Only 4% of retirees claim their social security benefits at the right time. The other 96% get it wrong. According to Forbes, it costs them on average $111,000. Do you have too much risk in your retirement?
An alarming statistic for anyone who has not claimed their social security benefits. It is even an alarming statistic for retirement brother Ryan and Tyson Thacker from BOSS Retirement Solutions. Even though they are helping clients all along the Wasatch Front, there is still 96% of most people get it wrong.
If there is $111,000 on the table, people must understand how social security benefits and withdraw works. That amount of money is going to go a long way in retirement.
The main reason most everyone gets social security benefits wrong is because it’s complicated and confusing. There are over 2,728 rules in the social security handbook. And then there’s thousands of rules on top of those rules that they interact with. Talking to a brother, a coworker, and doing the same thing they did will not work. That’s a big mistake.
A general rule of thumb that applies here is one size doesn’t fit all. That’s where that 96% comes from, they assume that it’s just simple and straightforward. And you cannot do that. For example, it’s also a good idea to spend more time preparing for claiming benefits than planning for your next vacation.
BOSS Retirement specializes in cutting through the clutter and helping people see the extra that they can save in retirement. Call (801) 701-8881 for a free social security analysis or visit BOSSRetirement for more retirement information.
This article contains sponsored content.