It’s more important than ever to make the right decision about when to file for Social Security.
You only get one shot to get it right. Once you file, you’re locked in – you can’t change your mind later. And your filing decision has recently become even more complicated. Especially if you hope to collect Social Security through 2035 and beyond.
So, we reached out to Tyson Thacker and Ryan Thacker from B.O.S.S. Retirement Solutions. We asked them to share what’s changed with filing for Social Security. Plus, how Utah residents could get the most income when they file for their benefits today.
Tyson Thacker and Ryan Thacker are the CEO and president of B.O.S.S. Retirement Solutions, a financial advisory firm with seven locations throughout the Wasatch Front and one office in St. George. They are authors of the Amazon best-selling book, The B.O.S.S. Retirement Blueprint. And they’ve helped thousands of area families get the most out of their Social Security benefits.
What’s the big change with Social Security?
“We’re rapidly approaching the edge of the cliff,” explains Tyson Thacker. “The Social Security Trust Fund recently confirmed it’s projected to run out of money in less than 10 years.”
If you’re retiring today, your retirement could last for 20 or 30+ years. That means Social Security could run out of money in the middle of your retirement. And you could be looking at a 17% or bigger cut in your monthly income.
“This could be devastating,” adds Ryan Thacker. “Especially for retirees relying on Social Security to pay for their retirement expenses. This is a big part of why we’re telling our clients there’s an old way and a new way to file for benefits – because the rules have completely changed.”
Filing for your benefits is complicated
Filing for your benefits was already complicated. More than most people realize.
According to Forbes, there are 2,728 rules in the Social Security Handbook. And there are thousands of rules about those rules. Even worse, these rules are written in “geek-speak” – a language nobody can understand.
That makes your decision about the best age to file complicated enough. But if you’re filing today, you now have to consider the potential reduction in benefits. If benefits could get cut in less than 10 years, how does this impact your best age to file?
“Too many people are flying blind when it comes to making this critical decision,” says Tyson Thacker. “If you want to know your best age to file, you might want help. It could pay off big to reach out to a professional who understands the situation, and can consider your total picture.”
There’s a lot of money at stake
Filing for Social Security could be one of the most important financial decisions of your life.
If you made an average income, your benefits could add up to several hundred thousand dollars in lifetime income. And if you made an above-average income, they could be worth more than $1 million.
Depending on when you file, it could easily make a six-figure difference in your lifetime income. And that’s why this decision can’t be taken lightly.
“Research has shown that Americans could lose an average of $182,000 in total benefits,” says Ryan Thacker. “The reason why is because they’re filing for their benefits at the wrong time. Unfortunately, this money is rightfully theirs. And $182,000 could go a long way in retirement.”
Conventional wisdom for filing for Social Security is dead
The old rules no longer apply. Choosing your best age to file for Social Security is now more complicated than ever before
“In the past, the goal was to maximize your monthly check,” explains Tyson Thacker. “But what people don’t realize is that everything is connected. When you file for Social Security, it could impact the taxes you pay on your benefits. It could also impact the taxes on your IRA and 401K withdrawals, and other investment income. And finally, it could impact your spousal benefits, and double your Medicare premiums,” he continues.
So, filing for Social Security isn’t just about the amount of your benefits checks. You have to consider how all the pieces work together. Otherwise you could end up with less netincome from Social Security.
There are even some cases where you could yield more net income from Social Security by filing for your benefits early. And this could be even more true if benefits get cut during your retirement, due to the Social Security Trust Fund running out of money.
There is no one-size-fits-all strategy
It’s natural to speak to friends and family members when making your Social Security decision. But this can often lead you to the wrong answer for you. There are just too many factors to consider. This includes your taxes, IRA and 401K withdrawals, Medicare premiums, spousal benefits, other investment income and more.
So, you can’t rely on some one-size-fits-all strategy. Because the best time for you to file for Social Security will be totally unique to you.
Ultimately, if you want to find your best age to file for your Social Security benefits, it’s smart to get help. There are professionals who specialize in this decision. They can help you make a decision that accounts for all of the complexities that could impact your benefits.
To help you navigate this complex process, the Thackers at B.O.S.S. Retirement Solutions are offering a free, customized Social Security Analysis.
This analysis simplifies the entire process for you by pinpointing the exact time to maximize your benefits – while considering any impacts on your taxes, IRA and 401K withdrawals; investment income, spousal benefits and Medicare premiums.
Some advisors charge hundreds of dollars for a customized analysis. But B.O.S.S. Retirement Solutions offers this for free – even if you’re not a client.
The strategies used are best-suited for families who have saved more than $300,000 for retirement and have not filed for Social Security.
To schedule your free analysis that could unlock the full potential of your Social Security benefits, call 801-990-5055 or request your free Social Security Analysis online.
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.