(EMAILWIRE.COM, December 20, 2015 ) Dothan, AL -- Dothan area financial professional Bob Arnold has recently been published in the West Dothan Neighbors Magazine. In Social Security - "The Rest of the Story", he makes several points that are often overlooked when planning for and during retirement. Arnold starts with his own underestimation of how much was in his own retirement account. Everything that had been socked away, says the author, had a bill attached, and there were business partners entitled to a share. The U.S. government and state of AlabamaSuperior Income Group LLC.
Taxation is another critical subject covered in the article. For example, Arnold says up to 85% of Social Security benefits are subject to taxation for married couples earning over $44,000 in provisional income. Provisional income is all taxable income plus tax exempt municipal bond interest. The author says very few people understand Social Security benefits and a majority of claimants receive much less than they are entitled to.
Is there a way around this cold hard fact? Bob Arnold talks about better ways to accumulate wealth while minimizing income taxes as explained in the book, My Family Financial Miracle. Arnold refers to his meeting with this author a few years' back, and learned about saving money in a tax deferred/tax free account. The result is earning compound interest with no loss of principle and receiving tax free income during retirement.
Financial professionals, such as Mr. Arnold, have increasingly recommended seeking advice prior to claiming any Social Security benefits. He believes Social Security planning should be the foundation for any good retirement plan. The inherent complexity of the Social Security system can be illustrated in one example paragraph found online; "An insured worker becomes eligible for retirement benefits when he or she reaches age 62. If 2016 were the year of eligibility, we would divide the national average wage index for 2014 (46,481.52) by the national average wage index for each year prior to 2014 in which the worker had earnings and multiply each such ratio by the worker's earnings. This would give the indexed earnings for each year prior to 2014. We would consider any earnings in or after 2014 at face value, without indexing. Then we would compute the AIME and use this amount in computing the worker's primary insurance amount for 2016." (Example from; http://www.ssa.gov/oact/cola/Benefits.html)
Mr. Arnold certainly appears prescient given that his article was published mere weeks prior to pending Social Security changes that, if enacted as expected, will especially affect higher wage earners.
About Bob Arnold Alabama Investment Advisor
Bob Arnold is an investment advisor representative who has been working with individuals and businesses for over 33 years. He received the CIC (Certified Insurance Counselor) Designation in 1983 and passed Series 65 exams in 2007. Licensed to sell various investment and insurance products, he's also active in the Alabama Independent Insurance Agents Association and has been chairman of the education committee for 10 years. Bob is an instructor of property and casualty courses. In addition, he has a reputation of helping clients assess their financial goals, manage their finances, and developing lasting relationships.
About Superior Income Group LLC:
Superior Income Group, LLC concentrates in developing customized financial programs. It provides a step-by-step process for helping clients make decisions. Tax management, investment management, retirement strategies, estate conservation, and insurance and annuity products are included in a vast array of financial services. In addition, it maintains relationships with various other financial service companies, so it can refer clients to products and services these organizations offer. The full-service financial firm is strategically located in Dothan, Alabama and serves clients in the surrounding communities.
To learn more about Superior Income Group and its financial services, go to http://www.superiorincomegroup.com/.
Superior Income Group LLC
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