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It's unlikely that president-elect Trump has given much thought to maximizing his own Social Security benefits, but hopefully, someone on his financial planning team did.
Unlike most Americans, Donald Trump might be eligible to generate as many as three payments from Social Security. How can this be?
Donald Trump turned 70 on June 14, 2016. If he had not already filed for Social Security benefits previously, he would be eligible to file for his maximum benefit amount when he turned age 70.
Once he filed, his 10-year-old son Barron would also then be eligible to collect 50% of Donald Trump's full retirement age benefit amount until Barron reached age 18 (or 19 if he was still in high school then).
Furthermore, if his wife Melania did not have "earned income" above $16,920 then she too would be eligible to collect 50% of Donald Trump's full retirement age benefit amount until Barron turned age 16. Melania's benefit is called a "child-in-care" benefit.
Social Security is an extremely complex program with over 2,700 rules. As a result, it is estimated that 90% of filers receive less money than they are eligible for. Most couples have over 500 possible filing options. To make matters worse, Social Security agents are prohibited from offering advice.
Don't leave money on the table! As one of the nation's leading Social Security planning firms, NSSP can assist you and your client's with strategies to maximize Social Security benefits.