In today’s uncertain economic climate, understanding your Social Security benefits is more crucial than ever. “Get What’s Yours: The Secrets to Maxing Out Your Social Security” by Laurence J. Kotlikoff, Philip Moeller, and Paul Solman, provides an in-depth guide to navigating the often-complex world of Social Security. This insightful book empowers readers to optimize their benefits and secure their financial future.
The authors of “Get What’s Yours” argue that many people fail to maximize their Social Security benefits due to a lack of understanding of the rules. Social Security offers a variety of options for claiming benefits, and the right choices can significantly impact your lifetime wealth. The book demystifies these rules and provides strategies to boost your benefits.
One key takeaway from the book is the concept of delayed claiming. By waiting until the age of 70 to claim Social Security, individuals can increase their benefits by a substantial percentage. This delay results in higher monthly payments for the rest of one’s life, which is crucial for maintaining a stable financial state during retirement.
“Get What’s Yours” also highlights the importance of considering family dynamics. For married couples, the decision when one spouse claims benefits can affect the other’s spousal benefits. Understanding the intricacies of these rules can lead to better financial planning strategies.
Moreover, the book covers less-known tactics like the ability to file a restricted application or to suspend benefits. Such strategies are beneficial for individuals who have already started collecting Social Security but wish to increase their future benefits.
For those worried about making costly mistakes, “Get What’s Yours” offers critical advice on how to rectify errors and make informed decisions. It’s a powerful reminder that informed decisions today can safeguard your financial independence tomorrow.
If you’re nearing retirement age, this book is a must-read. It equips you with the knowledge to make the best decisions about when and how to claim your Social Security benefits. Interested in learning more about how this applies to your situation? Perissos Private Wealth Management can provide personalized advice tailored to your financial goals.
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In conclusion, “Get What’s Yours” is an essential tool for anyone looking to maximize their Social Security benefits. The book’s practical advice and strategies are invaluable for making the most out of the benefits you’ve earned. Remember, it’s not just about what you’re owed—it’s about getting what’s yours.
All my best,
Brandon VanLandingham, CFA, CMT, CFP
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