“The best way to find yourself is to lose yourself in the service of others.” – Mahatma Gandhi
Many years ago, I hired a young single mom with 3 kids. In time I discovered that she did not have a driver’s license. I told her that she needed to correct this issue. When she went to get her driver’s license, she discovered that she had numerous legal issues and fines. These issues were making it insurmountable to her getting a Texas Driver’s License.
This single mom was struggling to provide for her family. (She received no child support from her ex.) Aside from the issues around her lack of a license, she had passed a background check and was drug free. Her income was too high for legal aid and she had no funds to hire a lawyer to clear her legal issues to apply for a driver’s license. Her fines were so high she wasn’t confident that even with a payment plan she could afford to pay them off.
The single mom didn’t make excuses. She explained that she went through a period of immaturity. She had taken responsibility for her life and family. As for me she was an excellent employee, that was in a difficult situation.
She had made numerous calls and she could not get a lawyer to take her case. I finally made some calls. I left messages for 3 lawyers, it was a female defense lawyer that called me back. I explained the situation. She was impressed with me (the boss) trying to help his employee instead of just ending her employment. Then she said, “I will call you back.”
After 25 minutes, the lawyer called me back. She had gotten the DA and Judge on a call and they removed all her citations and fines. The dollar amount of the fines was in excess of $3,500.00. All forgiven!
The lawyer said, “Tell her to go get her driver’s license.”
The single mom took her written exam, driving test and received a driver’s license. She joked that she hoped to get pulled over so she could present her Legit license. No longer did she have to worry about being arrested or given another ticket for no license. A license was a life changing event that elevated her self-image. She felt that she could now be a good example to her children.
Over the years, I have met others in the same situation. Many of these are not bad people. Yes, they made irresponsible decisions in their youth. But they often either lack resources or wherewithal to correct their situation. What can be done to help them?
Mubashir Subhani and myself decided to start a Non-Profit Tax-Exempt Organization named ‘Get Legit’. The goal of the organization is help adult, low-income individuals, that are not felons or have DUI convictions to over-come the problems they have to acquire a valid Texas Driver’s License. The organization will network with lawyers and the courts to help qualified people. In some cases, we will help with the cost or just guidance to, ‘Get Legit!’
As organizers and board directors we hope to make a difference in the lives of our neighbors and community.
“And the second is like, namely this, Thou shalt love thy neighbour as thyself. There is none other commandment greater than these.” -Mark 12:31
New Commercial
After the success of our commercial starring Haleigh’s daughter, we decided to make another commercial to appear on Channel 10 Amarillo. This time our Insurance and Marketing Specialist Kelly Grayless’s son Jace became our star.
To see the adorable 30 second spot, you can go to our Facebook page or our website.
Social Security Hacks – Filing for Surviving Spouse Benefits
If your spouse or ex-spouse dies you could be eligible for benefits based on his or her earnings record. But there are very particular rules and options you need to be aware of to ensure that you get the maximum amount of benefits that you are entitled to.
First, you need to meet the qualifications. You must be married for at least 9 months, or if divorced, the marriage must have lasted 10 years.
Next is when you can collect. You can collect benefits as early as 60 years old, but you can only collect about 71.5% of the full benefit your spouse was collecting or his FRA amount.3 This number goes up every year you wait. If you wait until your full retirement age (66-67 years old), then you can collect 100% of what your spouse would have or was collecting.
If your spouse was not collecting a Social Security check then it would be based on your spouse’s Full Retirement Age (FRA) amount plus delayed credits.
Delayed credits? You get 8% increase every year after FRA you wait to collect a social security check. This ends at 70 years old. So, if the love of your life dies at 69 and was not collecting SS benefits then your check will be more than the FRA number. (About 24% more than FRA.)
As a surviving spouse you have some interesting options open to you. You can file a Restricted Application. This allows you to collect your surviving spousal benefit only and allow your own retirement to grow. In many cases this will yield a much higher retirement when you turn 70.
So, let’s sum up. Survivor (Widow) benefits depend on when you start collecting and when your spouse started collecting. The longer the deceased spouse waited to collect, the higher the surviving spouse’s benefits will be. A widow will want to be sure to see if filing a restricted application will be of benefit. There is also a lump sum death benefit of $255. (You must apply for this with in 2 years of death.)
Before filing for benefits, call us to do a Social Security Optimization report and a retirement consultation. This way, you can be sure to get the most out of your retirement and Social Security.
Sources Citations Bibliography:
⦁ 501c3 organization. We recently received tax exempt status from the IRS (Public Charity Status). Making donations to ‘Get Legit!’ is tax deductible.
⦁ Thad Reid, CPA at Lewis, Kaufman, Reid, Stukey, Gattis, & Co., P.C. is our CFO and is a board member.
⦁ At Facebook search @torobravoadvisors or ⦁ www.torobravoadvisors.com
⦁ If disabled you may qualify at 50 years old. TBIA does not advise Social Security Disability.
Supplemental Disclaimers:
This article is informational only and is not investment advice. This is not an offer to buy, hold, or sell investments like securities or insurance products.
Securities and Investment Advisory Services are offered though Toro Bravo Investment Advisors, LLC. Life Insurance and Annuities sold as an insurance broker are not a fiduciary relationship and are not offered by Toro Bravo Investment Advisors, LLC.
Life Insurance and Annuities are not fiduciary products and are not offered or sold by Toro Bravo Investment Advisors, LLC but rather offered by the Advisor as an agent. Please review our ADV 2a for further details.
Securities or Insurance are not FDIC/SIPC insured and investments contain risk plus could be subject to loss.
Losses could be short term or permanent. Numbers and figures illustrated are hypothetical in nature and past performance is not a guarantee or indication of future results/performance.
We are not affiliated with the Social Security Administration (SSA), Internal Revenue Service (IRS), or any Governmental Agency.
Do not rely solely on the Legal, Tax, or Financial information presented for it may not be suitable for your individual situation.
Consult your legal, tax, and/or financial professional before acting on any strategy or recommendation (i.e. major changes or before initiating the purchase, hold, or sale of any investment or investment strategy). Every individual’s strategy can differ depending on current circumstances and goals.