:11,870
We mentioned in earlier in the episode about
849
00:31:11,870 --> 00:31:13,850
checking your social security statement.
850
00:31:14,450 --> 00:31:17,290
So let's say you go on, you're taking
851
00:31:17,290 --> 00:31:17,770
our advice.
852
00:31:17,770 --> 00:31:19,250
After you listen to us, you go on
853
00:31:19,250 --> 00:31:21,930
to social security, you create your account, you
854
00:31:21,930 --> 00:31:24,330
look at your earnings and you say, gee,
855
00:31:24,410 --> 00:31:26,750
in 1995, it says I had no earnings.
856
00:31:26,850 --> 00:31:28,770
I know I didn't miss a whole year
857
00:31:28,770 --> 00:31:29,310
of work.
858
00:31:31,790 --> 00:31:33,430
This is more beefy for me than you,
859
00:31:33,550 --> 00:31:34,810
I think, for the years we're talking about,
860
00:31:34,990 --> 00:31:38,150
but I was working at this company.
861
00:31:38,150 --> 00:31:39,290
I was working with this government.
862
00:31:39,790 --> 00:31:42,170
I, I need to prove to social security.
863
00:31:42,250 --> 00:31:45,410
I'm going to file a claim, if you
864
00:31:45,410 --> 00:31:45,570
will.
865
00:31:45,650 --> 00:31:47,170
I'm going to file a, something's wrong with
866
00:31:47,170 --> 00:31:48,450
my report report.
867
00:31:49,370 --> 00:31:51,910
And they're going to say, show me, right.
868
00:31:52,030 --> 00:31:53,210
Cause they don't have it.
869
00:31:53,850 --> 00:31:55,710
So if you're going with this three year
870
00:31:55,710 --> 00:31:57,830
thing in my archive box system that I
871
00:31:57,830 --> 00:31:59,550
have under my desk, I'm going to keep
872
00:31:59,550 --> 00:32:02,250
it for three years and I need to
873
00:32:02,250 --> 00:32:05,970
prove 1995, that box is gone.
874
00:32:06,390 --> 00:32:06,550
Yeah.
875
00:32:06,670 --> 00:32:07,710
A little bit of trouble there.
876
00:32:07,930 --> 00:32:08,090
Yeah.
877
00:32:08,390 --> 00:32:10,250
So I'm not having, I don't have a
878
00:32:10,250 --> 00:32:10,770
solution here.
879
00:32:10,790 --> 00:32:12,290
I'm just bringing up things that happen.
880
00:32:12,950 --> 00:32:14,910
Um, the other thing that we were talking
881
00:32:14,910 --> 00:32:17,030
about off air that just happened to me
882
00:32:17,030 --> 00:32:20,130
is, um, it's kind of sounds kind of
883
00:32:20,130 --> 00:32:21,790
silly, but it's funny, so I'll share it.
884
00:32:22,010 --> 00:32:24,850
I was buying something that was expensive on
885
00:32:24,850 --> 00:32:27,970
home Depot and I keep, I know that
886
00:32:27,970 --> 00:32:29,590
they give a veteran's discount.
887
00:32:30,870 --> 00:32:33,390
Uh, cause I see it on the form
888
00:32:33,390 --> 00:32:35,290
sometimes on the register or whatever.
889
00:32:36,170 --> 00:32:38,350
And I just never filled out the home
890
00:32:38,350 --> 00:32:39,330
Depot paperwork.
891
00:32:39,770 --> 00:32:41,110
And so I said, well, this is, this
892
00:32:41,110 --> 00:32:41,630
is good.
893
00:32:41,690 --> 00:32:43,050
This, you know, this one, I should do
894
00:32:43,050 --> 00:32:43,330
it.
895
00:32:43,430 --> 00:32:46,330
And they, I needed to know my date
896
00:32:46,330 --> 00:32:48,350
of my end of military service.
897
00:32:48,490 --> 00:32:50,350
I knew the year, but I didn't know
898
00:32:50,350 --> 00:32:50,770
the date.
899
00:32:50,810 --> 00:32:52,210
So when I filled it out, it wouldn't
900
00:32:52,210 --> 00:32:52,810
let me do it.
901
00:32:52,830 --> 00:32:54,110
So I had to go back in.
902
00:32:54,110 --> 00:32:55,910
I had to go to my archives where
903
00:32:55,910 --> 00:32:58,850
they're held and dig into my box that
904
00:32:58,850 --> 00:33:00,670
says military records and pull it out.
905
00:33:01,090 --> 00:33:02,930
Eventually I did it, but if I didn't
906
00:33:02,930 --> 00:33:07,170
save those records, I mean, it's been 24
907
00:33:07,170 --> 00:33:09,110
years since I was in the military.
908
00:33:09,430 --> 00:33:09,870
Yeah.
909
00:33:09,870 --> 00:33:10,950
Why do I need that?
910
00:33:11,090 --> 00:33:13,270
Well, I didn't need it, but it was
911
00:33:13,270 --> 00:33:14,670
convenient that I had it.
912
00:33:14,870 --> 00:33:15,470
Turned out to be helpful.
913
00:33:15,790 --> 00:33:16,430
Yeah, that's right.
914
00:33:16,970 --> 00:33:19,330
And sometimes you need your military records, your
915
00:33:19,330 --> 00:33:22,450
DD 214, which is your discharge papers that
916
00:33:22,450 --> 00:33:25,230
outline your service, your loved ones may need
917
00:33:25,230 --> 00:33:27,130
that when you pass away to get veterans
918
00:33:27,130 --> 00:33:31,770
benefits upon your death or to it's the
919
00:33:31,770 --> 00:33:33,610
whole host of things that happen, you know,
920
00:33:33,630 --> 00:33:35,410
in your life that you should keep your
921
00:33:35,410 --> 00:33:36,150
military records.
922
00:33:36,150 --> 00:33:37,610
If you have them, you should keep your,
923
00:33:38,110 --> 00:33:39,750
you know, some people say you should keep
924
00:33:39,750 --> 00:33:42,930
your college transcripts longer than you think, right?
925
00:33:43,630 --> 00:33:44,090
Yeah.
926
00:33:44,910 --> 00:33:46,870
You don't even know when, when you might
927
00:33:46,870 --> 00:33:47,250
need them.
928
00:33:47,250 --> 00:33:51,250
And as you mentioned, my brother was recently
929
00:33:51,250 --> 00:33:54,570
looking at, you know, interest rates on a,
930
00:33:54,610 --> 00:33:58,130
on a loan and he found that a
931
00:33:58,130 --> 00:34:02,170
specific credit union was, was a viable option
932
00:34:02,170 --> 00:34:04,850
and they had a feature where if your
933
00:34:04,850 --> 00:34:07,230
family member, if your parent, or even I
934
00:34:07,230 --> 00:34:09,290
believe it was even grandparent served in the
935
00:34:09,290 --> 00:34:10,590
military, you would have access.
936
00:34:11,989 --> 00:34:15,310
And, um, we, um, you know, we weren't
937
00:34:15,310 --> 00:34:17,350
sure where to find any of the military
938
00:34:17,350 --> 00:34:20,830
records that we needed to prove that, uh,
939
00:34:21,030 --> 00:34:22,989
long, long story short, it turned out that,
940
00:34:23,050 --> 00:34:25,090
uh, my, my, my father who served his,
941
00:34:25,190 --> 00:34:28,830
his records were, um, got caught on fire
942
00:34:28,830 --> 00:34:30,750
and, and a big warehouse in the big
943
00:34:30,750 --> 00:34:31,650
DOD fire.
944
00:34:31,830 --> 00:34:31,969
Yeah.
945
00:34:32,110 --> 00:34:32,449
Yes.
946
00:34:32,510 --> 00:34:34,530
And, um, so it became a little bit
947
00:34:34,530 --> 00:34:36,389
of a, of a, a tracking thing, try
948
00:34:36,389 --> 00:34:38,409
to find, um, how to get that information.
949
00:34:38,409 --> 00:34:41,010
But, uh, if we had a box with
950
00:34:41,010 --> 00:34:42,630
that information that we might not have thought
951
00:34:42,630 --> 00:34:45,090
we needed, it could have proved helpful and
952
00:34:45,090 --> 00:34:46,989
expedited the whole process.
953
00:34:47,010 --> 00:34:49,050
But I'm sure there's a fine line when
954
00:34:49,050 --> 00:34:51,010
it's like, uh, certain things you, you do
955
00:34:51,010 --> 00:34:52,530
want to keep other things you don't, otherwise
956
00:34:52,530 --> 00:34:54,050
you're going to have boxes and boxes and
957
00:34:54,050 --> 00:34:55,530
boxes of, of, uh, paperwork.
958
00:34:55,889 --> 00:34:57,730
But, uh, I think you brought up some
959
00:34:57,730 --> 00:34:59,490
of the ones that are, you know, more
960
00:34:59,490 --> 00:35:00,210
vital to keep them.
961
00:35:01,910 --> 00:35:03,870
Well, we hope this inspires you to get
962
00:35:03,870 --> 00:35:06,070
organized and prepare for your taxes and to
963
00:35:06,070 --> 00:35:08,090
come up with some system that doesn't take
964
00:35:08,090 --> 00:35:11,230
over your, wherever your archive system is and
965
00:35:11,230 --> 00:35:11,930
is secure.
966
00:35:12,630 --> 00:35:15,090
Um, because sometimes you need to go back
967
00:35:15,090 --> 00:35:17,570
to get these things, to get benefits that
968
00:35:17,570 --> 00:35:19,690
you're entitled to a correct records that were
969
00:35:19,690 --> 00:35:20,750
wrong, Russ.
970
00:35:20,830 --> 00:35:21,770
Thanks for joining us.
971
00:35:21,770 --> 00:35:23,310
And, uh, thank you for listening.
972
00:35:23,410 --> 00:35:25,690
We really do appreciate it and tune in
973
00:35:25,690 --> 00:35:29,010
next week until then keep striving for something
974
00:35:29,010 --> 00:35:29,350
more.
975
00:35:30,590 --> 00:35:32,350
Thank you for listening to something more with
976
00:35:32,350 --> 00:35:33,090
Chris Boyd.
977
00:35:33,090 --> 00:35:35,530
Call us for help, whether it's for financial
978
00:35:35,530 --> 00:35:39,450
planning or portfolio management, insurance concerns, or those
979
00:35:39,450 --> 00:35:41,490
quality of life issues that make the money
980
00:35:41,490 --> 00:35:44,670
matters, batter, whatever's on your mind, visit us
981
00:35:44,670 --> 00:35:47,410
at something more with Chris Boyd.com or
982
00:35:47,410 --> 00:35:49,650
call us toll free at 8 6 6
983
00:35:49,650 --> 00:35:53,450
7 7 1 8 9 0 1.
984
00:35:53,690 --> 00:35:56,870
Or send us your questions to AMR dash
985
00:35:56,870 --> 00:35:59,290
info at wealth enhancement.com.
986
00:35:59,350 --> 00:36:01,430
You're listening to something more with Chris Boyd,
987
00:36:01,470 --> 00:36:04,030
financial talk show wealth enhancement, advisory services, and
988
00:36:04,030 --> 00:36:06,170
Jay Christopher would provide investment advice on an
989
00:36:06,170 --> 00:36:08,430
individual basis to clients only proper advice.
990
00:36:08,430 --> 00:36:10,350
Depends on a complete analysis of all facts
991
00:36:10,350 --> 00:36:11,090
and circumstances.
992
00:36:11,090 --> 00:36:13,150
The information given on this program is general
993
00:36:13,150 --> 00:36:15,190
financial comments and cannot be relied upon as
994
00:36:15,190 --> 00:36:16,830
pertaining to your specific situation.
995
00:36:16,990 --> 00:36:18,950
Wealth enhancement group cannot guarantee that using the
996
00:36:18,950 --> 00:36:20,950
information from this show will generate profits or
997
00:36:20,950 --> 00:36:22,090
ensure freedom from loss.
998
00:36:22,270 --> 00:36:24,430
Listeners should consult their own financial advisors or
999
00:36:24,430 --> 00:36:26,530
conduct their own due diligence before making any
1000
00:36:26,530 --> 00:36:27,290
financial decisions.