Right now millions of baby boomers are deciding how and when they’ll be claiming their social security benefits. This decision may be more crucial than most may realize.
One great thing about Utah is large families. But it’s hard to put all of that money for retirement, especially having many mouths to feed. One of the mistakes that people will make is how and when they claim their benefits. It’s more than just a simple decision of I’m going to turn the Social Security benefits on. It can impact so many different areas. It can trigger an avalanche of taxes causing Medicare premiums to double, many other additional issues.
Forbes magazine recently said that millions of social security recipients are leaving as much as 10 billion on the table when it comes to claiming their social security benefits. There’s big room for error when claiming benefits.
Even smart and savvy investors will make mistakes that cost tens of thousands. It starts with education. Going back to the very first paycheck that you had as a kid. Twelve-point four percent of that check went into social security. If you add that up over twenty thirty forty years while making an average income you could have paid hundreds of thousands of dollars in Social Security between you and your employer. If you’re married that can end up being five hundred thousand dollars possibly more.
The best defense is to get the facts. BOSS Retirement Solutions runs customized social security analysis to look at every situation. One recent couple just saved $181,724 in additional social security benefits. In addition, looking at all other areas of taxes for families, a forward-looking tax analysis helps to save additional money on taxes. If you combine I’ve got one 180,000 from social security, plus $269,000 in taxes on social security benefits that adds up
to be a very, very big deal.
BOSS now has six offices on the Wasatch Front, from Ogden to Provo so there’s an office within twenty minutes of you. If you’re getting ready to retire or thinking about retirement and don’t want to make these mistakes and you’ve saved at least $200,000 for retirement be one of
the first 10 callers right now at 801-781-8881 for a free, customized tax analysis.
This article contains sponsored content.