Social Security Income Planning: Baby Boomer’s 2025 Guide to Maximize Your Retirement Benefits
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Social Security Income Planning: Baby Boomer’s 2025 Guide to Maximize Your Retirement Benefits
Fully UPDATED for 2018 (and the NEW TAX LAW) to reflect the changes and new rules made to Social Security by the Bipartisan Budget Act of Nov 2015 and the latest relevant numbers.
Perhaps the most encompassing, yet easy-to-understand book on the vital and timely topic of Social Security retirement income planning. It is written by an experienced Certified Financial Planner for soon-to-be retirees who want to learn all about the different claiming strategies for couples and for single persons (whether never married, divorced or widowed). Most people have no idea of what some their real benefit options are -- and unfortunately can be prone to miss out on $10,000’s.
Before describing what readers will find in the book, let me point out that there is purposely nothing written about Social Security DISABILITY income payments or Supplemental Security Income (SSI). The book’s sole purpose is to provide people who are about to retire, with all of the information that they need to make the best Social Security benefit decisions based on their own financial circumstances and retirement goals. In this respect it is an essential planning guide and road map.
A quick scan of the table of contents gives a glimpse of the scope and amount of powerful information provided. However, what the table of contents does not show is how 95% of Social Security recipients (both couples and many singles) will leave up to $10,000's of benefits sitting on the table that cannot be retrieved. This is money that they are fully entitled to, but these folks did not follow the little-known claiming strategies described in this book. It’s your money, you paid into the system your whole life – so don’t miss out on getting every dollar that you can.
There are many useful examples given to show you the full range of filing options and how to maximize your lifetime benefits. Written in plain English, the examples are meant to encourage you to carefully consider how you can get the most total benefits available under the law.
Perhaps one of the most unique portions of the book is where the author combines his expertise of Social Security with his knowledge of income taxes to show readers how it is very possible to cut ones taxable income and their subsequent retirement income tax bill by 50%. The story comparing the Early’s, the Waite’s and the Best’s is worth ten times the price of the book, as it explains how a savvy reader can save $1,000’s of income tax dollars each year during their retirement.
The chapter about the 3 buckets of investment risk and the 3 taxation buckets is the perfect complement to learning about filing strategies since Social Security was never meant to provide for all one’s retirement income. Not only is this chapter vital for soon-to-be retirees, it should be required reading for every American adult before they EVER invest a single dime anywhere.
While reading the book, it becomes very apparent that Mr. Orr actually works in the retirement income planning field on a daily basis with the non-stop tips, warnings, things to consider and much more.
“Social Security Income Planning†is concise and written in a conversational style, yet it’s jam-packed with all the information you need to maximize your benefits. The advanced concepts and planning strategies are made so simple, that you will be able to explain them to your co-workers... or even to your financial advisor (who very likely has only a vague understanding of the strategies you are talking about)!
Finally, the book rightfully stresses how your decision to file for your Social Security benefits should not be made on a “standalone basisâ€. Your claiming decisions should be made in conjunction with your overall retirement income goals, your assets and other income resources, your level of adverseness to risk, your (and your spouse’s) likely longevity, etc. Buy this book and become an educated consumer of your Social Security benefits!
