John McGonagle Jr.

Retirement, Investing, Small Business
“With over 30 years of experience in the financial world, John R. McGonagle Jr. helps clients design a smart, secure, simple solution for their retirement income needs.”

Asset Architects LLC

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John R. McGonagle Jr. CFP®,CRPC®, is the owner of Asset Architects LLC located in Northville, MI.

John was born and raised in Plymouth Michigan a small Midwest town. He has six brothers and sisters, he's right in the middle. Both his parents worked hard and instilled a work ethic in him that is still drives him today.

After high school John attended, Eastern Michigan University business school, but the pull to own his own business was strong and at the age of 21 his parents remortgaged their home to allow him to buy into a local business. John worked long hard hours and was able to pay off that note in eleven months.

Owning his own business introduced John to the realities of running a business (not just theory you learn in school). One of those realities was paying taxes, it quickly became apparent that earning money was only part of the game. He needed to learn how to hang on to it. This led him to learning what people with money did with their money and how to make it grow.

Keeping a long term perspective. Some of the best things John has done in his life have been long term commitments. He has been married to his wife for 36 years and have a commercial property they've owned for 37 years, both were good decisions.

John and his wife have two children, his son graduated from University of Michigan and his daughter graduated from Indiana University.  They are very proud of them both.

John made a decision to make investing and Investment Advisory a full time avocation in 1983.

Along the way, John has acquired his CFP® and CRPC®, Series 7, Series 63, Series 24, Series 65, Life and Health and 31 years of experience (another long term commitment).

Over the years John and his wife have invested in annuities, life insurance, more real estate, managed money, stocks and bonds. He truly practice what he preaches to his clients.

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    Financial Planning, Social Security, Retirement Plans
Can my wife wait to file for her spousal benefit through Social Security until I begin receiving my benefits so that she can receive half of mine?
90% of people found this answer helpful

To better understand the answer below, lets review the rules for applying for Social Security Benefits.

The rules for File and Suspend changed in 2016.  If you did not apply and suspend prior to April 29, 2016 for your benefits, the new rules for file and suspend will require you to stop all benefits associated with that persons earning record. In other words, when you suspend your benefits, you must also suspend spousal benefits.

Your wife can only apply for her spousal benefits after you have applied for your own benefits. Keep in mind that the spousal benefit does NOT qualify for the delayed retirement credits that your primary benefits do. The max spousal benefit is 50% of the Full Retirement Age benefit.

You should work with a Financial Planner to maximize your retirement benefits. Waiting until age 70 is not always the best solution.  You need to factor in both of your life expectancy to pick the optimal application date.  You need to understand at what age will you will benefit by delaying your benefits

Let me give you an example:

You have a full retirement benefit of $2,000 and your spouse would have a spousal benefit of $1,000. I will use and inflation rate of 1.5% for Social Security Benefit and 8% Delayed Retirement Credit.

If you both applied at 66, you would receive at total of $146,395 prior to age 70 ($36,000 per year plus inflation). If you delay until You receive $8,650 more per year and your wife’s benefit would be the same.

If you divide $146,395 by $8,650 you get 16.92 years to your breakeven. You would have to live to age 87 to breakeven.

I think you could benefit from a complete retirement plan to make sure you make the best decision for you and your wife. Have a great retirement.

March 2018
    Debt, Retirement, Pensions, Social Security, 401(k), Real Estate
I will retire in 2018 with $210,000 in my 401(k), a $3,000 pension payment and social security benefits; should I use my 401(k) to pay off my $85,000 mortgage, which will cut my living expenses in half?
80% of people found this answer helpful
February 2018
    Retirement Savings, IRAs, Taxes
How should I factor in the current tax rate when deciding which retirement account I'd like to open?
75% of people found this answer helpful
March 2017
    Investing, Real Estate
I've come into a large amount of money. Should I invest it or pay off my mortgage?
33% of people found this answer helpful
March 2017
    Retirement Savings, IRAs
Are most IRAs FDIC insured?
0% of people found this answer helpful
May 2017