BOSS - 4.27.21 6om Extra - SSC Surprises

Speaker 1 (00:00):

Do you plan to file for social security in the next few years, while you could be in for a few surprises that could dramatically reduce your benefits here to talk about it is Ryan Becker. He is from boss retirement solutions, winner of Utah's best of state award for retirement planning for two years in a row. Ryan, it is good to see you. What are the three surprises when it comes to claiming your social security benefits,

Speaker 2 (00:23):

Nisha, it's great to see you again, and your social security benefits could be a huge source of income for you in retirement. And 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. Now, if you made an above average income, it could be a million dollars or more. So this decision can't be taken lightly because there are three surprises that could cost you a fortune.

Speaker 1 (00:47):

Okay, let's jump into that first surprise.

Speaker 2 (00:50):

Well, the first surprise is that you could get taxed on as much as 85% of your social security benefits. Most people never see this coming, but if you don't consider the tax implications, when you file for social security, you could unknowingly trigger an avalanche of taxes. So the money that you were counting on for retirement could end up being a fraction of what you thought it was gonna be. But there is good news here. There are ways that you could reduce or even eliminate these taxes. And this plays a big role. When you file for social security issue,

Speaker 1 (01:21):

There are strategies that we need to know about. All right. What's that second surprise.

Speaker 2 (01:24):

Yeah. Good question. The second surprise is that people think that filing for their social security benefits is simple, but it's not. And according to Forbes, there are 2,728 rules for filing for your social security benefits. And there are thousands of rules about those rules. So this is a lot more complicated than, you know, and research says that 96% of Americans lose an average of $111,000 in social security. And it's because they claim their benefits at the wrong time.

Speaker 1 (01:55):

I think that number's worth saying again,

Speaker 2 (01:57):

$111,000 that is not lunch money. It's

Speaker 1 (02:00):

A chunk of change. All right. Let's is jump into that third surprise.

Speaker 2 (02:03):

Well, the third surprise is you can't rely on some, one size fits all strategy. For example, one traditional rule of thumb says that you should delay for filing for your social security benefits until you get to age 70, because each year you delay the amount your benefits check will increase, gets bigger. And so they think it's a no brainer, but that is not necessarily true. There are many cases where someone who has earned an, an average or an above average income, that if they follow this strategy, it could end up costing them a small fortune. And why it's because when you factor in their taxes increases in their Medicare premiums, their required minimum distributions, and even their IRA and 401k withdrawals, they could get net more income by filing for their benefits early. So the bottom line is the way to get the most from social security will be totally unique to you and it needs to be customized

Speaker 1 (02:54):

And it needs to be customized. And you can definitely do that. How can our viewers learn more about the strategies?

Speaker 2 (03:00):

Well filing for social security will be one of the most important financial decisions that you'll make in your retirement lifetime. And it's because hundreds of thousands of dollars are at stake. And that's why I wanna make a special offer just for our viewers right now. And we'll show you how you could get even more income when you file for social security, with our free, customized social security analysis. When we get some basic information from you, you'll learn the optimal time to get even more income. When you file your social security benefits, how you could reduce or eliminate paying taxes on as much as 85% of your benefits, how you could prevent this decision from doubling your Medicare premiums. Plus if you're eligible for any other benefits that could mean thousands of dollars in your pocket every single year. Now, Nisha, some advisors will charge hundreds of dollars for this analysis, but for this customized analysis, we're not gonna charge you a dime. If you give us a call right

Speaker 1 (03:55):

Now, we usually see you with your brother Tyson. Yes. Give him our best Ryan. It is so good to see you. Our viewers definitely need these strategies. Everybody don't risk losing hundreds of thousands of dollars in social security income. You could learn how you could ring every nickel out of your benefits with this free, customized social security analysis. It is from boss retirement solutions in salt lake. If you have saved at least $200,000 for retirement, and you have not filed for social security, it's easy. You just need to call to schedule your free customized analysis right now at 8 0 1 7 0 1 8 8 8 1. Now this offer is only available if you call tonight. So please jot that down. And again, that number is 8 0 1 7 0 1 8 8 8 1. We threw a lot of numbers out there, but we want our viewers to know there is help. There is hope you can help them navigate this process. That can be D.