Those of you familiar with tax law have likely heard the saying “ignorance is not a suitable defense.” What this translates to is just because you didn’t know the rules does not mean you are exempt from them. This notion also holds true when it comes to claiming Social Security benefits, which is why it helps to read a book on the subject.
Applying for Social Security has become easier in recent years with the release of the online application system. However, the big question is… does easier mean better? I suppose it depends on who you ask.
The Social Security Administration certainly appreciates the new technology as they are facing budget cuts and staff reductions across the board. The idea of streamlining applications will help them manage the surge of baby boomers reaching retirement age in the next ten years.
But when it comes to you, the applicant, easier retirement applications can be fool’s gold. Unless you are already aware of your filing options then submitting your application online without referencing a book can become a financial trap. Benefit reductions can occur with simple oversights, costing you hundreds of dollars a month for the rest of your life.
The main purpose of my Social Security book is to help baby boomers get all of the retirement benefits they deserve. It is about understanding the myriad of filing choices available, several of which are rarely discussed by accountants and financial planners.
There is nothing illegal or dishonest about the strategies I teach. The reality is the rules of any federal entitlement program are lengthy and specific. How much you know often determines what you will get out of these programs. Similar to taxes, if and how you claim certain items can drastically change your bottom line.
So before you step into uncharted waters, I encourage you to read my book on how to get the most from your Social Security retirement benefits.