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What you don't know about Social Security can hurt you



"Your first and most important priority to prepare for retirement is to maximize your only source of inflation-adjusted lifetime income. To do this, you need to understand the different filing strategies." - Philip Wilson
 
In my experience, most advisors do not even realize the importance of the Social Security decision or its value to the retiree. They don't value the benefit as they should. Their focus is on client assets not Social Security income. They do not realize that different filing strategies must be employed. I have spent a lot of my time undoing recommendations that other advisers gave to clients that are just incorrect, recommendations such as eligibility or at what age to file. They mean well, but just do not know the rules.
 
This book covers six major filing strategies. There are obviously many more situations involved in Social Security filing, but for most of the public, you will fall into one or more of these six strategies. If you understand these six strategies, you'll probably not be one of the casualties, which means you should receive all the money to which you're legally entitled. You will also notice the different strategies apply to different situations in life. Disability, widow, single, married, divorced--all require a different filing method. This is a big part of why mistakes are made because someone files a certain way initially but needs to change because of a life event. Obviously, some will apply to you, while others will not, depending on your situation.

 

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