Over the years, I’ve had people ask me what they thought was a simple Social Security question.

“I’m divorced. Can I collect on my ex-spouse’s Social Security?”

My answer? It depends. I know—that’s everyone’s favorite answer! But recently I encountered a situation that demonstrates just how quickly Social Security can go from relatively simple to “I’m so confused!”

Let’s start with the basics.

If you were married for at least 10 years, are currently unmarried, and meet the other requirements, you may qualify for divorced-spouse benefits based on your ex-spouse’s earnings record. At your full retirement age (FRA), the maximum divorced-spouse benefit can be up to 50% of your ex’s full-retirement-age benefit or your own benefit whichever is greater!

Claim earlier and the amount can be permanently reduced. So far, reasonably straightforward.

Then She Decided to Get Married

A client of mine had been married for more than 10 years, subsequently divorced, and was receiving benefits based on her former husband’s record. Then she fell in love and decided to remarry. Great news personally.

Social Security? Now we’ve got some explaining to do.

Generally, remarriage ends eligibility for divorced-spouse benefits on a living former spouse. She could potentially qualify for benefits on her new husband’s record, but ordinarily not until they had been married for one year.

That raised an interesting planning question: What happens in between? Depending upon her circumstances, her own retirement benefit could become important during that period, thus she’d switch to her own benefits and then on their 1st Anniversary she could switch back to spousal if greater than her own.  Also remember if she claims prior to FRA that reduction stays in place.

But then the story took another turn.

What If Her Ex-Husband Dies?

Now we’re no longer talking about divorced-spouse benefits. We’re talking about divorced-survivor benefits—and the rules change.

Someone who was married to a former spouse for at least 10 years may qualify for survivor benefits beginning as early as age 60. Survivorship benefits are 100% of what the deceased spouse was receiving.  Claiming before FRA generally means accepting a reduced benefit; waiting until survivor FRA can provide the maximum survivor amount.

And here’s the rule that surprises many people:

Remarrying after age 60 does not eliminate your potential survivor benefit from a deceased former spouse.  But remarrying prior to age 60 eliminates that option, unless she is disabled and over 50.

Think about what that means. Depending upon the numbers, our newly married retiree could potentially have benefits associated with three different earnings records:

• Her own.
• Her current husband’s.
• Her deceased ex-husband’s.

She doesn’t simply add all three together. Instead, we have to determine which benefits she’s eligible for, when she’s eligible for them, and which claiming sequence produces the best result.

Confused yet? That’s precisely the point.

A Few Rules Worth Remembering

1. If you’re widowed or divorced and considering remarriage, age 60 can be an extremely important birthday. Remarriage before 60 can generally prevent survivor benefits from a deceased former spouse. Remarriage after 60 generally does not. Romantic? No. Financially important? Absolutely.
2. Claiming early can reduce your benefit. Retirement, spousal and survivor benefits each have rules governing early claiming, and survivor FRA isn’t necessarily identical to your retirement FRA.
3. Still working? There’s another wrinkle. If you’re below FRA throughout 2026, Social Security withholds $1 of benefits for every $2 you earn above $24,480. Different rules apply during the year you reach FRA, and once you reach FRA the earnings test disappears.
4. Don’t assume someone is going to knock on your door. Marriage, divorce, death and remarriage can create benefit opportunities that require you to contact Social Security and provide the necessary information and documentation.
5. Survivor benefits can create an especially valuable planning opportunity. Unlike ordinary spousal benefits, survivor benefits aren’t subject to the same deemed-filing rule. In the right circumstances, you can claim a survivor benefit while allowing your own retirement benefit to continue growing, then switch to your own benefit as late as age 70 if it becomes larger.

And that brings us back to the title:

I’m So Confused!

You should be. Social Security is filled with seemingly small decisions that can mean thousands—or potentially tens of thousands—of dollars over a lifetime. Divorce, remarriage, age, employment, an ex-spouse’s death and the timing of each can completely change the answer.

Several years ago, I had a client who decided to get married after living together for 20 years.  I asked what made them decide to marry?  The answer was he was diagnosed with cancer and didn’t have that much time to live!  He died several months later, but since they were not married for 12 months, she was unable to claim survivorship benefits!  COSTLY ERROR!

That’s why after 50 years in the retirement business, I’m still consulting. Sometimes my job isn’t to give someone an answer. It’s to help them ask the questions they didn’t know they needed to ask. 

And interestingly, that’s one of the ideas behind my upcoming book, Freedom of Choice. We spend much of life celebrating our freedom to choose. But choices have consequences, and freedom without understanding can become an expensive proposition.

Social Security is simply one example. Before making an important decision, slow down. Understand where you are. Understand the choices in front of you. And then choose deliberately. Sometimes you have to peel back the onion before you can see what’s really there.

Have a great month!

David P. Zander
CFP Emeritus Board
dzander@back9pro.com
260-615-0078

The Only Certainty Is Uncertainty

One of the three earthly truths I’ve come to accept over a lifetime is this:

The only certainty is uncertainty.

We spend much of our lives trying to eliminate uncertainty. We buy insurance, diversify investments, write wills, save for retirement, and create carefully thought-out financial plans.

Those are all wise decisions. But none of them removes uncertainty. They simply help us prepare for it. Lately, uncertainty has once again become front-page news.

Social Security and an Uncertain Future

For the first time in years, Congress is openly discussing the long-term future of Social Security.

Headlines warn about projected funding shortfalls over the next six or seven years. Ideas are being floated almost daily:

• Raising payroll taxes
• Increasing or eliminating the earnings cap
• Reducing benefits for higher-income retirees
• Adjusting retirement ages
• Countless other proposals

The Number 1 objective of a politician – Getting Reelected!

The truth is, no one knows what Congress will ultimately do. That uncertainty makes many people anxious. My own view is that it is highly unlikely current retirees or those nearing retirement will see meaningful reductions in the benefits they’ve earned. Politically, that would be extraordinarily difficult. More likely, any significant changes will primarily affect younger generations, giving them time to adjust their retirement planning.

But that’s simply an educated opinion—not a certainty. And that’s exactly the point.

Life Has Always Been Uncertain

• Life has always been uncertain.
• The stock market has never been certain.
• Interest rates have never been certain.
• Politics has never been certain.
• Health has never been certain.
• Tomorrow has never been guaranteed.

Yet we continue living, planning, loving, serving, and hoping.

For fifty years I’ve worked with individuals preparing for retirement. Many believed that if they could just accumulate enough money, uncertainty would disappear. It never did and never will!

Financial security certainly provides options and peace of mind, but it cannot eliminate life’s uncertainties. Markets fluctuate. Health changes. Families grow. Priorities shift. The future remains unwritten. That’s one of the greatest lessons of what I call the Back 9 of life.

Lessons From the Back 9

During the Front 9, we spend much of our energy accumulating—education, careers, homes, savings, accomplishments, and possessions. Those things matter. They provide opportunities and responsibilities. But eventually life begins asking different questions.

Not, “How much have you accumulated?”

Instead…

“What will you do with what you’ve been given?”

The uncertainty never disappears. Our perspective simply changes.

Golf offers an interesting analogy. If the weather turns ugly, we can choose not to play that day. Today it will be 102 in Bastrop, I took the day off! We can wait until conditions improve. Life doesn’t offer that option.

There are no rain delays. – No postponements – No days off.

The sand is always flowing through our hourglass. Every sunrise is another opportunity, and every sunset is one day we can never recover.

That realization isn’t meant to create fear.

It’s meant to create perspective.

What We Can Control

• We don’t control tomorrow.
• We don’t control Washington.
• We don’t control the markets.
• We don’t control world events.

But we do control how we respond.

• We control our character.
• We control our preparation.
• We control our generosity.
• We control our faith.
• Most importantly, we control the choices we make today.

Freedom of Choice

As I’ve spent the past year writing Freedom of Choice, I’ve become increasingly convinced that this is life’s greatest gift. While we cannot choose every circumstance that enters our lives, we can always choose our response.

Victor Frankl captured this truth beautifully after surviving the Holocaust:

“Everything can be taken from a man but one thing: the last of the human freedoms—to choose one’s attitude in any given set of circumstances, to choose one’s own way.”

Perhaps that is why uncertainty, while uncomfortable, can also be a gift. It reminds us that our hope was never meant to rest in government programs, investment portfolios, political leaders, or even our own carefully constructed plans. Those things have value, but they are not ultimate. They were never intended to be.

As people of faith, our confidence rests in something far more enduring than predictable circumstances. It rests in the One who already knows tomorrow.

Prepare Wisely, but Keep Living

• So yes, prepare wisely.
• Save diligently.
• Plan carefully.
• Stay informed.

But don’t allow uncertainty to steal today’s joy or tomorrow’s hope.

Because in the end, one earthly truth remains:

The only certainty is uncertainty.

Yet there is another truth that matters even more.

Our response to uncertainty is always our choice.

Closing Thoughts

My book, Freedom of Choice, is now in the hands of the publisher with a projected release in mid-December.

Over the coming months, I’ll begin sharing brief excerpts and lessons from the book in this newsletter—not to promote a book, but to encourage reflection on what I believe are life’s most important questions. My hope is that these thoughts will give you something to ponder as we all continue navigating the uncertainties of life together.

Until next month, have a wonderful month!

David P. Zander
CFP Emeritus Board
dzander@back9pro.com
260-615-0078

Golfers love the idea of a Mulligan.

Hit your first tee shot into the trees? Take a Mulligan. Start over. Pretend the first one never happened.

Life, unfortunately, doesn’t work that way. Most of our decisions are permanent. We live with them, learn from them, and hopefully make better ones the next time around.

But every once in a while, life gives us a second chance.

Social Security does too.

“I’ve Already Claimed. There’s Nothing I Can Do.”

One of the biggest misconceptions I hear is, “Dave, I’ve already claimed my benefits. There’s nothing I can do now.”

Not necessarily.

Let me give you an example.

A gentleman unexpectedly lost his job at age 62. Like many people, he needed income immediately, so he began collecting Social Security. On paper it made sense, but claiming at 62 reduced his retirement benefit by roughly 30% for life.

Several months later, something unexpected happened. He found another job.

Now he had an additional problem.

Not only had he locked in a substantially reduced benefit, but because he was working before reaching Full Retirement Age, he was also subject to the Social Security Earnings Test. If his earnings exceeded the annual limit, he would have to repay part of the benefits he had already received.

2026 Earnings Test: You lose $1 in benefits for every $2 you earn above $24,480.

That’s when I shared something he had never heard before.

The Social Security Administration Allows You One Mulligan

If you’re within twelve months of filing for benefits, you can withdraw your application, repay the benefits you’ve received, and it’s as though you never filed.

Think about that.

Your Social Security record has been reset. The permanent reduction disappears, and you regain the opportunity to make a better claiming decision later.

I’ve recommended this strategy to several clients after completing a comprehensive retirement income analysis. Many times, withdrawing the application and temporarily living off IRA distributions or other available assets resulted in significantly higher lifetime income. Better yet, it often created a much larger survivor benefit for a surviving spouse.

Like golf, however, you only get one Mulligan. Miss that twelve-month window and your Mulligan is gone.

Missed the Window? You’re Still Not Out of Options

So what happens if you miss it?

When you reach your full retirement age, another opportunity becomes available. Although you cannot withdraw your application anymore, you can suspend your benefit. During the suspension period, your benefit earns Delayed Retirement Credits of approximately 8% per year until age 70.

Imagine someone who claimed at age 62 and accepted the roughly 30% reduction. At age 67 they realize they really don’t need the income after all. Rather than continuing to collect reduced benefits, they suspend them and allow those delayed credits to accumulate over the next three years.

Will it completely erase the reduction from claiming early?

No.

But that additional 24% increase dramatically narrows the gap while also increasing the future survivor benefit available to a spouse.

Many retirees can bridge those three years by drawing from IRA assets while they’re often in one of the lowest tax brackets they’ll ever experience before Required Minimum Distributions begin.

The Real Lesson Here

The lesson is bigger than Social Security.

Retirement planning isn’t about making one perfect decision. It’s about recognizing when circumstances change and understanding the options available to you.

The biggest mistake isn’t claiming Social Security too early. The biggest mistake is believing you no longer have any choices.

Sometimes the best financial decision is simply knowing when you’re entitled to take your one Mulligan.

Let’s have a great summer, and as always, never hesitate reaching out if you think I can be of help to you or your clients.

David P. Zander
CFP Emeritus Board
dzander@back9pro.com
260-615-0078

Protecting the Surviving Spouse

Last week I spoke to the San Antonio Fire & Police Association regarding the elimination of the WEP and GPO provisions. For many firefighters and police officers, this is a major change because they may now qualify for either their own Social Security benefit or a spousal benefit — whichever is greater.

But as I walked through the planning process, something became very clear.

This is not just about maximizing benefits.
It’s about protecting the surviving spouse.

The Pension Decision That Can’t Be Undone

Many firefighters and police officers have excellent pension benefits. In San Antonio, it’s not uncommon to see pensions around $6,000 per month for life. However, when retirement begins, they must choose survivorship options:

• Single Life
• Joint Life 100%
• Joint Life 66 2/3%
• Joint Life 50%

That decision permanently determines what the surviving spouse will receive after death.

Now add Social Security into the equation and things become even more important.

Why Public Employees Often Have Modest Social Security

Many public employees did not work under Social Security for 35 years because they spent most of their careers in city pension systems that did not pay FICA taxes. As a result, their personal Social Security benefits are often modest.

Here’s where many couples unintentionally make a costly mistake.

The “File Early” Trap

Since a spouse cannot receive a spousal benefit until the other spouse files, many firefighters and police officers want their husband or wife to claim Social Security early.

On the surface, that sounds logical.

But the spouse may give up a much larger personal retirement benefit by filing early. Then, if the firefighter or police officer dies first, the surviving spouse could face a double hit:

• A reduced pension benefit
• A permanently reduced Social Security check

That combination can create a significant drop in household income.

A Real Example: Ed and Christina

This Isn’t About Break-Even Math

Social Security planning is not simply a “break-even” exercise.
It is survivor income planning.

The pension election, the Social Security claiming strategy, family health history, longevity, and other assets all work together. Every option needs to be discussed before making an irreversible decision.

Sometimes the best retirement decision is not the one that creates the most income today.

It’s the one that best protects the person you may one day leave behind.

David P. Zander
CFP Emeritus Board
dzander@back9pro.com
260-615-0078

The Conversation has Evolved

For years, I focused on Social Security—the cornerstone.
But it’s only one part of the picture.

Last Friday, I had the opportunity to speak at the Dallas Convergence—for the 14th consecutive year.

That alone gave me pause.

Fourteen years.

It’s a reminder of how quickly time passes…
but also how many things change—if we’re paying attention.

When I look back at those early presentations, the focus was narrow and precise:

• Social Security.
• Claiming strategies.
• Maximizing benefits.

And while those topics remain critically important, something else has evolved—both in the presentations and in my thinking.

What started as a technical discussion has become something far more comprehensive.

The conversation has expanded.

The Evolution

For over 15 years, I have dedicated my work to assisting people in making better Social Security decisions.

And for good reason.

Social Security is the foundation of every retirement income plan.
Get it wrong, and everything built on top of it becomes more fragile.

But something has become increasingly clear:

Getting Social Security right… is necessary.
But it’s not sufficient.

When I founded Back 9 Financial over 20 years ago, the idea was simple:

• The Front 9 of life is about accumulation
• The Back 9 is about distribution

On the Front 9, you’re working, saving, and paying into the system.
On the Back 9, you draw from it—most notably through Social Security.

That framework still holds.

But the transition to the Back 9 is about far more than income.

It’s about identity.
It’s about purpose.
It’s about stewardship.

A Hard Truth

Many Front 9 decisions quietly damage the Back 9:

• Claiming early, “while we can”
• Failing to coordinate spousal benefits
• Ignoring survivor income realities
• Overlooking how taxes compound over time

These are structural issues.

But there is a deeper one:

We’ve defined the goal incorrectly.

The modern concept of retirement as 20–30 years of leisure
has little historical precedent…
and no meaningful spiritual foundation.

So, the question becomes:

Are we preparing for a finish line… or a second calling?

Why This Matters Now?

This realization led me to write my upcoming book:

Freedom of Choice — How personal responsibility, anchored and guided by the Holy Spirit, leads to true freedom.

The book explores the idea that freedom—financial or otherwise—does not come from accumulation alone.

It comes from alignment.

And that alignment becomes most visible in the Back 9 of life.

An Invitation

Over the coming months, I’ll be expanding this conversation—both practical and philosophical.

If you’d like an early look, I’m making the Introduction chapter of Freedom of Choice available in advance.

Reply or email me at dzander@back9pro.com and I’ll send it to you.

One More Request

If you have friends, family members, or clients who you believe would benefit from this conversation, particularly those approaching or already in the Back 9 of life, I’d be glad to include them in future editions.

Just let me know, and I’ll make sure they’re added.

What Comes Next?

In the months ahead, we’ll continue building on this foundation:

• Critical decisions made before age 60
• The hidden tax risks that surface in retirement
• The role of purpose in longevity and well-being
• The transition from accumulation… to stewardship

Closing Thought

The Front 9 builds wealth.

The Back 9 reveals what that wealth was actually for.

Let’s make sure we’re preparing for both.

David P. Zander
CFP Emeritus Board
dzander@back9pro.com
260-615-0078

In physics, Newton’s Third Law of Motion states that for every action, there is an equal and opposite reaction.
The principle applies not only to science, but to economics, public policy, and retirement planning as well.
Every decision has consequences, and when those consequences are ignored, the reaction usually comes later — and often with greater force than expected.

In 2024 at the tail end of the Biden Administration, Congress changed the rules affecting Social Security recipients who had been subject to the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).

For many retirees — particularly teachers, police officers, firefighters, and other public employees — this change resulted in higher benefits and the removal of reductions that they long had viewed as unfair.

For those directly affected, the change feels like a correction.
But when viewed through the lens of Newton’s Law, the question becomes unavoidable:

What will the reaction be?

Social Security was already facing financial pressure.

According to the most recent Trustees projections, analysts still expect the trust fund will face depletion within the next decade unless meaningful changes take place.

Eliminating WEP and GPO increased benefit obligations without addressing the underlying funding problem.

In simple terms, the action increased costs without strengthening the system.

Recent analysis shows that removing these provisions added billions in future obligations to a program that was already under strain.

Instead of repairing the foundation first, Congress chose to expand the structure sitting on top of it.

It reminds me of driving down a mountain road and realizing your brakes are failing.
Instead of slowing down or shifting into a lower gear, you decide to step on the gas.

It may feel better in the moment, but it does not improve the outcome.

For partisan political purposes, Congress stepped on the gas.

None of this means Social Security is going away.

But it means the margin for error is getting smaller, and the reaction to today’s decisions will eventually have to occur in some form — higher taxes, reduced benefits, delayed retirement ages, or some combination of all three.

One of the biggest mistakes I continue to see is people claiming benefits as soon as they can simply because they are afraid the system will not be there later.

That fear is understandable — but fear is not a plan.

Claiming early permanently reduces your benefits.
For married couples, it can also reduce the surviving spouse’s lifetime income.
In many cases, the cost of claiming too soon is greater than any future change Congress might make.

Good planning looks at the entire picture —
life expectancy, survivor benefits, taxes, market risk, health care costs, and income needs —
not just the earliest date a check can begin.

Newton’s Law reminds us that actions always produce reactions, even if the reaction does not come immediately.

The recent changes to WEP and GPO are a perfect example.
The action has already occurred.
The reaction has not yet arrived.

You cannot control what Congress will do next.
You can control how prepared you are when the reaction comes.

After nearly 50 years in the retirement planning business, I have learned that the goal is not to get the most this year —
it is to make the best decision for the rest of your life.

And the people who do best are usually the ones who plan ahead,
not the ones who react out of fear.

I look forward to seeing many of you next month and the Dallas Convergence Conference.

Always here for you,

David P. Zander
CFP Emeritus Board
dzander@back9pro.com
260-615-0078

The Most Dangerous Retirement Age

Cigarettes carry a warning label:

Smoking can be hazardous to your health.

If retirement decisions carried one, it might read:

Major financial decisions made at 60 can permanently affect the rest of your life.

Back in 2004 when I started Back 9 Financial it was done as a metaphor to life.  On the Front 9 one accumulates assets and on the Back 9 one needs to use the accumulated assets to create a lifetime income!  I consider age 60 to making the turn between the Front 9 and the Back 9.  What’s different from our parent’s generations retirement is that many of them had lifetime pensions, where we have defined contribution plans where we must accept Personal Responsibility in managing these assets correctly!

I have a book coming out within the next several months that deals with this transition to the Back 9.

In my experience, the decision process should begin in your late 50s — not to retire immediately, but to get ready to get ready. Because once you reach 60, your retirement structure begins to solidify.

Most people ask the wrong question:

“Do we have enough?”

The better question is:

“How fragile is our timing?”

The first five years of retirement income matter disproportionately.

Withdraw during a market downturn and recovery becomes significantly harder — particularly when income must continue. For 50 years I’ve told audiences: if you can, retire at the beginning of a bull market, not the end of one. Yet markets do not ring a bell at the top.

As Warren Buffett reminds us:

“Be fearful when others are greedy and greedy when others are fearful.”

We have experienced an extraordinary 15-year run in asset prices. Will it continue? Perhaps. But planning should not depend on hope.

Claim Social Security too early and the reduction is permanent. As I’ve said countless times, for many individuals the benefit at age 70 is roughly double what it is at 62. You worked 40 years to earn that check — does it make sense to reduce it permanently? And remember: your spouse inherits that decision. Maximizing lifetime benefits often means thinking beyond your own life expectancy.

Sequence income poorly and tax drag compounds quietly for decades. I have seen far too many retirees waste historically low tax brackets in their early 60s, only to face unnecessary RMD pressure in their 70s.

And here is one major risk often overlooked when considering early retirement:

Health insurance.

When you are working, you are often covered by your employer. Retire before 65 and that coverage ends — well before Medicare begins.

Between 60 and 65, securing adequate coverage can be daunting. Premiums can exceed $2,000 per month for a couple, often accompanied by annual deductibles of $10,000 per spouse. That is before a significant medical event.

Over five years, this exposure can materially alter portfolio longevity and income sequencing.

One practical solution I frequently recommend: if possible, one spouse continues working until 65. Employer-sponsored coverage during that window can preserve flexibility and reduce unnecessary risk.

• This is not about fear.

• It is about structure.

• The Front 9 of life was about accumulation.

• The Back 9 is about protecting what you built.

• And the Back 9 operates differently.

• There are no mulligans.

• You cannot “unclaim” Social Security.

• You cannot rewind early withdrawals.

• You cannot undo a poorly planned insurance gap.

• Age 60 is not a finish line.

• It is the checkpoint where disciplined modeling becomes essential.

Over the next few months, I’ll explore these structural realities more deeply — including why many retirement assumptions are driven more by emotion than mathematics.

In April, I will open a limited presale preview of my upcoming book, which expands on the Front 9 / Back 9 framework and the principle of Personal Responsibility in the distribution phase of life.

If you would like early access before the public release mid-year, you can join the preview list below.

Retirement is not dangerous.

But unmanaged risk is.

And age 60 is where preparation must replace impulse.

The real risk is assuming nothing will change—until it does.

David P. Zander
CFP Emeritus Board
dzander@back9pro.com
260-615-0078

On my desk sits a round poker chip with the word TUIT painted on it.

Whenever someone says, “I’ll get around to it,” I can hand them one.

It usually gets a smile—but it also makes a point.

For decades, Congress has promised to “get around to” fixing Social Security.
And for decades, meaningful action has been postponed.

In today’s hyper-political environment—where agreement between parties in either the House or the Senate has become increasingly rare—solving the pending Social Security shortfall has grown more ominous, not less.

Social Security insolvency is no longer an if question.
It is a when question.

And that “when” is approaching quickly.

The Clock Is No Longer Theoretical

The primary Social Security trust fund used to pay retirement benefits is projected to be depleted as early as 2032. Once that occurs, incoming payroll taxes will still fund benefits—but only at about 80% of scheduled levels.

If Congress does nothing, that translates into an automatic benefit reduction of roughly 20%, applied across the board.

Not gradual.
Not targeted.
Immediate.

With senators serving six-year terms, those currently in office—or running in upcoming elections—will almost certainly be the ones forced to confront this reality. Each year of delay narrows the available options and increases the likelihood of abrupt solutions.

Why This Feels Different This Time

Several forces are accelerating the timeline:

• Higher benefit payouts, including recent legislative expansions
• Fewer workers paying into the system, due to demographics and workforce disruption
• An aging population, drawing benefits for longer periods
• Wage concentration, with more income earned above the payroll tax cap

Social Security depends on a broad base of workers supporting a smaller group of retirees. That balance has been eroding for decades—and now the math is catching up.

Political Reality: Expect a Package, Not a Silver Bullet

In a deeply divided Congress, no single reform stands alone. The most realistic outcome is a combination of changes, designed to spread the impact across generations and income levels.

In my opinion, the most likely package includes:

1. Increasing the Amount of Earnings Subject to FICA Taxes
   In 2026, wages above $184,500 are not subject to Social Security payroll tax. Raising—or eventually eliminating—this cap would increase revenue, largely from higher earners.
2. Gradually Increasing the Payroll Tax Rate
   The current rate is 6.2% for employees and 6.2% for employers. A slow, phased increase—implemented over many years—could significantly improve solvency without economic shock.
3. Gradually Increasing the Full Retirement Age (FRA)
   Currently, the Full Retirement Age for individuals born in 1960 or later is 67.
   I expect this age to rise gradually in the future—but not for those currently over age 55. Individuals nearing retirement would not have sufficient time to adjust their plans, and lawmakers are well aware of that reality. Any increase would almost certainly apply only to younger cohorts and be phased in slowly.
4. Recalculating the Inflation Adjustment Formula
   Cost-of-living adjustments matter, but even modest technical changes to how inflation is measured can materially affect long-term benefit growth.

Together, these measures would allow Congress to claim action while minimizing political fallout—especially if implemented close to a perceived crisis.

What This Means to You

Regardless of how Congress ultimately acts, several truths are already clear:

1. Social Security is not going away—but it will change.
   The program will continue, but future benefits are unlikely to look exactly like those of prior generations.
2. Planning assumptions should be more conservative.
   Counting on full scheduled benefits—especially for younger workers—may no longer be realistic.
3. Claiming decisions matter more than ever.
   When you claim Social Security can significantly affect lifetime income, particularly in an inflationary environment.
4. Couples have unique planning opportunities.
   Social Security is often a family decision, not an individual one. Coordinated claiming, spousal and survivor benefits, and hedging strategies can materially improve household outcomes when evaluated properly.
5. This is not a do-it-yourself exercise.
   That is why I will continue working with you—and with your clients—to evaluate all available options and make educated decisions based on analysis rather than headlines.

Why 60 Matters

Age 60 represents a critical planning window.

By this point:

• Your earnings history is largely established
• Spousal and survivor benefit strategies can be modeled accurately
• Claiming scenarios can be stress-tested under different policy assumptions

While benefits cannot be claimed until later, the best decisions are made earlier—when flexibility still exists. Waiting too long often turns planning into reaction.

Ideally, this analysis should be completed no later than age 60, before key decisions become locked in.

Final Thought

Every year Congress delays meaningful reform, the Round Tuit becomes harder to hand out.

Early, gradual changes preserve confidence and flexibility. Last-minute fixes tend to be sharper, less thoughtful, and harder to absorb.

The greatest risk is not that Social Security will disappear.

The real risk is assuming nothing will change—until it does.

David P. Zander
CFP Emeritus Board
dzander@back9pro.com
260-615-0078

A Year-End Reflection on Time, Gratitude, and What Truly Matters

As we come to the end of another year, it feels only appropriate to pause—not to rush ahead to resolutions or forecasts—but to take stock. To reflect on where we’ve been, where we are, and how we want to step into the year ahead.

Last month, while unpacking boxes after our move, I came across a letter I had saved. I don’t remember exactly when it first found its way into my hands, but rereading it now—at this season of life and this time of year—it stopped me in my tracks.

The letter was written in 2022 by Stephen Raub of San Antonio, and I want to give him full credit. It wasn’t written to make a point, sell an idea, or persuade an audience. It was written as a note to a friend. And perhaps that’s why it carries such quiet power.

There was nothing political in it. Nothing religious. Nothing divisive. Just honest reflection—gentle, human, and deeply relatable. I’ve edited it slightly for clarity and flow, but I’ve worked hard to preserve its heart, because its message feels especially fitting as we close one year and prepare to open another.

The Quiet Speed of Time

“Time has a way of moving quickly and catching you unaware of the passing years.”

That single sentence says more than most books.

It seems like just yesterday we were young—starting careers, raising families, building lives, chasing goals, believing there would always be more time. And yet, in another way, it feels like eons ago. We look back and wonder, Where did the years go?

Of course, we know we lived them. We have memories—snapshots of hopes and dreams, of long days and short nights, of successes and disappointments, of plans that worked out and others that didn’t. We remember who we were, and we recognize who we’ve become.

But then comes the realization that often arrives quietly:

Here it is… the last quarter of life. And it catches you by surprise.

How did we get here so fast?

From the Front 9 to the Back 9

My firm is called Back 9, because so many people I’ve worked with—and walked alongside—have reached a stage where life begins to shift. The accumulation years gradually give way to something else. The questions change. The priorities evolve.

What Matthew Kelly articulated so well is this idea that life can be viewed as four quarters, each roughly twenty years long. By that measure, if you reach eighty, you’re not just finishing the fourth quarter—you’re in overtime.

It’s a helpful framework, not because it boxes life in, but because it wakes us up.

When we’re in the first quarter, the fourth feels unimaginably far away. In the second, we assume we’re still just getting started. In the third, we’re busy—often too busy to notice how quickly the clock is moving.

And then one day, we look around.

Friends are retired. Hair turns gray. Movements slow. Some are thriving; others are struggling. And we realize that we’ve quietly become the “older folks” we once looked at and never imagined ourselves becoming.

Not because we failed—but because we lived long enough for time to do what it always does.

Aches, Acceptance, and Perspective

One of the most endearing parts of Stephen Raub’s letter is its gentle humor.

“Each day now, I find that just getting a shower is a real target for the day.”

Many of us smiled at that because we understand it. There was a time when a shower was nothing. There comes a time when it’s a small victory.

Naps move from luxury to necessity. Aches appear without invitation. Strength isn’t what it used to be. And there are things we wish we had done—but didn’t.

That realization can either harden us or humble us.

The letter chooses humility.

It acknowledges regret—but it doesn’t live there. It also acknowledges gratitude. Because a life examined honestly will always contain both.

“It’s all in a lifetime,” the letter says.

And that might be the most realistic wisdom of all.

No Guarantees—Only Today

One of the most important reminders in the letter is this:

You have no proof, no promise, that you will see all the seasons of life.

That’s not meant to instill fear. It’s meant to inspire urgency—not frantic urgency, but intentional living.

If you’re not in the last quarter yet, it will arrive faster than you think.

So don’t put things off too long.

Say what needs to be said.

Do what needs to be done.

Love people well—now, not later.

Because the calendar is honest, even when we’re not.

“Thank You, Lord, for Another Day Not Promised”

There’s a simple prayer shared each Friday morning in my Bible study group by a retired general. It’s short. It’s unpolished. And it’s profound:

“Thank you, Lord, for another day not promised.”

There may be no better way to begin a day—especially on the Back 9.

That prayer reframes everything. It turns routine into gratitude. It turns time into a gift, not an entitlement. It reminds us that today is not owed to us—it’s entrusted to us.

Live in the moment.

Not recklessly. Not selfishly. But attentively.

What Truly Matters

Stephen Raub’s letter reminds us that health is real wealth, not pieces of gold and silver. Money has its place—it can provide comfort and opportunity—but it cannot buy peace, time, or presence.

It also reminds us to laugh a little at ourselves:

• Going out is good—but coming home is better.
• Forgetting names happens—but some people forget they even knew you.
• You may never master golf—but you enjoy the outdoors.
• Old songs. Old movies. Old friends.

And that last one matters most.

Old friends carry history. They remember who you were when you forget. They’ve seen you at your best and your worst—and stayed.

Gathering vs. Scattering

The letter closes with a line worth carrying into the new year:

“It’s not what you gather, but what you scatter that tells what kind of life you have lived.”

Gathering is easy to measure.

Scattering is harder—but far more meaningful.

Time. Kindness. Wisdom. Encouragement. Love.

These are the things that leave a mark.

A Personal Note as We Close the Year

Last month, we moved from Boerne to Bastrop, not for more space or convenience, but for something far more valuable—more time with our grandchildren.

That decision came with clarity. Seasons change. Priorities sharpen. And you begin to understand that presence is one of the greatest gifts you can give—or receive.

As we step into the final days of this year, my hope for you is simple:

Live fully—right where you are, in whichever quarter you’re in.

Start each day with gratitude.

Say what matters.

Scatter generously.

And remember that life, even on the Back 9, is still a gift.

From our family to yours—

Merry Christmas and Happy Holidays from the Zanders.

May the coming year bring health, peace, purpose, and many moments worth remembering.

David P. Zander
CFP Emeritus Board
dzander@back9pro.com
260-615-0078

As we come to the end of another year, I thought it most appropriate to see what changes we’ll see in Social Security for 2026;

Cost-of-Living Adjustment (COLA)

• Benefits will rise by 2.8% beginning January 2026, reflecting the increase in the Consumer Price Index (CPI-W).
• Example: A $2,000 monthly benefit in 2025 will become $2,056 in 2026
• Observation:  Many individuals don’t realize that even if you’re not receiving benefits the COLA increases will still be added to your benefits when you do file.  Thus, if your 67 and waiting until age 70 to claim benefits, you will be credited with 8% + 2.8% = 10.8% for that year.

Taxable Maximum

• The maximum amount of earnings subject to Social Security tax will increase from $176,100 (2025) to $184,500 (2026).
• This affects both employees and employers, who each pay 6.2% on wages up to the limit (self-employed pay 12.4%)
• Observation:  Only 5% of individuals who are working will exceed $184,500 in earnings next year, thus 95% of workers will be paying FICA on all their earned income.  An individual maxing out will pay $11,439 and if self-employed will pay $22,878.  One summary of tax-progressivity noted that “three-fourths of U.S. taxpayers pay more in payroll taxes than they do in income taxes.”

Full Retirement Age

• For individuals born in 1959, the Full Retirement Age becomes 66 years and 10 months.
• Those born in 1960 or later reach full retirement at 67.

Earnings Test Limits

If you work while receiving Social Security before reaching your FRA, will be subject to;

Observation:  As an example if you are 62 years old and decide to retire you’ll be subject to a 30% reduction in benefits for the rest of your life and you’ll be subject to the Earnings Test, thus if your going to continue working and anticipate earning more than $24,480 you probably shouldn’t claim benefits!

Earnings Required for Work Credits

• In 2026, one Social Security credit is earned for every $1,890 in covered earnings.
• You can earn up to four credits per year, requiring $7,560 in total earnings.
• Observation;  Let’s say you 4 quarters short of the 40 quarters you need to qualify for your own Social Security benefits, so you take a part time job.  Once your total earnings hit $7,560 you’ve earned the 4 credits, even if you only worked 1 month!

Spousal Benefits

• One of the issues which comes up quite often is the desire for the lower earning spouse who has not accumulated 40 quarters to get to that threshold, not realizing that they will eligible to receive the greater of their own benefits or spousal benefits, whichever is greater. Since the formula for Social Security benefits is the highest 35 years of benefits,  I’ts highly probable that 50% of the spouses benefits at FRA will be greater!

Happy Thanksgiving!

We tend to take so much for granted in this country, be it our health, our families, our finances, our time and all our other freedoms.  It’s not until we lose something of value that we look back with regret over what we’ve lost.  Let’s take the time today, this week, this month, this year, this decade, this life to appreciate and give thanks all we’ve been given!

May God Bless you, your families and this country!

David P. Zander
CFP Emeritus Board
dzander@back9pro.com
260-615-0078