Could you retire much sooner than you realize?

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Imagine waking up tomorrow morning – and going to work is no longer a necessity.

It’s now a choice.

This dream of retiring early may feel out of reach. Yet many people are surprised to learn they could retire much sooner than they thought. Especially after taking advantage of a handful of simple strategies.

Two people who know a lot about this subject areTyson Thacker and Ryan Thacker, from B.O.S.S. Retirement Solutions in Salt Lake City.

They’ve helped thousands of families throughout the Wasatch Front plan and prepare for a successful retirement.

Below are five strategies we discussed that could help your money go a lot further in retirement. And perhaps allow you to retire much sooner than you thought possible.

1. Retirement tax planning

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Most people forget that taxes can be a major expense in retirement.

–Tyson Thacker, B.O.S.S. Retirement Solutions

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The bad news is that you could wind up paying more taxes in retirement than when you were working. This happens when you add up the taxes you’ll pay on your IRA and 401K withdrawals, Social Security benefits, and other investment income.

The good news is that you have more control over how much you pay in taxes when you’re retired than any other point in your life. And if you take advantage of some simple retirement tax planning strategies now, you could save tens of thousands, if not hundreds of thousands of dollars in retirement.

There are many strategies that could reduce your taxes in retirement. These include Roth conversions, tax-efficient IRA and 401K withdrawals, and leveraging tax-free accounts. Additional savings can be found when you coordinate withdrawals between taxable, tax-deferred, and tax-free accounts.

2. Maximize your Social Security benefits

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Deciding when to file for Social Security is far more complicated than filing early or late.

–Ryan Thacker, B.O.S.S. Retirement Solutions

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The traditional rules for filing for Social Security are not as optimal today. In fact, delaying your benefits until age 70 could leave you with less money in the end.

A bigger benefits check could needlessly trigger an avalanche of taxes on your Social Security benefits, IRA and 401K withdrawals and other investment income.

Worse, the Social Security Trust Fund is projected to run out of money in less than 10 years. This could cost the average couple $16,500 in retirement income every year, according to a BARRON’S article. If you multiply that number by five, 10 or 20 years, it could add up to six-figures in lost retirement income.

Today, you must look at the total picture – not just the amount of your benefits check. Calculate how Social Security could impact your taxes, IRA and 401K withdrawals, and even your Medicare premiums. For some people, it may benefit you to claim your benefits sooner, while the program is still fully funded.

3. Reduce investment risk

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When you’re retired, protecting your nest egg becomes as important as growing it.

–Tyson Thacker, B.O.S.S. Retirement Solutions

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The last thing you want in retirement is to suffer a huge loss to your savings due to a stock market correction, or bear market.

If you want your savings to last, consider a more conservative portfolio. Diversification across different asset classes can help you manage risk. This can include bonds, dividend-paying stocks and annuities.

A good advisor will help you update and rebalance your portfolio every six to 12 months. This could help you be more financially secure and confident in retirement – and avoid devastating losses that could derail your retirement plans.

4. Generate reliable income streams

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Turning a portion of your savings into a reliable stream(s) of income could cover your expenses and ensure you never run out of money in retirement.

–Ryan Thacker, B.O.S.S. Retirement Solutions

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Income is one of the biggest secrets to having confidence in retirement.

This includes Social Security and pensions, of course. But it’s critical you create other sources of income, including dividend-paying stocks, rental properties, annuities, and/or other sources of cash flow.

The key is not drawing down your savings too quickly. Turning a portion of your savings into a reliable source of income could help your savings and investments last much longer.

70% of Americans fear running out of money more than they fear death itself. The most confident retirees have consistent and reliable sources of income to cover their expenses.

5. Plan for health care costs

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Without proper planning, unexpected medical bills could derail your retirement budget.

–Tyson Thacker, B.O.S.S. Retirement Solutions

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Health care will likely be one of your largest expenses in retirement, alongside taxes.

You can’t count on Medicare alone. Medicare won’t cover certain expenses, such as long-term care. Learning this too late can be a financial nightmare.

Healthcare Savings Accounts (HSAs), Medicare planning, and long-term care insurance can help.

The key is to prepare for healthcare and long-term care expenses. This helps you maintain your health and quality of life. And preserves more of your savings for the things you enjoy, like traveling and helping your children and grandchildren.

The power of a comprehensive financial plan

Creating a strategy for any one of these critical issues could make it a lot easier to retire sooner. But the real magic happens when they’re combined into a comprehensive financial game plan.

In other words, “the whole is greater than the sum of its parts.”

It’s critical that your strategies for taxes, income, investment risk, Social Security, and healthcare are all working together. By coordinating these strategies, you’re not just making your money last longer; you’re maximizing every dollar.

Next steps if you hope to retire sooner

Retiring sooner isn’t just a dream – it’s a very real possibility – if you take action.

B.O.S.S. Retirement Solutions offers a free, customized B.O.S.S. Retirement Blueprint.

Many advisors charge thousands of dollars to create a customized financial game plan. But B.O.S.S. provides this value upfront at no charge. So you can see firsthand what’s possible with your retirement savings.

They make it simple for you.

First they get some basic information from you. Next they determine the strategies that are best-suited for your specific situation. Then they sit down and share these strategies with you – showing you how your money could go a lot further in retirement.

It’s not uncommon for someone who goes through this process to realize they could retire much sooner than they thought.

Request your free B.O.S.S. Retirement Blueprint by clicking here.

You can also call 800-637-1031 to schedule an introductory call.

All advisors at B.O.S.S. Retirement Solutions are held to a fiduciary standard. This means they are legally required to put your financial needs before their own.

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About the authors: Tyson Thacker and Ryan Thacker are the CEO and President of B.O.S.S. Retirement Solutions. They are a five-time winner of Utah’s Best of State Award and have seven offices located throughout the Wasatch Front.

This is for illustrative purposes only, results may vary. Advisory services offered through B.O.S.S. Retirement Advisors, an SEC Registered Investment Advisory firm. Insurance products and services offered through B.O.S.S. Retirement Solutions. The information contained in this material is given for informational purposes only, and no statement contained herein shall constitute tax, legal or investment advice. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. You should seek advice on legal and tax questions from an independent attorney or tax advisor. BOSS submitted applications and paid application fees to be considered for the Utah Best of State for Retirement Planning awards. The award results were independently determined by the awarding organization’s criteria (https://www.bestofstate.org/about.html) and the information BOSS provided in the applications. BOSS received the Utah Best of State award in 2019, 2020, 2021, 2022, and 2023. Our firm is not affiliated with the U.S. government or any governmental agency. Marketing materials provided by Infinity Marketing Services.eting Services.