65 in Feb 2020. If I file now, my monthly benefit is $2630. I have 4 dependents under 18. Estimating their total monthly benefit of $2000. My max monthly benefit is $4956. I do make $72k a year. Doing all the calculations, not being at max retirement age, and with my yearly earnings... 72k - 18,240 ÷ 2 = roughly 27k. Roughly figuring $4630 a month in benefits, if I file now, would I start to receive the total monthly benefits by Nov? Why is this so complicated? Thank you for your help. Also, do you offer retirement planning on minimizing taxes? Again, thank you.

Hi,

I agree that the Social Security program is complex, but it sounds like you have a pretty good handle on the rules as they relate to you and your family. As for why it's so complicated, Social Security is a massive federal program that's been added to and/or amended by virtually every new session of congress since it's inception in 1935.

Anyway, if your benefit and earnings estimates are accurate and if you file for benefits in April 2020, then it would appear that you and your family could be paid in full for October through December of 2020. Social Security benefits are paid a month behind though, so you wouldn't actually receive your first payments for October until November. Your payments for April through September 2020 would be withheld by Social Security to cover the $1 of benefits required to be withheld for each $2 that your earnings are expected to exceed the $18,240 earnings test exempt amount for 2020. After the year is over you'd need to report your exact earnings to Social Security, and they will then either refund any excess amount they withheld to you or they'll notify you if they paid you too much.

Of course, I have no way of knowing what your actual benefit rates would be, so I'm just going by your figures. You may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to make sure to determine the best possible strategy for maximizing your benefits. I'm not sure what type of tax planning you're looking for, but you may find that our Mixifi program would meet your needs. For more information on Maxifi, click on the following link: https://maxifiplanner.com/retirement-planning-maxifi.

Best, Jerry