Donald Trump could use this Social Security strategy for his family. How to know if you qualify

Donald Trump could use this Social Security strategy for his family. How to know if you qualify
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WED, AUG 29, 2018
YOUR WEALTH
Straight Talk from the Money Editor
For a lot of Americans, their monthly Social Security check is a lifeline, a way to stay afloat in a world of ever-increasing expenses for rent, food and more. Who knew it could help out presidents, as well? Turns out, President Donald Trump’s youngest son, Barron, 12, is eligible for benefits until he reaches the age of 18 or is out of high school (if the president has already claimed his own benefit, as he is legally entitled to). In fact, spouses who are caring for a child may also receive benefits until a child turns 16. And many families who are eligible for these payments are surprised to find out about them, according to David Freitag, a financial planning consultant and Social Security expert at MassMutual.

Because of complexities in the system like this, it’s important to take the time to figure out what is best for your family before making life-changing decisions about Social Security. After all, you may be leaving money on the table.

For more cool stuff like this, please follow me on Twitter @jimpavia.

For more, check out CNBC’s Financial Advisor Hub.

Jim Pavia

@JIMPAVIA

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@ReformedBroker
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