Estimated read time: 5-6 minutes
Utah retirement experts Tyson Thacker and Ryan Thacker have issued a new warning specifically for women who are planning to file for Social Security in the next five years.
Their message is simple: Women face unique challenges when it comes to retirement income and the right Social Security strategy for a man may be completely wrong for a woman.
Why women can't afford to make a filing mistake
Women today are more financially independent than any previous generation. But statistically, they also face the biggest financial challenges in retirement.
Here's why:
- Women live longer than men. A lot longer. This means their money must last a lot longer to pay for living expenses, healthcare and long-term care costs. The income from Social Security is the foundation of the entire financial game plan for retirement.
- Women are more likely to spend years outside of the work force. Many women take time off to raise children, care for aging parents, or support a spouse's career. That means fewer working years and therefore lower Social Security benefits. Even high-earning women may be surprised to learn that short career gaps could reduce their lifetime benefit by tens of thousands of dollars, or more.
- Many women face retirement alone. Whether through divorce, widowhood, or simply outliving a spouse, women are more likely to be financially responsible for themselves later in life. This is why filing for Social Security correctly isn't just important, it's critical.
Financial stakes are even higher for women
An article in Forbes revealed that 96% of Americans lose an average of $111,000 in Social Security income. This is because they make the wrong filing decision. But for women, this loss can be even more devastating.
Why? Because if a woman lives many years longer than a man – and she doesn't file for her benefits at the right time – the cumulative loss compounds year after year. It could mean the difference between living a comfortable and confident retirement, versus running out of money far too soon.
And here's what's even more surprising for a lot of women, sometimes filing for your benefits early gives women more lifetime income. Sometimes filing late does. And sometimes the optimal strategy is somewhere in the middle.
The bottom line is there is no one-size-fits-all strategy. "A strategy that works for your sister, neighbor, or spouse may be the opposite of what you should do," Tyson says.
The No. 1 mistake women make with Social Security
According to the Thacker brothers, the most common mistake women make is thinking Social Security is simply about choosing an age to file.
"Women often ask, 'Should I file at 62, 67, or 70?'" says Ryan Thacker. "But the real question is much bigger than that.
"Your filing decision should also consider the impact taxes could have on your benefits, IRA and 401K withdrawals, other investment income and even your Medicare premiums. Most people don't understand that all of these things are connected. And this is why so many women unintentionally leave money on the table."
You have 1 chance to get it right
The Social Security Handbook contains a staggering 2,728 rules about filing for your benefits. And there are thousands of rules about those rules. Yet women are expected to make this once-in-a-lifetime financial decision – without any help.
"You only get one shot to file for Social Security," Ryan says. "So you have to get it right. Women have worked too hard and carried too much responsibility to leave one dime on the table. This isn't about squeezing the government for extra dollars. It's about getting the benefits that are rightfully yours."
Free Social Security analysis for Utah women
To help Utah women make the most informed decision possible, B.O.S.S. Retirement Solutions offers a free Social Security Analysis. This customized analysis identifies:
- The exact age you should file to get the most income from Social Security.
- How you could reduce, or eliminate paying taxes on your benefits.
- How to coordinate filing for Social Security with your IRA and 401K withdrawals.
- How to avoid unnecessary Medicare surcharges.
- How to maximize spousal or survivor benefits.
Other advisors charge hundreds of dollars for a Social Security analysis. But the Thackers offer this customized analysis for free – even if you're not a client.
The strategies used are best served for women who have not already filed for their benefits and have more than $200,000 saved for retirement.
To schedule your Free Social Security Analysis, call 801-990-5055 or click here.
Tyson Thacker and Ryan Thacker are the CEO and President of B.O.S.S. Retirement Solutions. They are published authors of the Amazon best-selling book, "The B.O.S.S. Retirement Blueprint, Your Guide to a Secure and Independent Retirement." Their award-winning firm has seven offices located throughout the Wasatch Front, and a new office in St. George.
This is for illustrative purposes only, results may vary. Advisory services offered through B.O.S.S. Retirement Advisors, an SEC Registered Investment Advisory firm. Insurance products and services offered through B.O.S.S. Retirement Solutions. The information contained in this material is given for informational purposes only, and no statement contained herein shall constitute tax, legal or investment advice. The 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 particular needs of an individual's situation. You should seek advice on legal and tax questions from an independent attorney or tax advisor. BOSS submitted applications and paid application fees to be considered for the Utah Best of State for Retirement Planning awards. The award results were independently determined by the awarding organization's criteria (https://www.bestofstate.org/about.html) and the information BOSS provided in the applications. BOSS received the Utah Best of State award in 2019, 2020, 2021, 2022, and 2023. Our firm is not affiliated with the U.S. government or any governmental agency. Marketing materials provided by Infinity Marketing Services.
