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Financial Planners | Annuities, IRA, Retirement & Investment | Bowman Financial Strategies

How Much Money Could You Forfeit to Social Security with the Wrong Filing Strategy?

Social Security Maximization is the process of analyzing all potential filing strategies available to a household and determining which strategy offers highest potential income. You have worked over 80,000 hours and contributed to SS for your whole life. You deserve to receive the highest income possible. Unfortunately, the SSA cannot, and will not help you determine what filing strategy is in your best interest. The SSA can only tell you how much your benefit would at any filing age. They are neither licensed nor allowed to discuss filing strategies with the public. With a lifetime value of potentially over $1,000,000 for a household, we recommend you put the appropriate amount of effort into making this extremely important choice. When to take Social Security? Everyone has 96 basic Social Security filing choices. For an average couple that is 96 x96 which is 9216 choices. However, if you include all the potential spousal benefit choices available to married and sometimes divorced participants, the number of choices is over 100,000. When you compare all potential combinations of filing strategies, you can sort them from highest to lowest in terms of household lifetime income. The difference between the lowest and highest income streams can exceed $150,000 over a standard household retirement lifetime. In other words, by making the wrong filing choice, you could receive $150,000 less in lifetime income than if you made a more strategic decision.

Because the value of this decision is so high, often worth over $1,000,000 in lifetime income, we believe all Retirement Income Plans should contain a thorough analysis to maximize Social Security income.

Erik Bowman

Wealth Advisor

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