Social Security Claiming Mistakes Can Be Expensive.

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Social Security claiming mistakes can result in more than just lost income; you might end-up paying thousands in extra taxes later!

If you’re a baby boomer thinking you might need help making Social Security decisions, you’re not alone.

When should you claim? How much will you receive? Will Social Security be there for me when I retire? Can I continue working and will I really be penalized? How can a claiming mistake today cost me even more later?

There’s a lot to know about Social Security, especially when it comes to making decisions that can affect you and your spouse for decades to come. Your decisions will impact your tax bill for many years to come.

Do you know how your IRS-mandated required minimum distributions at age 72 will impact the taxes you pay on Social Security? Your Medicare premiums? Do you know what ‘provisional income’ is and how it affects the taxes you’ll pay in retirement?

If you’re someone with a nest-egg over $500,000 and thinking about when or whether you should claim your Social Security benefit early or wait, I would suggest it’s best to do your planning BEFORE you act. But, even before you plan, you might want to get your knowledge ducks lined-up.

Consider this your invitation to a webinar especially designed for Baby Boomers: What Baby Boomers Need to Know About Retirement Income. The emphasis is on Social Security strategy and the importance of coordinating your strategy with a comprehensive retirement plan.

You can register for an upcoming webinar here.

This webinar will cover a LOT of material; so, be sure to have your coffee and be ready to take a lot of notes.

Enjoy!

Jim

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Interested in becoming an IFG client?  Why play phone tag?  Schedule your 15-minute introductory phone call!

Jim Lorenzen, CFP®, AIF®

Jim Lorenzen is a CERTIFIED FINANCIAL PLANNER® professional and An Accredited Investment Fiduciary® in his 21st year of private practice as Founding Principal of The Independent Financial Group, a fee-based registered investment advisor with clients located in New York, Florida, and California. He is also licensed for insurance as an independent agent under California license 0C00742.  IFG helps specializes in crafting wealth design strategies around life goals by using a proven planning process coupled with a cost-conscious objective and non-conflicted risk management philosophy.

Opinions expressed are those of the author.  The Independent Financial Group does not provide legal or tax advice and nothing contained herein should be construed as securities or investment advice, nor an opinion regarding the appropriateness of any investment to the individual reader. The general information provided should not be acted upon without obtaining specific legal, tax, and investment advice from an appropriate licensed professional.

Jim's picture
Jim Lorenzen is a CERTIFIED FINANCIAL PLANNER® professional and An Accredited Investment Fiduciary® in his 21st year of private practice as Founding Principal of The Independent Financial Group, a fee-based registered investment advisor with clients located in New York, Florida, and California. He is also licensed for insurance as an independent agent under California license 0C00742.

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