You Can Avoid Costly Benefit Claiming Errors!

What is a benefit claiming error? Any claim that was not fully informed: you did not or were unable to quantify the effect of your choice so you could compare it to other choices. This isn’t to say that the benefit claim was the wrong one. Rather, if it was the best choice for you, then you were just lucky. Like playing a number on a roulette wheel: sometimes you pick the right one and win!

However, the vast majority of times you lose…  

Unlike roulette, with Social Security you can stack the odds way in your favor by considering the impact on cumulative lifetime earnings over time. Then look at the difference compared to other claiming strategies over time.

By the way, the best strategy isn’t necessarily the one that is likely to get you the most bucks over time. No, the best one is the one that serves your wants and needs optimally over the remainder of your life, however long that may be. In making that determination, though, you want to be able to quantify the trade-offs. For instance, one strategy might be expected to yield a slightly lower lifetime of benefits, but it might also permit you to make a lifestyle choice sooner by showing a proven income, perhaps for a loan or for a residency permit in another country.

Don’t leave your benefit decision to chance. Invest in the learning that will empower you to figure out the strategy that is best for you. In the “Bookshelf” tab you can learn of resources that you can look into—including my own book available in the 2021 edition—to provide a solid basis for that education.

I also provide in-depth explanations under the “FAQ” tab to address questions that have frequently been sent my way over the years.

Whatever route you choose to follow, please be sure to find a way to become well-informed on this important financial subject before you claim! A properly thought-out Social Security claiming strategy will likely lead to tens if not hundreds of thousands of dollars in greater cumulative lifetime benefits and a much higher level of overall financial security.