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Retirement experts Tyson and Ryan Tucker have a serious warning for Utahns planning to apply for Social Security over the next five years.
“Social Security is an important part of your retirement income plan,” explains Tyson Tucker. “But you should know that many Americans end up regretting their application decisions because they unnecessarily left tens of thousands of dollars on the table.”
forbes highlights the shocking statistic that 96% of Americans lose an average of $111,000 in Social Security income due to filing errors.
You have one chance to apply for Social Security. I want to understand it correctly.
–Tyson Thacker, BOSS Retirement Solutions
The Tucker brothers say this loss is due to the complexity of the system.
The Social Security Handbook alone contains 2,728 regulations and thousands more that govern these regulations. Ryan Tucker points out that “Social Security is complex, so people often oversimplify their approach and miss out on important benefits.”
Tyson Tucker added, “You can apply for Social Security in one shot. You want to do it correctly. You can’t change the details of your application later.” “It is important to consider all the benefits and consequences of a decision to apply, and there is no shame in seeking the assistance of a qualified professional.”
Tyson and Ryan Tucker are CEO and President of BOSS Retirement Solutions, a five-time Utah State of the Year award winner with six offices across the Wasatch Front. Over the past 11 years, we’ve helped thousands of families maximize their Social Security benefits.
In total, retirees would lose an average of $111,000 per household because they claimed Social Security at a sub-optimal financial time.
–Forbes
The Hackers emphasize that the difference between best-case and worst-case scenarios when claiming Social Security can mean the difference between gaining or losing hundreds of thousands of dollars in lifetime income.
“If you earned an average income during your career, your Social Security benefits can add up to high six figures,” explains Ryan Tucker. “For people earning above average incomes, that total can exceed $1 million. But it’s alarming how many people lose so much money unnecessarily.”
One common misconception is that delaying benefit payments will always result in a larger total payment. Delaying increases benefits by 8% per year, but this is not the best strategy for everyone.
Tyson Tucker says, “What most people don’t realize is that filing for Social Security also affects taxes on benefits, IRAs, 401K withdrawals, and other investment income. Medicare premiums It could even double. So there are many cases,” he emphasizes. Applying for benefits early can give you the most potential for maximum income.
The Hackers are also drawing attention to the current state of the Social Security Trust Fund. The fund faces challenges exacerbated by the pandemic and recent high cost of living increases. The Congressional Budget Office estimates that without intervention, the fund could be depleted as early as 2032, leading to reduced benefits. As a result, this can dramatically impact how and when you apply for Social Security.
What works for one person may not be optimal for another.
– Tyson Tucker retires from BOSS
Given these challenges, Thackers recommends a tailored approach. “You can’t rely on a one-size-fits-all strategy,” says Ryan Tucker. “Each individual’s situation is different and requires a customized analysis to maximize benefits.”
To assist you with this complex process, Tuckers and his team offer comprehensive social security analyzes free of charge.
Other advisors charge hundreds of dollars for similar services. But BOSS Retirement Solutions offers this for free. Because they want to help Utah retirees navigate the complex system, maximize their income, and find strategies that will help them live their best retirement lives.
This offer is especially beneficial for families who have saved at least $200,000 for retirement and have not yet filed for Social Security.
To schedule a free analysis to maximize your Social Security benefit potential, call 801-990-5055 or here.
About the author: Ryan and Tyson Tucker are presidents and CEOs of BOSS Retirement Solutions. They have won Utah’s “Best of State” award five times and have six offices throughout the Wasatch Front.
This is for illustrative purposes only and your results may vary. Advisory services provided through his BOSS Retirement Advisors, an SEC registered investment advisory firm. Insurance products and services offered through BOSS Retirement Solutions. The information contained in this material is for informational purposes only, and nothing contained herein constitutes tax, legal, or investment advice. This information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the specific needs of your individual situation. For legal and tax questions, you should seek the advice of an independent attorney or tax advisor. We are not affiliated with the U.S. government or any government agency. Marketing materials provided by Infinity Marketing Services.
