SALT LAKE CITY, Utah (ABC4 Utah) – Why has social security become more complicated than ever before? There can now be a bigger impact on your benefits every month. Some implications of claiming social security benefits without a strategy could be triggering an avalanche of taxes, doubling Medicare premiums, or forfeiting spousal benefits. The results of an uninformed decision can cost thousands if not tens of thousands of dollars.
A successful family who did not take these decisions lightly and was able to navigate this complicated process with the retirement brothers was Pete and Rhonda.
Working as a supervisor for local contacting company, he put in years of blood, sweat and tears along with his wife, Rhonda, who worked part-time to make up for loose ends. Over their career they realized the big chunk of money coming out of every pay check going into to Social Security. This would add up to over $250,000 or more between them and their employer. Pete and Rhonda came to BOSS Retirement Solutions for a second opinion just after filing for their benefits. BOSS was able to look at how to maximize their benefits and minimize the taxes on those benefits (which can be up to a 85% rate). The family decided they needed to re-file for their benefits, which they were able to do because it was within one year of taking benefits. The new strategy BOSS created gave Pete and Rhonda an additional $132,272 back in their pocket over the life of their retirement.
BOSS Retirement loves helping families and individuals retire the right way and avoid mistakes. A social security audit will be offered for free to the first ten callers who call (801)601-1243 after the initial airing of this segment.
Visits BOSSRetirement.com for more information on retirement strategy and help.
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