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Virtual Events

Need-to-Know Changes in the College Process

Kensington Virtual Event Recap

If you missed our March 30 Kensington Connect Virtual Event on the topic of finances and college admissions, we have made the recording available for you and for those in your network who may benefit. This is valuable information for anyone who has kids or grandkids in high school with plans to attend college.

One of the most important takeaways from the session is that the FAFSA is not just about financial aid. Many wealthier households can still benefit from scholarships that require the FAFSA to be completed.

We encourage you to share this recording with your family members and friends. In addition, please review the Top 10 Tips discussed in the recording below.

Watch the Recording Here. (Enter your information on the registration page to gain immediate access.)

Top Things You Should Know About the College Process

  • Not every college gives academic scholarships for great grades.
  • The most scholarship dollars available, by far, are from the colleges themselves, not private scholarships.
  • Some colleges will subtract the dollar amount of the private scholarships you've won from the financial aid they award you.
  • Income is weighted far more heavily than assets in the financial aid formula.
  • Qualified retirement assets and the value of your primary residence are exempt from the FAFSA.
  • Grandparent contributions to college no longer affect your ability to qualify for need-based aid.
  • Colleges in other states are not always more expensive than many in-state colleges.
  • Test-optional means different things to different colleges.
  • Just like other major purchases, you can negotiate with some colleges.
  • Most NCAA college athletic scholarships are not full rides.

Please reach out to our Kensington team if you have any questions or additional needs at this time.

Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker- dealer (member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. The content of this presentation is for informational and educational purposes only. Lincoln Financial Advisors Corp. and its representatives do not offer or provide any college admission services, legal or tax advice. We encourage you to seek the advice of a qualified professional, an attorney and/or an accountant prior to making financial and tax-related investment decisions. *Heidi King is not affiliated with Lincoln Financial Advisors.

How to Maximize Social Security Benefits

Kensington Virtual Event Recap

Social Security and Medicare can be very confusing topics—yet they are both critical to helping you plan for your future.

Our Kensington team held a virtual event in collaboration with The Resource Group, an alliance of top-tier professionals within the Lincoln Financial Advisors organization in which we are lifetime members, in early October on this important topic.

Mary Beth Franklin*, one of the nation’s leading experts on Social Security and Medicare, was our guest speaker. Ms. Franklin is a highly acclaimed speaker, journalist, and contributing editor to Investment News.

Here are the Top Ten Tips on Social Security and Medicare Ms. Franklin provided our attendees.

  1. Your Age Matters
    The amount of your monthly Social Security benefit is determined by your average lifetime earnings and the age when you first claim benefits. Filing for Social Security before your full retirement age (FRA) will reduce your benefits for the rest of your life.
  2. Work Can Affect Your Benefits
    If you claim Social Security before your FRA, which ranges from 66 to 67, and you continue to work, your earnings could reduce or temporarily eliminate your benefits if you earn more than $19,560 in 2022.
  3. Earnings restrictions disappear at full retirement age
  4. Once you reach FRA, you can earn as much as you like without reducing your Social Security benefits. Any benefits lost to excess earnings prior to FRA will be restored in the form of larger monthly benefits going forward.

  5. Current Earnings Can Increase Future Benefits
    Social Security benefits are based on your highest 35 years of lifetime earnings. Each year you continue to work, regardless of your age and whether you are already receiving Social Security, could increase your future benefits.
  6. No Work History? No Problem for Some Spouses
    Even if you haven’t worked long enough to be eligible for Social Security benefits, you may be eligible for spousal benefits on your mate’s earnings record. A spousal benefit is worth up to 50% of the worker’s FRA benefit amount.
  7. Exes Have Rights Too
    If you were married at least 10 years, are divorced and currently single, you may be able to claim spousal benefits on your ex’s earnings record if they are larger than your own retirement benefit.
  8. Two Different Benefits: Retirement and Survivor
    If you are entitled to retirement benefits and you are a surviving spouse or surviving ex- spouse, you may be able to claim one type of benefit first and switch to the other later.
  9. Social Security Benefits are Taxable
    Up to 85% of your benefits can be taxed at your ordinary income tax rate.
  10. Sign up for Medicare at 65
    If you miss your initial enrollment period, you may have to pay delayed enrollment penalties for the rest of your life.
  11. Medicare is Not Free
    You’ll pay a monthly premium for Medicare and may be subject to high-income surcharges.

If you’d like to learn more about this topic or get access to the recording of our virtual session, please don’t hesitate to contact our office.

Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker-dealer (member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies.

Lincoln Financial Advisors Corp. and its representatives do not provide legal or tax advice. We encourage you to seek the advice of an attorney or an accountant prior to making tax-related investment and/or insurance decisions. *Mary Beth Franklin is not affiliated with Lincoln Financial Advisors

*Mary Beth Franklin is a Contributing Editor at Investment News specializing in Social Security, Medicare and Retirement income. She is not affiliated with Lincoln Financial Advisors Corp. CRN-4974410-092922

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