What is the most valuable financial asset that will support us in retirement? Most of us think that’s our retirement accounts (regular savings as well as tax-deferred ones). Others might think of the net equity in our homes.
It’s one thing for baby boomers to have little or no understanding about how their Social Security claiming options work: this can be corrected with education. A far greater concern is misinformation about the program.
Don’t you just hate when you’ve purchased something—a flight, a vacation, a new car—and later discover could have saved hundreds, maybe even thousands of dollars on it?
They say that ignorance is bliss. When it comes to getting the most out of our Social Security benefits, such bliss will quickly turn to misery if we learn too late to fix a bad claiming strategy that can easily cost us $100,000 or more, especially for married couples and many formerly married singles.
There are numerous benefits that we may one day receive from Social Security depending on our circumstances. Benefits such as spousal, family, disability, and survivor, to name a few.
The Social Security program is misunderstood by most people...and this can lead to claiming mistakes that commonly cost single people tens of thousands of dollars in cumulative lifetime benefits.
Millions of baby boomers qualify for valuable Social Security claiming options that can provide tens of thousands of dollars in additional benefits. Yet most will never receive these benefits, even though they qualify for them. How can this be so? It’s because there are so many rules, they are complicated, and people don’t understand how they work.
Most people think that Social Security is “set-it-and-forget-it”: Once you start up your benefits it’s a “done deal” from there on. Unfortunately, most of us “set-it-and-forget-it” without first understanding how the program works. The result is usually a costly loss in cumulative lifetime benefits. Yet our initial claim doesn’t have to always result in a “done deal”: This is a mistaken impression that leads to all manner of errors...and loss in benefits.
Millions of baby boomers qualify for a valuable Social Security claiming option that can provide them as much as $63,336 in extra benefits...yet they don’t know it. In fact, the great majority of working couples, where one or both spouses reached age 62 on or before January 1, 2016, can still make use of this unusual strategy.