Social Security Millionaire
When it comes to maximizing Social Security retirement benefits, Americans do a horrible job. It’s been reported that only about 4% of retirees make the optimal Social Security claiming decision. That means most people planning to retire will end up losing roughly $2.1 trillion dollars. When people decide to stop working they will have to know how long their savings will last them during retirement. The best way to address this by maximizing Social Security benefits. Famed economist Laurence Kotlikoff proved that millions of ordinary Americans can increase their total Social Security income – a typical example shows a single retiree collecting $131,951 more in lifetime income by optimizing benefits. Married couples might expect even more. So why don’t more people take advantage of the opportunities they have coming?
It's shameful, considering millions of Americans’ rely on it for future retirement security. Retirement can be such a great time in a person’s life. But when most people think about it, it’s hard not to be somewhat apprehensive when you face the reality of how you will get by for all those years without a paycheck. Maybe you’re one of those people who have stashed away millions of dollars in your IRA or 401(k). Or, maybe you are like many people who face retirement regretting that they had not saved more. Regardless of your circumstance, the good news is that with proper planning it is easy to live like a millionaire… or at least a Social Security “millionaire”. Here is what I mean.
Now, Social Security is such a valuable retirement tool that by increasing these benefits you could find yourself a more secure. If you are married and both you and your spouse use the right strategies, according to the Wealth Enhancement Group, you can easily collect a million dollars in benefits over your lifetime. But, by making the mistakes that most people make, you could literally leave hundreds of thousands of dollars on the table.
