Estimated read time: 5-6 minutes
Utah retirement experts warn this Social Security mistake could cost you $182,000 in lifetime income, and most people won't know it until it's too late
Every year, retirees make a critical mistake when they file for Social Security.
And according to CBS News, it costs them an average of $182,000 in lifetime income.
"Social Security is one of the largest financial decisions most Americans will ever make," says Tyson Thacker. "And it's because the difference between your best and worst case scenarios could be hundreds of thousands of dollars. Yet most people spend more time planning a summer vacation than they spend planning their Social Security strategy."
Tyson Thacker and his brother Ryan Thacker are the founders of B.O.S.S. Retirement Solutions, a Utah-based financial advisory firm that has helped over 50,000 families plan for a better retirement.
They say that people often underestimate how much their Social Security is worth in lifetime income – and this is a critical retirement planning mistake that could easily be avoided.
How much are your Social Security benefits worth?
According to data from the Social Security Administration, the average Social Security benefit in 2026 is roughly $2,071 per month. For a married couple where both spouses receive average benefits, it's $3,208 per month, or nearly $40,000 per year.
Higher earners — couples who earned the maximum taxable wage and claim benefits after full retirement age — could collect $100,000 or more per year, according to the Committee for a Responsible Federal Budget.
Think about what that could add up to over 20 or 30 years of retirement.
A couple collecting $40,000 per year will receive nearly $1 million in Social Security income over a 25-year retirement. And that's before accounting for cost-of-living adjustments.
"When people hear $2,000 a month, they think 'okay, that's helpful,'" says Tyson. "But when you zoom out and see what we're really talking about here, it could easily add up to $700,000, $800,000, or even $1+ million in lifetime income. Suddenly the decision to file for your benefits takes on a completely different meaning."
The mistake that could cost you $182,000
With hundreds of thousands of dollars at stake, you'd think claiming Social Security would be one of the most carefully planned decisions in retirement. But for many people, it's almost an afterthought.
And it's easy to understand why. On the surface, it seems like a simple decision — pick an age, file, and the checks start coming in.
But the truth is, filing for Social Security is far more complex than most people realize. If you don't file at the optimal time, you could easily lose six figures in lifetime income.
"This is the mistake we see most often," says Ryan. "People pick the wrong time to file, and it ends up costing them a fortune… money that's rightfully theirs."
Too often, people rely on some outdated rule of thumb to help them decide when to file, such as "wait until age 70 to get the biggest check" or "take your benefits early just in case." But generic advice doesn't account for your income, accounts, lifespan, or your spouse's situation.
"This is the mistake we see most often. People pick the wrong time to file, and it ends up costing them a fortune… money that's rightfully theirs."
–- Ryan Thacker
Everything is connected
Most people don't know this, but your decision to file for Social Security isn't just about your benefits.
"When you file for Social Security doesn't just impact the amount of your benefits check," says Tyson. "Your decision could also have a significant impact on your taxes, IRA/401K withdrawals, Medicare premiums and even your spousal benefits. All of these things are connected."
"Most people don't realize how many different moving pieces are involved," says Ryan. "Social Security, taxes, Medicare, your retirement accounts — they're all connected. And if you're only looking at one piece, it could prove to be an expensive oversight."
Free Social Security Analysis for Utah families
The Thackers emphasize that the best time to create your strategy to file for Social Security is two to five years before you become eligible to file. This is when you still have flexibility to adjust your income, manage your taxes, and model different scenarios. Once you file for your benefits, your decision typically can't be changed.
That's why B.O.S.S. Retirement Solutions offers a free, personalized Social Security Analysis for Utah families. This customized analysis identifies…
- The age you should file that could 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 you could avoid unnecessary Medicare surcharges.
- How you could maximize spousal or survivor benefits.
Many 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.
This analysis is best suited for families who are within 5 years of retirement, have not filed for Social Security, and have saved at least $300,000.
To schedule your free Social Security Analysis, call (801) 990-5055 or click HERE.
About the Authors: 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, 2023 and 2025. Our firm is not affiliated with the U.S. government or any governmental agency. Marketing materials provided by Infinity Marketing Services.
