Why delaying social security could cost you a fortune …
Filing for social security will be one of the most important financial decisions in your lifetime.
Because if you’ve made an average, or above-average income, the difference between your best and worst-case scenarios could literally mean hundreds of thousands of dollars in lifetime income.
But filing for social security is a lot more complicated than most people realize.
And this is why we made it a part of our 31-point Retirement Planning Checklist.
Conventional wisdom says you should delay claiming your social security benefits for as long as possible.
The longer you wait, the bigger your benefits check will be.
Sounds like a no-brainer, right?
Not so fast.
According to MarketWatch …
“You can’t apply this blanket rule to all situations, because there are multiple scenarios where filing early makes more sense than filing later.”
In fact, there are many cases when delaying your benefits could end up costing you a small fortune.
How could that be?
Because delaying your benefits could trigger higher taxes; double your Medicare premiums; and cause you to forfeit thousands of dollars in spousal benefits every year.
So here’s the bottom line … when you file for social security, don’t make your decision solely on the amount of your benefits check. That doesn’t tell the whole story! Consider the impact on your taxes; Medicare premiums; IRA and 401K withdrawals; and other SS benefits.
Check out the three different ways we could help you get even more income from social security below.
Whenever you’re ready, here are 3 ways we could help you get even more income from social security…
- Watch an on-demand, online discussion about filing for your social security benefits. Click HERE.
- Please join us for one of our upcoming free, educational events about planning for retirement. Check out our next events HERE.
- Or schedule a free, customized Social Security Analysis with one of our fiduciary advisors. To schedule your free analysis, call (801) 682-1493.
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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