Social Security can be a huge source of income in retirement. Many people don’t realize it, but if you made an average income it could add up to several hundred thousand dollars in lifetime income. If you made above average, it could be a million dollars or more. You don’t want to make the decision lightly without considering these three surprises that most face in retirement.

1. Taxes on up to 85% of your social security benefits

Most people don’t see this coming and it can trigger an avalanche of taxes. Good news is there are ways to reduce to eliminate these taxes. They play a big role in the way you file for social security.

2. Filing is NOT simple

Filing for your social security benefits is easy right? No. According to Forbes, there are 2,728 rules for filing for your social security benefits. And there are rules for those rules. Research says 96% of Americans lose an average of $111,000 in social security benefits because they claim at the wrong time.

3. You can’t rely on a One-Size-Fits-All strategy

One tradition rule of thumb says you should delay filing for social security benefits until you get to age 70 because each year you delay the amount of the benefit check will increase. This isn’t necessarily true. There are many cases where people earn an average or above average income that follow this strategy and it could cost a fortune. When you factor in taxes, increases in Medicare premiums, required minimums distributions, and even IRA and 401K withdraws, you can net more income for filing earlier. The amount you can receive will be totally customized to you.

If you have saved at least $200,000 for retirement and have not filed, you can get a customized social security analysis from BOSS Retirement. To learn more call BOSS Retirement Solutions at 801-701-881 or visiting

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