'The Complete Retiree's Guide to Social Security' Helps Retiring Seniors
GLENDORA, Calif., Feb. 25, 2014 /PRNewswire/ CERTIFIED FINANCIAL PLANNER Brian Vosberg has just launched a new book designed to give retirees and near-retirees the necessary information to get the most out of social security benefits. As founder and president of Vosberg & Associates (www.VosbergAssociates.com), he calls upon years of hands-on, professional experience to help people avoid outliving their money. "The Complete Retiree's Guide to Social Security" is available now on Amazon.
"Timing is everything when it comes to social security benefits," explains Vosberg. "Waiting until full retirement age (FRA) to collect will provide you with 100% of your benefits; waiting longer will give you even more. Keep in mind, though, that this decision is final."
Retirees are often unaware of the many options they have when it comes time to collect their benefits. They may believe that filing on themselves and filing on their spouse are their only choices, when in fact most people have 12 or more options. Vosberg's book discusses the pros and cons of each of these filing methods, identifying the scenarios where one method is clearly preferable to another.
"Benjamin Franklin said that death and taxes were the only certainties in life, but retirees have the right to minimize their tax burden. Unfortunately, many older Americans don't take this into account, assuming that social security income is forever and always tax exempt. That may be the case at first, but certain situations can lead to the IRS eyeing as much as 85% of Social Security as taxable income," explained Vosberg.
"Penalties can also apply when an individual works while drawing Social Security. Retirees must carefully weigh the risks and benefits of various income choices; that's one of our specialties at Vosberg & Associates, and it's what I hope readers can glean from 'The Complete Retiree's Guide to Social Security.'"