Peter LaMuraglia, a partner with Compass Financial, has been assisting clients accumulate, preserve and transfer wealth for over 25 years. He is a Certified Financial Planner (CFP®), Chartered Life Underwriter (CLU®) and Chartered Financial Consultant (ChFC®).
A New Jersey native, he received his Bachelor of Arts degree in Finance at the University of North Carolina-Greensboro in 1986. He is a Registered Representative of LPL Financial, Member FINRA/SIPC.
Peter focuses his wealth management practice in the areas of investment, social security and retirement planning. Outside of work, Pete enjoys coaching high school rugby. He is married to Kathleen and has four children. He is a member of The Knights of Columbus. Peter can be reached at plamuraglia@compassfp.com.
AZ asks: When do you recommend taking social security?
It depends on so many factors. The biggest misconception is to grab it at age 62. If you are still working, strongly consider not taking it for as long as you can for the compounding effect as your benefit can increase with your working years to age 70.
AZ asks: What factors do you consider the most important?
The need, age, income, family longevity and earnings.
AZ asks: What is the most social security that you can take out?
The highest payment would be if you continue to work and wait until you are 70 before you start taking it.
AZ asks: Do you think Social Security will be eliminated for anyone above a certain income level?
In my opinion, I believe it will be available for high income earners for the foreseeable future.
AZ asks: We just saw a 3.7% COLA increase in social security after not having one for 2 years? Do you think this is a new trend in increases?
It is based on core inflation and the Government does not have a choice in increasing or not.
AZ asks: Can I get my ex’s Social Security if I remarry?
If you remarry you are forgoing half of your ex-spouses social security benefits.
AZ asks: Does the age of my ex matter?
Yes, if you have children under the age of 18 you need to check for eligibility of benefits.
AZ asks: If my ex is 62 and I am 58 can I start taking social security?
No, it is age based on your age also.
AZ asks: What if my ex has died?
At age 60, you are eligible for a widow’s benefit assuming you were married for 10 years.
AZ asks: What if my ex remarries a number of times? Am I eligible?
Yes, it does not matter how many times he gets remarried, just if you do. Ed McMahon, Johnny Carson’s sidekick, was married 3 times, all over 10 years , so all 3 qualify.
AZ asks: Is there any way to avoid paying taxes on social security?
No there isn’t.
Securities and Advisory Services offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC
