70% of Retirees Get Social Security Wrong (The $120,000 Mistake) | Matthew Allen
70% of Americans take a "dartboard approach" to claiming Social Security—and for a typical married couple, that mistake can cost around $120,000 in lifetime income.
Description:
70% of Americans take a "dartboard approach" to claiming Social Security—and for a typical married couple, that mistake can cost around $120,000 in lifetime income.
Before you file between ages 62 and 70, do you know how much your Social Security claiming decision is actually worth? This week on Safe Money Radio, Brett Blake talks with Matthew Allen, co-founder of Social Security Advisors, about why this choice deserves a real real strategy instead of a guess.
Allen explains how the choices between ages 62 and 70 multiply for married couples, why the higher earner’s timing directly shapes what a surviving spouse receives, and what divorced spouses may be able to claim on an ex-spouse’s record. He also shares a remarkable case where fixing a stalled benefit led to a lump sum of over $270,000, and explains why benefits never begin automatically unless you file. His message: plan before you file, so Social Security fits seamlessly with the rest of your retirement income.
In this episode, you will learn:
The $120,000 Blind Spot: Why 70% of retirees guess on Social Security, and what it costs them
The Couples Multiplier: How married couples can coordinate their claiming decisions between ages 62 and 70
Survivor Protection: How the higher earner’s filing age protects a surviving spouse for life
Divorced Spouse Rules: What divorced spouses may qualify to claim on an ex-spouse's record
The $270,000 Case Study: Why you must file on your own for benefits to begin, and how to avoid leaving money behind
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Take the next step? Run your own numbers with the free WIYN calculator at brettblake.annuity.com, which takes about three minutes. Ready to talk it through? Book a Retirement Clarity Session with Brett at SafeMoneyRadio.com. No obligation, no pressure. Brett is a licensed insurance agent and may recommend an annuity if it fits.
WORRY LESS. LIVE LONGER.
About the host
Brett A. Blake hosts Safe Money Radio and is the CEO of Annuity.com. He is 58, a Harvard MBA who will tell you the degree taught him almost nothing about retirement income. Before Annuity.com, he built a nearly $1B business, starting near $50M. He lives in Gilbert, Arizona with his wife Erin. Brett is a licensed insurance agent, not a CPA or tax attorney.
About the guest
Matthew Allen is Co-Founder and CEO of Social Security Advisors, which he co-founded in 2008. The firm handles Social Security planning, filing, and troubleshooting and is staffed by former Social Security Administration employees, per the show’s introduction. He has been quoted in The Wall Street Journal, Forbes, Time, and USA Today. He appears as a guest and is not providing CPA or tax attorney services through this show.Follow or Subscribe to Safe Money Radio Podcast on your favorite platforms
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Follow Brett A. Blake
LinkedIn: @brettblake | Retirement tools: brettblake.annuity.com | Email: brett.blake@annuity.com
Follow Matthew Allen (Co-Founder & CEO, Social Security Advisors)
LinkedIn: @meetmatthewallen | Website: socialsecurityadvisors.com
DISCLAIMER: Safe Money Radio is for educational purposes only and does not constitute investment, tax, or legal advice. Products discussed may not be appropriate for everyone. Always consult a licensed professional before making financial decisions. Product availability is subject to state availability and individual suitability. Our agents are licensed to sell insurance products, including annuity products that guarantee retirement income based on the financial strength of the insurance company providing the product. Annuities may not be suitable for everyone. Any guarantees discussed are backed by the claims-paying ability of the issuing insurance company. Guarantees are not government-backed or provided by Annuity.com, Inc. By submitting your information through any Safe Money Radio call to action, you consent to be contacted by a licensed insurance agent about products and services that may include annuities. Annuity.com, Inc. and Brett A. Blake are compensated through commissions and other consideration paid by insurance carriers on policies sold. Neither is a fee-only advisor. Brett is a licensed insurance agent, not a CPA or tax attorney. Annuity.com, Inc. is a licensed insurance agency. National Producer Number (NPN): 21086345. Licensed in all states where required by law. Doing business in Florida and California as "Annuity.com Insurance Marketing," CA License No. 6013124. In New York, licensed as Annuity.com Insurance Solutions, License No. LA-1860109.
GUEST DISCLOSURE:
Matthew Allen is a podcast guest appearing in his individual professional capacity. Views expressed on this episode are his own and do not necessarily reflect those of Safe Money Radio, Brett A. Blake, or Annuity.com, Inc. Statistics, case examples, and legal or tax statements made by guests are the guest’s own and have not been independently verified by Safe Money Radio.
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