Utah retirement experts issue critical warning about Social Security

Retirement experts Tyson Thacker and Ryan Thacker have issued a critical warning to Utah residents who are planning to file for Social Security in the next five years.

“Social Security is a critical part of your retirement income plan,” Tyson Thacker explains. “But you should know many Americans end up regretting their filing decision because they needlessly leave tens of thousands of dollars on the table.”

Forbes highlights a staggering statistic: 96% of Americans lose an average of $111,000 in Social Security income due to filing mistakes.

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You have one shot to file for Social Security. You want to get it right.

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

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This loss, according to the Thacker brothers, stems from the complexity of the system.

The Social Security handbook alone contains 2,728 rules, with thousands of more rules governing these regulations. Ryan Thacker notes, “The complexity of Social Security often leads people to oversimplify their approach and miss out on crucial benefits.”

“You have one shot to file for Social Security. You want to get it right. You can’t change your filing later,” Tyson Thacker adds. “It’s important to consider all the benefits and consequences that come from your filing decision. And there’s no shame in getting help from a qualified expert.”

Tyson Thacker and Ryan Thacker are the CEO and President of B.O.S.S. Retirement Solutions, a five-time winner of Utah’s Best of State Award, with six offices located throughout the Wasatch Front. For the past 11 years, they’ve helped thousands of families get the most out of their social security benefits.

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Retirees will collectively lose an average of $111,000 per household because they claimed Social Security at a financially sub-optimal time.

–Forbes

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The Thackers stress that the difference between the best- and worst-case scenarios in claiming Social Security could mean you gain or lose hundreds of thousands of dollars in lifetime income.

“If you made an average income during your career, your Social Security benefits could add up to the high six-figures,” Ryan Thacker explains. “For those who earned above-average incomes, the total could surpass a million dollars. Yet, it’s alarming how many people needlessly forfeit substantial amounts of money.”

One common misconception is that delaying benefits will always result in a larger overall payout. While benefits grow 8% annually when delayed, this isn’t the optimal strategy for everyone.

Tyson Thacker emphasizes, “What most people don’t realize is that filing for social security also impacts the taxes on your benefits, IRA and 401K withdrawals, and other investment income. It could even double your Medicare premiums. So, there are many cases where filing for your benefits early could yield the most income.

The Thackers also draw attention to the current state of the Social Security Trust Fund. The fund faces challenges, made worse by the pandemic and recent high cost-of-living increases. The Congressional Budget Office estimates that without intervention, the fund could be depleted as soon as 2032, potentially leading to reduced benefits. As a result, this could have a dramatic impact on how and when you should file for social security.

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What works for one person might not be the best for another.

–Tyson Thacker, B.O.S.S. Retirement

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Given these challenges, the Thackers recommend a personalized approach. “You can’t rely on one-size-fits-all strategies,” Ryan Thacker says. “Every individual’s situation is unique, and therefore requires a tailored analysis to maximize benefits.”

To aid in this complex process, the Thackers and their team are offering a comprehensive Social Security Analysis, free of charge.

Other advisors charge hundreds of dollars for similar services. But B.O.S.S. Retirement Solutions offers this for free. Because they want to help Utah retirees navigate the complex system and find strategies that could help them maximize their income and live their best retirement.

This offer is especially beneficial for families who have saved at least $200,000 for retirement and have not yet filed for social security.

To schedule your free analysis that could unlock the full potential of your Social Security benefits, call 801-990-5055 or click here.

You can view this article on KSL.com.

Our firm assists retirees and pre-retirees in the creation of retirement strategies utilizing investment and insurance products. Advisory services are offered through B.O.S.S. Retirement Advisors, a Registered Investment Advisory firm. Insurance products and services are offered through B.O.S.S. Retirement Solutions. Marketing materials are provided by Infinity Marketing Services. Our fiduciary advisors assist in customized retirement planning and financial services to help today’s retirees get to and through retirement. To see a list of services please visit us at bossretirement.com/services.

This content is provided for informational purposes only. It is provided by third parties and has been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. 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. We are not affiliated with any government agency including the Social Security Administration.