Know how to avoid Social Security Surprises
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Do you plan to file for social security in the next few years? You could be in for a surprise if you aren’t careful.
Ryan Thacker with BOSS Retirement Solutions and winner of Utah’s Best of State two years in a row joins Nicea on ABC4 Utah to talk about how to avoid Social Security surprises. According to Ryan, If you made an average income, Social Security could be a huge source of income for you in retirement, it could mean thousands of dollars or more. If you made ABOVE average income it could mean millions of dollars or more but only IF you have a plan and the decision can not be taken lightly.
Most people are surprised when they file for their social security benefits to find that they’re taxed 85%. They never see it coming and it triggers an avalanche of taxes. If you aren’t prepared the money you were counting on for retirement could end up being a fraction of what you thought it was going to be.
But there is good news! Ryan tells ABC4 Utah viewers that there are ways you can reduce or even eliminate taxes and taking important steps now will play an important role when you file for Social Security.
Filing for Social Security should be simple but it’s not. According to Forbes, there are 2,728 rules for filing for benefits, and on top of those rules, there are thousands of rules about those rules. Additional research shows that 96% of American’s lose an average of $1,011 in Social Security because they claim their benefits at the wrong time.
The traditional rule says to delay filing until you get to age 70, which is not always true. There are many cases where someone has earned an average or an above-average income that if they follow this strategy it can cost them a small fortune. Some people can get net more income by filing for their benefits early. You can not rely on a one size fits all strategy, it needs to customized for everyone’s personal circumstances.
Filing for Social Security will be one of the most important financial decisions that you will make in your retirement lifetime and it is because hundreds of thousands of dollars are at stake.
Call BOSS Retirement Solutions at (801) 701-8881
now and you can get a FREE Social Security Analysis, something other advisors charge hundreds of dollars for.
Don’t take the risk of losing hundreds of thousands of dollars in Social Security income when you can learn how to get every nickel out of your benefits with this custom social security analysis. If you have saved at least Two Hundred Thousand dollars for retirement – Call Now!
by: Nicea DeGering, Chelsea Perkins
Posted: Updated:
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. Our firm is not affiliated with the U.S. government or any governmental agency. Please note that we are unable to accept any trade requests via email, voice message or text.
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