If you’re in your late 50s or 60s, chances are you’re paying closer attention to your Social Security statement these days.

You can see your estimated benefits right there in black and white. It’s from the government. So, there’s no reason question it.

But the truth is you’re not getting the whole story. In fact, your benefits could be significantly less, or more depending upon on the timing of when you claim your benefits.

You may not realize it, but if you’ve made a modest income throughout your working life, your Social Security benefits could add up to six-figures in retirement. If you’ve made an average income, it could be several hundred thousand dollars.

Suffice it to say, that kind of money could go a long way in retirement. And that’s why this decision can’t be taken lightly.

A complicated choice

But claiming your Social Security benefits today is complicated and riddled with trap doors.

There are 2,728 rules in the Social Security handbook. And there are thousands of rules about those rules. So, there are hundreds of different options to claim your benefits. And the difference between your best and worst-case scenarios could be hundreds of thousands of dollars in lifetime income.

If you don't time it perfectly, this could be a decision that haunts you for the rest of your life.

To make matters worse, if you think the Social Security Administration is going to hold your hand and help you with this decision, think again! They’re actually forbidden to offer you any personalized advice.

So, you’re totally on your own!

Yes it's true that when you claim Social Security will impact the amount of your benefits. But what you probably don’t realize is that this decision could also trigger an avalanche of taxes.

It could send your Medicare premiums through the roof. And it could cause you to forfeit additional benefits that could add up to thousands of dollars in your pocket every year.

So, if you’re not careful the money you were counting on to help support you in retirement could be a small fraction of what you thought it was going to be.

For years, retirees have simply taken their Social Security benefits at face value. They’ve relied on some one-size-fits-all strategy or traditional rule of thumb. Ultimately, this is what causes them to lose tens of thousands, if not hundreds of thousands of dollars.

Get the highest benefit

So, how do you ensure you wring every nickel out of your Social Security benefits? And how do you avoid triggering needless taxes, penalties and fees that could cost you a small fortune?

Don’t take your benefits at face value, or rely on some traditional one-size-fits-all strategy. By doing so, you could be another statistic, and wind up cheating yourself out of thousands of dollars.

The only way to get the most out of your benefits (and avoid these other trap doors) is by getting a customized Social Security analysis that considers everything, including your benefits, taxes, Medicare premiums, and more.

Many companies charge several hundred dollars for a customized analysis. But we offer this as a free service.

If you have any questions about your Social Security benefits, or if you would like to schedule your free, customized Social Security analysis, call BOSS Retirement Solutions at (801) 829-9797.

BOSS Retirement Solutions is not affiliated with the U.S. government or any governmental agency.

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