Seniors Fail to Collect $25 Billion in Social Security Benefits

Saturday, 19 Apr 2014 10:07 PM

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After decades of handing their hard-earned cash over to the Social Security system, millions of baby boomers are unknowingly leaving money on the table.

A lot of money!

In fact, a recent study states that seniors are failing to claim $25 billion in Social Security benefits every year. When averaged out, the typical couple mistakenly leaves $120,000 on the table.

It all comes down to the fact that many baby boomers are filing for benefits the wrong way and at the wrong time (shockingly, later is not always better!).

Matthew Allen, co-founder and CEO of Social Security Advisors, a firm that provided personalized Social Security recommendations, says part of the problem is that the Social Security Administration is actually prohibited from providing personal advice to seniors. Hence, seniors are forced to guess what is in their best interest, and often guess wrong.

When to claim and how to claim can depend on your marital status, life expectancy, financial circumstances, work status and lifestyle objectives . . . and how each of these factors interact with each other.

Unique strategies to maximizing Social Security benefits include. . .
  • The “File and Suspend Technique” that can add up to $60,000 in benefits for qualifying couples (This technique works no matter your income level!)

  • Leveraging the “Restricted Application.” This technique can allow your payouts to increase by $384 a month. Shockingly, 75% of baby boomers qualify for this benefit, but few have ever heard of it.
Warning: This strategy will not be around forever. Tom Margenau, a retired deputy press officer for the Social Security Administration, explains that the ‘restricted application’ is a “loophole that I’m sure Congress is going to change somewhere down the road.”
  • Using a “Protective filing Statement” which will allow you to reserve your place in line to collect Social Security benefits without actually filing for Social Security benefits. You can keep filing these statements every six months, there is no limit.

With nearly 10,000 baby boomers turning 65 every day over the next 20 years, it’s critical that each person knows which strategy is best for them.

Concerned that I might be missing out on money owed to me, I decided to look into it myself.

Using just a few strategies, I found out how to add $130,642 to my Social Security benefits. Here is the basic process . . .
  • I should file for my benefits two months after my 66th birthday
  • And then I should IMMEDIATELY suspend my benefits
  • At that same time, my wife should file a “Restricted Application” for spousal benefits ONLY
  • Three years later, I should activate my benefits.
There were a few more simple steps . . . steps I would have never thought of doing . . . but in total, my benefits increased $130,642 compared to my original plan.

I was so inspired by my own findings, we put together a report titled Strategies to Maximize Your Social Security Benefits along with seven other additional reports designed for seniors.

Don’t wait to look into this!

Even if you have already filed for Social Security benefits, there are still some steps you could take that will increase your payments.

Editor's Note: Click here to claim your copy of Strategies to Maximize Your Social Security Benefits and 7 other reports for seniors.

© 2014 Moneynews. All rights reserved.

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