Secure a comfortable retirement with these lifetime income-saving social security strategies!
In this article:
- Devastating Consequences of a Wrong Social Security Benefits Filing
- The Truth About the Social Security Administration
- The Secret to Social Security Success
Social Security Strategies to Maximize Benefits
Devastating Consequences of a Wrong Social Security Benefits Filing
Filing your SSA gov benefits without completely understanding certain Social Security rules may have devastating consequences for you and your family’s income after retirement.
This is what happened to one of my mentors before.
A few years ago, I was having lunch with one of my mentors — as you’ll understand later, he’d probably prefer that I leave him anonymous. What I can tell you is that he is a very successful businessman.
Like many of us, he spent decades working hard to make sure that he and his family would be financially set for the future.
During our lunch, he told me about one small decision he made filing for Social Security that cost his family thousands in monthly income for life.
It greatly affected his Social Security spousal benefits, possibly limiting their lifetime income when he decides to finally stop working. The conversation we had shocked me to the core and changed the focus of my work forever.
Today, I’m going to show you how to avoid making the same mistake he did. There are over 500 different ways to claim Social Security benefits. And this number keeps growing every year.
Taxes, divorce benefits, widow benefits, spousal options, and many other factors could boost your lifetime income. Unless you’re an expert, it’s easy to get overwhelmed. And let’s face it, most of us aren’t experts.
Anyone can easily make wrong decisions without proper advice from a financial adviser, which may affect retirement savings.
Many Americans file for Social Security retirement benefits without fully understanding how to get the most from their monthly check. Sadly, they are leaving thousands of dollars worth of income on the table. This brings me back to my mentor.
He’s a really sharp, savvy guy. But he is far from an expert on retirement benefits. Like many Americans, he filed for his benefit when he reached full retirement age (66 for him).
He was still working at the time and didn’t really need the extra income. But the Social Security Administration (SSA) told him, “You might as well claim your benefit now because there’s no longer a deduction on what you will receive.”
They were right. Even though he was still working, he would receive 100% of his benefit because he had reached full retirement age. My mentor heard this and thought it was great news.
“Two sources of income with no deductions? Sign me up!”
So he did what the SSA office told him and filed for his benefit at the age of 66.
And this one decision short-changed him and his family hundreds of thousands of dollars. All of that because he wasn’t able to properly lay down Social Security filing strategies before finalizing his decision.
The Truth About the Social Security Administration
So, what was his mistake? It’s simpler than you might think.
My mentor’s mistake is that he made the right decision for HIS retirement… but he didn’t account for his wife’s needs.
The fine folks at the SSA did not give him the information he needed to make the right decision for his entire family. He received 100% of his earned benefit.
But the timing of my mentor’s filing actually cost his wife an additional $197,760 in her lifetime income benefits. And by the time he realized this, it was too late to change anything.
He may be receiving Social Security benefits for himself but with that small filing decision, he cut down his spousal benefits significantly.
Filing for Social Security isn’t just about your retirement age, filing early, or deciding to wait. It’s about having a strategy that works best for you and your loved ones.
And SSA staff members aren’t authorized to help you figure out the best claiming strategy for your situation. They can’t help you make strategies on how to maximize your Social Security for you and your spouse. They may leave out loopholes that will cost you money as time goes by.
You and your family may not feel it in the first few years of claiming your government pension but, it will have a huge impact on your family’s income later on. They can only help you file the paperwork.
The Secret to Social Security Success
When you reach retirement age, you can start collecting your Social Security benefit, but will it be enough for you and your household’s needs?
To truly maximize your monthly Social Security benefit, you need to know what your claiming options are. And, have your strategy nailed before you claim.
Yes, it will require some legwork.
But filing the right way could add several hundred-thousand to your lifetime retirement income. You can lay out your Social Security claiming strategies to get better benefits for you and your wife or husband upon retirement.
That’s how you maximize your benefit — and avoid my mentor’s mistake.
To truly Live Rich, you’ve got to take the power into your own hands and educate yourself… before it’s too late.
By making informed decisions about your Social Security benefits for yourself and your family, you’ll be able to live a rich life after retirement! You can do this by listening to qualified financial planners who know their way around Social Security rules.
The Rich Retirement Letter team can help you maximize Social Security benefits to secure your future!
Do you want to learn more about the Social Security strategies you can apply for your retirement benefits? Let me know in the comments section below!