Social Security

Social Security for Physicians

By Mark Ziety, CFP®, AIF®, Financial Advisor, WisMed Financial

Social Security is a vital part of retirement income for most Americans, including physicians. But navigating Social Security retirement can be confusing. Making an informed decision requires an understanding of benefits, claiming strategies, spousal, and survivor benefits.

Eligibility:

To qualify for Social Security retirement benefits, you must have worked and paid Social Security taxes for at least ten years (forty credits).

Benefits:

The amount of your monthly benefit depends on your average indexed earnings throughout your working career. The Social Security Administration (SSA) uses a formula to calculate your benefit based on your highest 35 years of earnings. Generally, the longer you wait to claim benefits (up to age 70), the higher your monthly payment will be.

Claiming Strategies:

  • Full Retirement Age (FRA): This is the age at which you are eligible to receive your full retirement benefit. The FRA is between 66 and 67, depending on your year of birth.
  • Early Retirement: You can start receiving benefits as early as age 62, but your monthly benefit will be permanently reduced.
  • Delayed Retirement: If you wait past your FRA to claim benefits (up to age 70), your benefit will increase each month.

Spousal Benefits:

  • Are you married? If you are married to a retiree receiving Social Security benefits, you may be eligible for spousal benefits. These benefits can be up to 50% of your spouse’s full retirement benefit if started at your FRA. Starting spousal benefits earlier than FRA results in a reduced amount. However, starting spousal benefits after FRA does not result in an increase.
  • Divorced? Even if you are divorced, you may be eligible for spousal benefits if you were married for at least ten years, are currently unmarried, and are at least 62 years old.

Survivor Benefits:

  • Death of a spouse or ex-spouse? You may be entitled to survivor benefits. The amount you receive depends on your age, whether you have any dependent children, were married for at least 9 months at the time of death, or were married for 10 years for death of a divorced spouse.

Choosing the Right Time to Claim:

The best time to claim your benefits depends on your individual circumstances. Consider your retirement savings, health, desired lifestyle, and potential spousal or survivor benefits. The SSA offers a retirement benefits planner tool to help you estimate your benefit amount at different claiming ages https://www.ssa.gov/prepare/plan-retirement.

Curious Facts:

  • Earning too much: Starting Social Security prior to FRA while still working can result in reduced or no benefits if your income exceeds the retirement earning limit. After FRA, you can work as much as you like, and benefits are not withheld due to income.
  • Social Security Numbers Weren’t Random: In the past, numbers were issued geographically. Were you born in Wisconsin before 2011? The first 3 digits in your Social Security number are probably between 387-399.

Get the Quick Reference:

By understanding your Social Security retirement options, including spousal and survivor benefits, you can make informed decisions to secure your financial future.

For personalized help with your financial plan, please contact Mark Ziety, CFP®, AIF® 608.442.3750.

Mark Ziety, CFP®, AIF®

WisMed Financial, Inc. part of the Wisconsin Medical Society

Picture of Mark Ziety, CFP®, AIF®

Mark Ziety, CFP®, AIF®

Executive Director of WisMed Financial
Certified Financial Planner™ Professional

Reach out to me to learn more. You can contact me at mark.ziety@wismedfinancial.org or 608.442.3750.

Book an appointment with me!
Picture of Mark Ziety, CFP®, AIF®

Mark Ziety, CFP®, AIF®

Executive Director of WisMed Financial
Certified Financial Planner™ Professional

Reach out to me to learn more. You can contact me at mark.ziety@wismedfinancial.org or 608.442.3750.

Book an appointment with me!

Note: This article is for informational purposes only and should not be considered as financial or tax advice. Please consult with a qualified financial advisor or tax professional before making any financial decisions. Full disclosures.

2025 Volume 2

Does DSPS Know Your Current Address & Email? If Not, You May Be at Risk of Penalty.

By Shawna Bertalot, CIC, ACI, WisMed Assure President

Email electronic communication graphic inbox on computer screen working on the internet. Email marketing and newsletter concept.

Moving is a hassle, including changing your mailing and email addresses, making sure you have notified all family, colleagues, friends, billing payees, and your professional licensing board. It is your responsibility under Wisconsin Law, and you may be penalized if you don’t do so in a timely manner.

Read more…

Medicare Resources and Support

By Alisa Allen, RHU, REBC, Medicare Benefits Insurance Advisor

Senior black couple, documents and laptop for planning, budget and taxes with talk for future in home. Old man, woman and reading pc screen for insurance, retirement or finance goals with paperwork

The federal Medicare program is complex and can be confusing when you start reviewing your options at retirement or when you become Medicare-eligible. You may also be assisting your parents, grandparents, or friends with this important decision and searching for information.

Read more…

Social Security for Physicians

When should I take social security? Retirement and finance planning question, handwriting on napkin with tea.

By Mark Ziety, CFP®, AIF®, Senior Advisor, WisMed Financial

Social Security is a vital part of retirement income for most Americans, including physicians. But navigating Social Security retirement can be confusing. Making an informed decision requires an understanding of benefits, claiming strategies, spousal, and survivor benefits.

Read more…

Business Owner’s Insurance for Health Care Clinics

water damage in a clinic

By Jensen Peck, Business and Professional Insurance Executive

Business owner’s insurance policy (BOP) is a cornerstone of risk management for health care clinics. Unlike professional liability (malpractice insurance), which addresses claims against medical services rendered, a BOP addresses business risks such as general liability, commercial property, and business interruption. A BOP covers all these risks by bundling these coverages into one compact insurance policy.

Read more…

Adapting Employee Benefits to Support Your Staff

Company employee benefits manual, with cover opening to reveal tabbed contents.

By Chris Noffke, REBC, CSFS, GBDS, Vice President of Employee Benefits

When I first entered the world of insurance nearly 20 years ago, the employee benefits landscape in Wisconsin was very different from what it is today. Back then, the conversation centered almost exclusively around traditional health plan’s networks. Employers were primarily concerned with keeping costs manageable, while providing a basic level of coverage that checked the necessary boxes.

Read more…

Hybrid Policies Shine in Addressing Long-term Care Concerns

By Tom Strangstalien, Executive Director Individual Insurance Planning

image of extended family and long-term care team

It’s not a secret that the rapidly increasing cost of long-term care is driving dramatic increases in long-term care (LTC) insurance premiums. You may also have been victim or witness to a dramatic increase in long-term care insurance premiums on a policy purchased years ago.

Read more…

$111,000 more from Social Security

By Mark Ziety, CFP®, AIF®, Senior Advisor, WisMed Financial

Mark Ziety

With more than 2,700 rules and 567 separate filing strategies for Social Security, 96% of people fail to make the optimal claiming decision and miss out on $111,000 of benefits for the average household.1

$111,000 – that’s a lot of money. Let’s look at some of the rules for Social Security so your decision is better informed.

  • Normal benefits: Benefits can be claimed between ages 62 and 70. The longer you wait, the larger your check. However, the increase is not linear. In fact, the growth is backloaded thereby encouraging people to delay.
change in benefit amounts from ages 62 to 70
  • Spousal benefits: Married people can claim a spousal benefit worth up to 50% of their spouse’s full retirement age benefit if it’s larger than their own and their spouse has started their benefit. As above, spousal benefits are reduced before full retirement age. However, they do not increase after full retirement age.
  • Divorced benefits: Divorced spouses can also claim a spousal benefit if the marriage lasted at least ten years and they are unmarried at the time they file for spousal benefits.
  • Survivor’s benefits: Spouses and surviving divorced spouses can receive the deceased spouse’s benefit starting at age 60 if the marriage was at least nine months (married) or ten years (divorced).
  • Withheld benefits: Benefits may be withheld if you are under full retirement age and still working. Once you reach full retirement age, the amount will be recalculated to include previously withheld amounts.
  • Taxable benefits: 0% to 85% of Social Security benefits may be included in taxable income. The higher your total income, the more of your Social Security you’ll owe tax on.

Optimizing Social Security also requires coordination with retirement investments, something most Social Security calculators omit. For instance, if you retire at age 65 and delay Social Security until age 70, you’ll spend your retirement investments while you wait. It may make sense to start Social Security earlier, even though the amount is less, allowing you to preserve your investment nest egg.

For many people, it’s wise to get professional help to determine the optimal timing for Social Security. Get it right and it could be worth $111,000.

The Social Security Timing Guide in our resources has even more details. Or, for one-on-one help schedule an appointment.

For personalized help eliminating debt, investing smart and securing retirement, please contact Mark Ziety, CFP®, AIF® 608.442.3750.

1. The retirement solution hiding in plain sight. InvestmentNews. (2020, June 12). Retrieved August 4, 2022, from https://www.investmentnews.com/whitepapers/the-retirement-solution-hiding-in-plain-sight

Build your financial wisdom

By Mark Ziety, CFP®, AIF®, Senior Advisor, WisMed Financial

Mark Ziety

Join us for online educational sessions presented by WisMed Financial exclusively for Wisconsin Medical Society members. Session topics include retirement planning, social security and tax planning. Be sure to register – the replay and materials will be provided even if you miss the live event.

Social Security; $111,000 More

September 9 from 12:00-12:30 p.m.

  • Ideal for anyone age 59 and over who has not filed for Social Security
  • With more than 2,700 rules and 567 separate filing strategies, 96% of people fail to make the optimal claiming decision and miss out on $111,000 of benefits for the average household1
  • Uncover various claiming strategies whether single, married, widowed or divorced
  • Optimize Social Security timing

Medicare Open Enrollment

October 19 from 12:00-12:30 p.m.

  • Ideal for anyone age 65 or older
  • The A, B, C and D puzzle of Medicare
  • Pros and cons of original Medicare versus Medicare Advantage
  • Wisconsin Medicare supplements are unique compared to other states
  • Tips when shopping for a policy

Year-end Tax Planning Workshop

November 18 from 12:00-12:30 p.m.

  • Ideal for everyone
  • This is a hands-on workshop, so bring your 2021 tax return
  • Review key tax numbers
  • Adjust your taxable income and deductions for 2022, 2023 and beyond

6 Keys to Retirement Success

January 20 from 12:00-12:45 p.m.

  • Ideal for anyone approaching or in retirement
  • Social Security benefits
  • Bridging the health insurance gap between early retirement and Medicare
  • Generating income from investments
  • Identifying a long-term care plan with or without insurance
  • Estate plan considerations
  • Optimizing the retirement tax bracket drop and rebound

To register, click here.

For personalized help eliminating debt, investing smart and securing retirement, please contact Mark Ziety, CFP®, AIF® 608.442.3750.

1. The retirement solution hiding in plain sight. InvestmentNews. (2020, June 12). Retrieved August 4, 2022, from https://www.investmentnews.com/whitepapers/the-retirement-solution-hiding-in-plain-sight