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The $214,000 Mistake — How to Double Your Social Security and Maximize Your IRAs: Proven Strategies for Couples Age 62-70 helps married taxpayers get the most out of their Social Security benefits: more money for you and less for Uncle Sam. Ninety-seven percent (97%) of Social Security recipients don’t receive the benefits they are entitled to? Do you know why? Because, they don’t know how to optimize their benefits with clear examples and uncomplicated language, the book shows you how to implement proven strategies that will prevent married couples from losing hundreds of thousands of dollars. The $214,000 difference referred to in the book title is shown in Figure 3, on page 19. The math for doubling your Social Security can be found on page 20.
The book also covers how to combine optimal Roth IRA conversion strategies with the best Social Security strategies. The timing of Roth IRA conversions and Social Security distributions can easily make a difference of $1,000,000 or more. Under the newly passed Trump tax bill, the difference could be $1,500,000 or more. (See page 5).
Furthermore, getting Social Security right is a woman’s issue. Getting Social Security wrong not only hurts the primary wage earner of the couple, but could be devastating for the dependent spouse, usually the wife. For example, if the primary-wage-earning-husband collects too early, not only will his benefit be less than half of what it could be, his wife will get less than half if he dies first. And, since statistically women live on average seven years longer than men, a man making the wrong decision about his Social Security could unnecessarily doom his wife to a life of poverty after he dies.
Critical strategies covered in this book include:
- Why you should delay claiming your benefits—don’t forfeit $214,000 for all the wrong reasons.
- How to receive larger monthly checks with Cost of Living Adjustments (COLAs) and guaranteed annual 8% “raises.”
- How maximizing your benefit can provide your surviving spouse with a long-term security life-line.
- Optimal marital strategies including filing a restricted application.
- The financial synergy between Social Security and Roth IRA conversions—especially under the new laws.
All proceeds from this book go to charity: water, a non-profit organization working in partnership with local organizations to bring clean and safe drinking water to people around the world.
The $214k Mistake: Introduction
The $214k Mistake: Chapter 1 – Why Coordinating Your Social Security and Roth IRA Conversion Strategies Is Critically Important
The $214k Mistake: Chapter 2 – The Reasons You Should Delay Taking Social Security Benefits
The $214k Mistake: Chapter 3 – Social Security Options for Married Couples
The $214k Mistake: Chapter 4 – Survivor Benefits – The Key to Financial Security for the Surviving Spouse
The $214k Mistake: Chapter 5 – Claim Now, Claim More Later – One of the Last of the Loopholes
The $214k Mistake: Chapter 6 – The Synergy of Roth Conversions and the Timing of Social Security Benefits
The $214k Mistake: Chapter 7 – What If I Have Already Made a Bad Decision?
The $214k Mistake: Chapter 8 – Social Security for Divorcees and Singles
The $214k Mistake: Chapter 9 – Should the Question of Social Security’s Solvency Motivate Me to Take Benefits as Soon as I Can?
The $214k Mistake: Conclusion and Summary
The $214k Mistake: Appendix
The $214k Mistake: Assumptions
The $214k Mistake: Additional Resources