Social Security is an important source of income for older Americans, but it can also provide many benefits beyond retirement income. Life is full of risks, and Social Security helps provide some income for those who have faced these situations.

Think about these statistics:

• In 2014, 3.3 million kids received Social Security benefits
• 34% of all benefits are paid to the spouse or child of the covered worker
• Average age folks begin to receive disability benefits is 54
• Over 24% of today's 20-year-olds will become disabled before the age of 67

As you can see, understanding Social Security benefits is an crucial part of your overall financial planning. Today, Devin and John talk about the non-retirement benefits provided by the Social Security program, and why they are important to you.
 
There are two main categories of benefits: Benefits for the worker, and benefit for the worker's family. Benefits for the worker include retirement income, disability income, and Medicare health care coverage for the disabled. Benefits for the worker's family include benefits for the worker's spouse and family if the worker dies or becomes disabled.
 
Highlights include:

• What is a family maximum benefit?
• When and how you can receive survivor or disability benefits
• How various financial plans can impact eligibility for benefits
• How you might want to use this knowledge as part of your financial plan

For more information, visit http://bigpictureretirement.net

There are few things worse than getting involved in a financial scam.

Unfortunately, there are always some people who will abuse their professional status, and use their knowledge to rip people off.

How can you avoid being scammed?

Things to look for in a financial advisor:

• Find someone who uses an independent custodian with a solid reputation. To whom are you writing the checks?
• Check out the firm on the Securities and Exchange Commission website.
• Research the individual via the Financial Industry Regulatory Authority (FINRA) Broker Check and the Investment Adviser Public Disclosure (IAPD) search function.
• Question anyone who gives you a guaranteed return, unless it is quite low.

Things to look for in a legal advisor:

• Check your state bar's disciplinary action history.
• Get your agreement in writing, including the fees that will be charge for the service recommended.
• If you pay any money upfront, how is it accounted for?
• Are they working inside their field of expertise?

Do you have a question for a future Listener Questions episode? Submit it to questions@bigpictureretirement.net

Listener Questions: Rob asks about sending the distributions from an Individual Retirement Arrangement (IRA) to a charity.  John discusses a couple of different scenarios and explains the possible tax benefits.  He also includes ideas for some more advanced strategies for charitable giving so you can support your favorite charities even after death.

Then, Rosa wants to know about continuing to get Social Security survivor benefits from a former spouse, even if she remarries.  This is a common situation, but you really need to look at the financial considerations before moving ahead.  Devin explains the exact rules, and how these rules could impact the timing of your remarriage.

For more information, visit http://bigpictureretirement.com

Women often have different financial needs than men, and even more when there has been a change in their marital situation.

This week, Devin and John talk with Russ Thorton of Wealthcare for Women.  Russ works with financial planning for women, with a particular emphasis on women in transition.   Whether through death or divorce, newly single women may need special advice and expertise to move forward financially.

Highlights include:

Where you should start figuring out your money:  where are you financially?  This includes investments, expenses, insurance coverage, estate plans, taxes, and everything else.

How it helps to have help from someone who is not emotionally involved in the situation.

When hearing about your friend’s situation can do more harm than good.

Why you need to trust your gut.

How to find the right financial advisor for you.

Resources mentioned in this episode:

Enter the Echo giveaway at www.bigpictureretirement.net/echo

Russ Thorton’s Wealthcare for Women website and on Twitter at @RussThorton

Devin and John’s free ebook:  www.bigpictureretirement.net/steps

Every month, Devin and John have an entire episode dedicated to answering listener questions.  If you have a question, submit it to questions@bigpictureretirement.net.

Don’t forget to subscribe to the show, and leave a rating and a review!