Social Security Income Planning: The Baby Boomer's 2022 Guide to Maximize Your Retirement Benefits

by Mark J. Orr

UPDATED for 2014 This is perhaps the most encompassing, yet easy-to-understand book on the vital and timely topic of Social Security retirement income planning. It is written by an experienced Certified Financial Planner for soon-to-be retirees who want to learn all about the different claiming strategies for couples and for single persons (whether never married, divorced or widowed). Most people have no idea of what some their real benefit options are -- and unfortunately can be prone to miss out on $10,000's. Before describing what readers will find in the book, let me point out that there is purposely nothing written about Social Security DISABILITY income payments or Supplemental Security Income (SSI). The book's sole purpose is to provide people who are about to retire, with all of the information that they need to make the best Social Security benefit decisions based on their own financial circumstances and retirement goals. In this respect it is an essential planning guide and road map. A quick scan of the table of contents gives a glimpse of the scope and amount of powerful information provided. However, what the table of contents does not show is how 95% of Social Security recipients (both couples and many singles) will leave up to $50,000 of benefits sitting on the table that cannot be retrieved. This is money that they are fully entitled to, but these folks did not follow the little-known claiming strategies described in this book. It's your money, you paid into the system your whole life - so don't miss out on getting every dollar that you can. There are many useful examples given to show baby boomers the full range of their filing options and how to maximize their lifetime benefits. Written in plain English, these examples are meant to encourage you to carefully consider how you can get the most total benefits available under the law. Perhaps one of the most unique portions of the book is where the author combines his expertise of Social Security with his knowledge of income taxes to show readers how it is very possible to cut ones taxable income and their subsequent retirement income tax bill by 50%. The story comparing the Early's, the Waite's and the Best's is worth ten times the price of the book, as it explains how a savvy reader can save $1,000's of income tax dollars each year during their retirement. The chapter about the 3 buckets of investment risk and the 3 taxation buckets is the perfect complement to learning about filing strategies since Social Security was never meant to provide for all one's retirement income. Not only is this discussion vital for soon-to-be retirees, it should be required reading for every American adult before they EVER invest a single dime anywhere. Don't let the low cost of the book fool you. While reading the book, it becomes very apparent that Mr. Orr actually works in the retirement income planning field on a daily basis with the non-stop tips, warnings, things to consider and much more. Everything is discussed in "real world" terms, not useless academic theory. "Social Security Income Planning" is well organized, concise and written in a conversational style, yet it's jam-packed with all the information you need to maximize your Social Security benefits. The advanced concepts and planning strategies are made so simple, that you will be able to explain them to your co-workers... or even to your financial advisor (who very likely has just a vague understanding of the strategies you are talking about)! Finally, the book rightfully stresses how your decision to file for your Social Security benefits should not be made on a "standalone basis." That your claiming decisions should be made in conjunction with your overall retirement income goals, your assets and other income resources, your level of adverseness to risk, your (and your spouse's) likely longevity, etc. Buy this book today and become an educated consumer of your Social Security benefits

127 pages, Paperback

First published October 2, 2013

Reviews

[Richard Jones · Rating 4 out of 5]

solid advise throughout the short read

Who ever knew that you had some many, potentially life impacting choices around social security. One of the legs to a retirement income stool that we all buy during our working years, Mark steps in to assist with maximizing the multitude of features that you must be aware of prior to selecting the timing and payment options to what might be a million or more dollars during your lifetime. In your late 50s or early 60s, spend some time with Mark, he might just help you to thousands of additional benefits

[Rocky Henriques · Rating 5 out of 5]

Very informative...

...and down-to-earth advice for people like me. There is some need for additional editing, and there were times when it appears a return has been inserted, so the reader is not always certain if a sentence is continuing or just cut off. Sometimes it seems words were left out of sentences. But work through those and you will find much solid advice here. The charts and planning strategies are helpful and worth your time to carefully read and study.

[Jill · Rating 5 out of 5]

Social Security info worth it

Mark Orr touched on pensions and the damaging “take less so your spouse is covered if you die” provisions. His small hint there about life insurance products to cover that was worth the price of admission to the book. It made sense. Loved the examples here.

[Erin Shelley · Rating 4 out of 5]

I have several years before I'll retire, and this book has helped me think about the timing and tax implications of Social Security.

[raymond mckenney · Rating 4 out of 5]

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[Mary · Rating 4 out of 5]

Very informative

I felt it gave me a greater understanding of how social security all works. Good read if you want to learn about it.

[Chris · Rating 4 out of 5]

Scared the hell out of me. Not the book, but the complexity of retirement. The stability of the Social Security system, the crapshoot of the stock and bond market, long term care issues. I gave this 4 instead of 5 stars because Orr is only partially successful at making an exceptionally mathematically dry subject clear to this age addled mind of mine. One clear point for sure, accumulation in youth is far easier than distribution in age. And how not to outlive those distributions. That is the dice roll.

[Robert · Rating 5 out of 5]

A Must Read and Good Investment of Time and Money

You only retire once. Would you jump on a Harley Davidson without studying how to drive it, what the road and traffic conditions are going to be? I highly recommend reading this book and plan on what social security's roll will be in providing some level of financial support during the latter years of your life. No one wants to be a burden on their children. Read... Plan... Decide.