5-562-BOSS 30min episode 2

Speaker 1 (00:00):

The following program is sponsored by boss retirement solutions.

Speaker 2 (00:05):

If you had to take a pop quiz about claiming your social security benefits, could you answer all of the questions correctly? Don't be so sure about that in a recent study, 97% of Americans failed to correctly answer 12 tour false questions about filing for their social security benefits. Now, this explains why the majority of Americans lose more than $100,000 in social security income. Hi, I am Lisa Hart and welcome to retirement solutions TV. Now, most people they don't realize it, but filing for social security could be one of the biggest financial decisions you'll ever make. And it's because the difference between your best and worst case scenarios could literally be hundreds of thousands of dollars coming up on today's show. We're going to talk about the three biggest mistakes with filing for social security that could cost you tens of thousands. If not hundreds of thousands of dollars in retirement income

Speaker 1 (01:01):

Saving for retirement is a great start, but it's what you do with this money. That really matters. It all comes down to reducing your taxes, generating income, minimizing your risk, maximizing your social security benefits, and more welcome to retirement solutions. TV with Tyson Thacker and Ryan Thacker of Vos retirement solutions, their radio and television talk show hosts, published authors and of over two decades of combined financial planning experience. This is where you can count on straightforward and objective advice on how you can make the most out of every dollar you've saved for retirement.

Speaker 2 (01:42):

Hello and welcome to retirement solutions, TV I'm Lisa Hart. And today we are talking about the three biggest mistakes with filing for your social security benefits that could cost you tens of thousands. If not hundreds of thousands of dollars. Joining us are Ryan Thacker and Tyson Thacker from boss retirement solutions. Now they are published authors in radio and television talk show hosts, and they have more than two decades of combined financial planning experience Ryan. And Tyson's so great to see you again,

Speaker 3 (02:13):

Lisa. It's great to see you too.

Speaker 2 (02:15):

All right, guys, let's go ahead and dive into these three big mistakes. Can you tell us what's the first one that we really need to know about

Speaker 3 (02:22):

The first mistake is that people don't realize just how complicated claiming your social security benefits can be. We've helped over 25,000 families to make this decision and most when they first look at it, they're oversimplifying it. But according to Forbes, there are 2,728 rules in the social security administration's handbook. And there are thousands of rules about those rules. So it's almost as if the system is designed to trip you up when you're making this most important decision. You know, Tyson, I think a lot of people, they receive their statement and they think, oh, this is really easy. Here's the number on the page? And that's what I'm gonna receive. That's all we're gonna do is just take that right. They don't think of the thousands of combinations, literally thousands of combinations that could affect what is the amount that they're gonna receive net net after taxes and after all these different issues that face you, when you take social security and also if you're married or single and, you know, let me just give you an example of this.

Speaker 3 (03:20):

Um, when you file for social security, it impacts more than just your benefit check. It could cause a chain reaction of events. For example, you could unknowingly trigger an avalanche of higher taxes. You could even double your Medicare premiums and it could cause you to four foot, thousands of dollars in other benefits every year. And so we're just scratching the surface here and we want to, uh, make this a big picture for you so that you can see how complicated this can be. And the principle that we want you to focus on here is don't just focus on the number when, on your statement, focus on what will yield the biggest net number. In other words, it's not how much we make, but how much we receive and look at the big picture, consider how this decision impacts other things like taxes, Medicare premiums, and other benefits. You only get the chance to retire once. So here's something else you should know. The staff at the social security administration, won't hold your hand to help you with your decision. It's not because they're doing anything wrong. They just don't understand all that goes into your 401k decision, your IRA, and so many other pieces. So you're totally on your own here. In fact, the social security administration is forbidden to offer your offer you any personalized advice about claiming your benefits, just because of those things.

Speaker 2 (04:37):

Wow. Yeah. I mean, that's really great to know. So what advice do you have for our viewers who are looking to file for social security? Say in the next few years,

Speaker 3 (04:45):

Lisa, that's a great question. I think one thing we wanna make really clear here is there's no one I've never met anyone who's bad who works for the social security administration. Absolutely. But what we have noticed Lisa is that because they don't have all of the specific information that they need to give you, uh, a, uh, an answer that would be customized to you. Um, they cannot give that. And that's why they're forbidden to do that. And according to CNBC, this is a really big deal. They say deciding when to claim your social security is one of the most important financial decisions you'll ever make in your lifetime and, and Tyson, it is a big deal. It's complicated and confusing. And, and the reason why they say this is because hundreds of thousands of dollars are at stake. And that's why we wanna help people with a special offer just for you who are watching this show today.

Speaker 3 (05:38):

And we wanna show you how you can get even more income when you file for social security, with a customized social security benefits analysis, and the good news Tyson, it's not gonna cost you a dime. And I want to tell you how important it is to us to make sure that this analysis is free. And it's because we want to help you in so many ways, just some of them, the optimal time to get even more income. When you file for social security, how can you, you could avoid triggering higher taxes, higher Medicare premiums. Most people have no clue that if you make too much, when you retire, that it increases the Medicare premiums without getting you additional benefits. Plus if you're eligible for other benefits that could add up to thousands of dollars each and every year that you could put right in your pocket, Tyson, I think when you hear thousands of dollars of extra money in your pocket, it's often to think, well, how is that? That sounds too good to be true. It's it's not possible. And, uh, this is where it comes to getting expert advice. And I think that's the, the critical thing. We want the viewers to understand today and understand who is the best source to go get these answers from. We know we can't get it from social security. That's right, and many advisors out there. You need to be aware that they charge hundreds of dollars for customized analysis like this, but we're not gonna charge you a dime if you come in and get this analysis,

Speaker 2 (06:55):

Ryan Tyson, thank you. I, I think that would be such a big help to our viewers out there today, and a great solution that could save someone hours and hours of research and also help them get the most out of their social security benefits. So if you have saved at least $200,000 for retirement, and you have not filed for social security call to schedule your free social security benefits analysis. Now at 802 6, 0 81 13, all you have to do is leave your name, phone number, and email address. And one of their team members will get back to you by the next business day. There is no cost again or obligation, but this offer is only available if you call today. So again, that number is 802 6, 0 81 13. Now coming up next, 96% of Americans lose an average of $111,000 in social security income. And Ryan and Tyson will tell you why. Right when we come back,

Speaker 1 (08:00):

You're watching retirement solutions, TV with Tyson Thacker and Ryan Thacker from boss retirement solutions, free time winners of Utah's best of state award who have helped thousands of families in salt lake city retire successfully.

Speaker 2 (08:17):

Hello and welcome back to retirement solutions, TV I'm Lisa Hart. And today we're talking about the three biggest mistakes with filing for your social security benefits. Now, this could cost you tens of thousands, if not hundreds of thousands of dollars joining us of course, are Ryan Thacker and Tyson Thacker from boss retirement solutions. They are published authors and radio and television talk show hosts, and they have more than two decades of combined financial planning experience. Now, here they are Ryan and Tyson. Can you tell us what is the second big mistake with filing for social security?

Speaker 3 (08:54):

Lisa here's the second one. And it is a huge one. It's relying on some, one size fits all strategy or traditional rule of thumb for claiming their benefits. There's so many times where people will talk to their brother-in-law or they'll go to somebody at work and they'll say, well, what did you do? Right? And so when they come in and see us, they think that they know what's best, but that tra traditional rule of thumb is something that you can't rely on. In fact, according to Forbes, 96% of Americans, Lisa lose an average of $111,000 just in social security income that doesn't include savings on taxes or anything else. And it's because they claim their benefits at the wrong time. And it comes as no surprise to see this play out time and time again in our office. And often the lost income is much greater than $111,000.

Speaker 3 (09:45):

And Ryan think about what you could do. What we talk about all the time with our clients is what could you do with an extra $111,000, right? You know, when you, when we do a lot of public events and one of the questions that comes up all the time is how am I gonna pay for healthcare? Right? Another question would be, how can I eliminate some of the debt that I have as I go into retirement? And oftentimes they go looking for all these complex solutions, but oftentimes it's right there with the money that they have, that they could be receiving from social security. And, you know, I think, uh, Tyson, this is one of the popular claiming strategies, um, out there that says you should delay your social security for as long as possible because every year that wait, you do earn a bigger benefits check, but according to market watch, you can't apply this blanket rule to all situations because there are multiple scenarios where filing early makes more sense than filing later.

Speaker 3 (10:42):

And Tyson, this is a surprise for, for many people out there, cuz they're thinking, well, it makes a lot of sense just if I wanna maximize social security, wait until I'm age 70 and then start taking my check, cuz that's gonna be the biggest check. And then I hope I live a really long time. What's the problem with that? The help we don't know when we're gonna pass, right? If we knew exactly the day, then we'd know when to file. But when people come in in to see us, there are so many things that we look at. We look at what their health looks like, what their parents and their grandparents health health looks like. So that we can have a much better idea of how to help them. It's also the IRAs, the 401ks. So many things that we need to be looking at to help, to triangulate, how to best give them their number.

Speaker 3 (11:24):

As it relates to social security. Lisa, if I were given advice to the viewers out there, it would be that, you know, in some cases delaying your benefits could end up actually costing you a small fortune. And because this strategy could trigger higher taxes on your social security benefits, your IRAs and 401ks. When you start taking required minimum, uh, distribution withdrawals out there and also your investment income, uh, it could also do things Lisa like double your Medicare premiums cause you to four thousands of dollars in UN other benefits. And so what ends up happening is that net net check ends up being a whole lot less than what you're planning on. That's exactly right. And we love to share examples. So this is a case study from Mike and Joan now, Mike and Joan, they were in their sixties and they had been looking forward to spending a lot more time with their daughter and her family.

Speaker 3 (12:14):

They lived in Michigan during their retirement years. So Mike was planning on delaying filing for his benefits. Just like the example, Ryan, that you talked about waiting until age 70, that's what Mike was gonna do. Yes. And uh, in his mind he thought, well, I've looked at it. It's gonna give us an extra $18,574 in lifetime income. But we looked at the entire plan, not just social security on its own. And we said, look, there's a much better strategy for you, Mike, that would yield a ton more money. So here's what we proposed. We, we proposed that Mike filed for social security right now, which could get him an additional $200,976 in social security income. And Mike said, wow, there's a lot that I could do with that extra income. And Joan still wanted to travel a lot. So it was perfect for them to be able to do that right now, instead of waiting until age 70.

Speaker 3 (13:09):

Now this not only gave Mike and Joan more money up front in retirement, but it saved them money in taxes on the back end. And this is something that so many people don't think about as the tax repercussions, when and how you file for social security. And we were able to help them to save an additional $332,236 just in taxes. So when we talk about net net, it ended up being a total for Mike and Joan of an extra $533,212 to spend during their retirement years because of the lift and social security benefits in early retirement. Plus the tax savings on the back end. And Ryan, there are so many situations that we can point to just like this, right? You know, uh, that's where this is fun. We call this benefit stacking. And the principle here is it's not just about one area, so many people hyperfocus on maybe just taking my social security benefits, but you also need to look at the impact of taxes. And this example here is a powerful example of when you add on here's additional income that came from social security, plus here's the additional, uh, uh, taxes that can be saved by minimizing those taxes, using this strategy, uh, Lisa over $500,000. That's pretty incredible.

Speaker 2 (14:28):

That is incredible. I mean, that's more than just a few trips. That's, that's a large savings that someone could really do a lot within retirement. And it it's obvious that getting your claiming strategy right, is a huge piece of maximizing your social security benefits, um, exactly how you guys laid it out. So what advice do you have to our viewers here? How do you think, you know, the situation, the story you just told us could apply to our viewers today?

Speaker 3 (14:54):

Yes. Great question. If you've made an above average, um, or, uh, an average income throughout your career, many of these traditional rules for filing for social security, they may not apply for you. And so, you know, as we're discussing in this segment, Tyson rules of thumb are where people get in trouble. They really get tripped up. And there's really two camps that people fall into. The first camp is take the social security check as early as possible. Mm-hmm <affirmative> at age 62, right? The other camp is wait until age 70 to start, uh, taking that benefit. And, and as we've discussed in this segment, um, delay your social security benefits, that may not be the best thing to wait until 70, because it could end up costing you a small fortune. And because when you consider the impact of your taxes required, minimum distributions, Medicare premiums, and spousal benefits, your net income could be far less, and it's not how much you make, but it's how much you keep.

Speaker 3 (15:50):

That's really important. And for all of you watching today, we would love to get you that $500,000, if that applies to you. And that's why we wanna make a special offer just for the viewers on today's show. We want you to learn your customized analysis to get even more income. When you file for your own social security, it's a free, customized social security analysis from boss retirement solutions and advisors. And it's so important, Ryan, for everybody to understand that it's customized for them, not for anybody else. It, it really is. And that's the power customization. You know, I think, uh, so many people want to make it so simple that they, they eliminate the customized part of that's, right? And that's where the rules of thumb really come in for people where they make the mistakes. And as we've talked a lot about, you know, Forbes, uh, 96% of Americans on average will leave $111,000 on the table just in benefits. And that's why this analysis is so powerful because this analysis will show you the claiming strategies that are best suited for your individual situation, including the optimal time to claim your benefits so that you can get the most income, how you could avoid triggering higher taxes in Medicare premiums. Plus if you're eligible for other benefits that could add up to thousands of dollars in additional income every single year. Now, most advisors are gonna charge hundreds of dollars for a customized analysis like this, but we're not gonna charge you a dime

Speaker 2 (17:21):

Guys. This makes all the sense in the world. To me, thank you for offering our viewers this again, I think such this could be such a big help and the strategy that could help you get the most out of your benefits. It is going to be totally unique to your situation, which is key. Here. You can get this customized analysis from boss retirement solutions and it is absolutely free. So if you've saved at least $200,000 for retirement and you have not filed for social security, all you have to do is call to schedule your free analysis. Now at 802 6, 0 81 13, all you'll have to do is leave your name and your phone number and email address. And one of their team members will get back to you within the next business day. Now, remember this free analysis is only available if you call today. So get your phone and call (800) 260-8113. Now, did you know that you could pay taxes on up to 85% of your social security benefits? It's true. And when we come back, Ryan and Tyson will share how you could reduce or even eliminate these taxes in retirement, stick around. We'll be right back.

Speaker 1 (18:39):

You're watching retirement solutions, TV with Tyson Thacker and Ryan Thacker from boss retirement solutions, three time winners of Utah's best of state of award who have helped thousands of families in salt lake city retire successfully.

Speaker 2 (18:56):

Hello and welcome back to retirement solutions, TV I'm Lisa Hart. And today we are talking about the three biggest mistakes with filing for your social security benefits that could cost you tens of thousands. If not hundreds of thousands of dollars. Now joining us are Ryan Thacker and Tyson Thacker from boss retirement solutions. They are published authors and radio and television talk show hosts, and they have more than two decades of combined financial planning experience. So Ryan and Tyson, what is this third mistake with filing for social security?

Speaker 3 (19:31):

Lisa we've, we've gone over a couple great mistakes. And the third one is thinking you won't have to pay taxes on your social security income. As early as 1983, people didn't, uh, pay taxes on their social security income because the rules had changed, uh, after that. Right? And so in reality, now today taxes could be as much as 85% of your benefits. Now that's not your tax bracket, but that's on your benefits. And this could leave you with a fraction of the money that you were counting on to help pay for your own retirement. You may have done some homework and have an idea of what you will receive in social security income every month. But if your income is above certain thresholds and this threshold is incredibly low, you could be forced to pay taxes on as much as 85% of your social security benefits in Tyson.

Speaker 3 (20:23):

This is where so many people are shocked when they learn that, man, I, I mean, I've paid taxes all the, during my working years and now I may have to pay taxes again is now is this 85%? Does that mean they're in 85% tax bracket? What does that mean, Tyson? Yeah, as we mentioned, it's not the bracket. It's how much in social security you could be paying taxes on. So let's say you've got $36,000 worth of social security between you and your spouse. 85% of it could have taxes in the bracket that you're currently in. And so it's still a big deal just gets added to adjusted gross income. And after all of your taxable income from your IRA and 401k withdrawals and other investment income, this adds up. And if your total income reaches these certain triggers, it's called the tax torpedo, which will force you to pay taxes on up to 85% of your benefits.

Speaker 3 (21:13):

Plus you could be pushed into a higher tax bracket causing marginal and long term capital gains taxes to go up and the tax torpedo, it also triggers higher Medicare premium. So this is something that you don't wanna just take by chance. You want to have a plan and actively be working on that and not just a plan for social security, but a plan across your entire retirement plan. You know, with the boss retirement blueprint that we provide to every client, that planning process starts with income. And the foundation of all of that is social security, because we wanna make sure that they get as much in their pocket instead of paying taxes on it. Right? Absolutely. The good news is there are ways that you could reduce or even eliminate these taxes on your benefits. The key is to get in front of and create your strategy before you file for your benefits.

Speaker 3 (22:04):

So this isn't something that you wanna do at the last minute. Now, Ryan, there's a great opportunity for us to share some great clients. Bob and Sarah and Bob retired from a local construction firm and he had a pension that makes up a significant portion of his retirement income. Now, Sarah, she was a stay-at-home mom and unbeknownst to them, their strategy to claim their social security benefits was going to send their taxes literally through the roof. So we went to work and we created a strategy just like we do with everyone. And Bob and Sarah were pretty surprised by the outcome. Otherwise, if they would've gone and done what they were planning on doing there, would've been a huge tax burden. Now here's how our strategy worked. We helped save them $78,391 in taxes just on their benefits. But we went one step further. We showed them another strategy that could help them save an additional $288,807 on their retirement accounts.

Speaker 3 (23:05):

So the total amount of money we helped them save in taxes was $367,198. Quite simply, Bob and Sarah were over the moon with what we helped him to do. This is one of those areas again, where it's, you just can't take this by chance and hope that you're gonna have a good strategy. Hope is not a financial strategy. And so, you know, not only this couple right here, but also thousands of other families, we've helped be able to create a strategy so that you're gonna be able to capture more of that money. $367,000. Lisa, that's not Trump change.

Speaker 2 (23:42):

No, not at all. I mean that could go a long way in retirement and make such a big difference. So what can our viewers even do to reduce their taxes on their social security income? Like in the example that you provided because after hearing that amount of money, I I'm sure plenty of people are going to want to get on that.

Speaker 3 (24:01):

Absolutely. And Lisa, um, now you know that you could pay taxes on as much as 85% of your social security benefits. And thankfully there are some simple strategies that could help you reduce or eliminate the taxes in retirement. And that's why we put something together just for the viewers on the show today, learn how you could ring every nickel out of your social security benefits with a free social security analysis. Now, keep in mind this free analysis is customized to your specific situation. It shows you things like the optimal time to claim your benefits, to get the most income, how you could avoid triggering higher taxes. Plus making sure that you keep your Medicare premiums in check. Now we'll also help you to see if there are other benefits that could add up to thousands of dollars in additional income each and every year. Now, many advisors charge hundreds of dollars for a customized analysis like this, but the good news is we're not gonna charge you a dime, but we can only offer this to qualified viewers who call us today.

Speaker 2 (25:09):

Tyson and Ryan, that sounds like such a great opportunity and certainly one that our viewers want to take advantage of right now. So learn how you could reduce or eliminate the taxes on your social security benefits with this free social security benefits analysis from boss retirement solutions. If you have saved at least $200,000 for retirement and have not filed for social security, schedule your free analysis. Now by calling 802 6, 0 81 13. Now all you have to do is leave your name, phone number, and email address. And one of their team members will get back to you. The next business day. Remember this offer is only available if you call today. So pick up the phone and dial (800) 260-8113. Now that is all the time that we have for today. Thank you so much for watching retirement solutions, TV with Tyson Thacker and Ryan Thacker, boss, retirement solutions. We will see you soon and remember it's not what you make. It's what you keep.

Speaker 3 (26:13):

What do you think will be your biggest financial decision of your life? It's probably not what you think it is for most hardworking Americans. Your biggest financial decision will likely be filing for your social security benefits. Hi, I'm Ryan Thacker and I'm Tyson Thacker from boss retirement solutions filing for social security will be a critical financial decision because the difference between the best and worst case scenarios could literally be hundreds of thousands of dollars in lifetime income. And that's why you can't take this decision lightly.

Speaker 1 (26:47):

Learn how you could ring every nickel out of your benefits with a free social security analysis from boss retirement solutions in salt lake, a three time winner of Utah's best of state award. If you've saved at least $200,000 and have not filed for social security, schedule your free analysis. Now by calling 802 6, 0 81 13,

Speaker 3 (27:11):

Most advisors charge hundreds of dollars for a customized analysis, but we're not going to charge you a dime. This free customized analysis makes filing for social security, simple and easy, and it could help you ring every nickel out of your benefits that are rightfully yours.

Speaker 1 (27:29):

Don't risk losing tens of thousands. If not hundreds of thousands of dollars in social security income to schedule your free social security analysis call 802 6 0 81 13. According to Fords, 96% of Americans lose an average of $111,000 in social security income. And it's because they claim their benefits at the wrong time. Don't make that mistake, learn how you could ring every nickel out of your benefits with a free, customized social security benefits analysis from boss retirement solutions. They've helped thousands of families maximize their social security income, and they could help you too. If you've saved at least $200,000 and have not filed for social security, schedule your free analysis. Now by calling 802 6 0 81 13, the previous program was sponsored by boss retirement solutions.