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.
Jim’s estate and tax planning strategies have been endorsed by The Wall Street Journal (36 times), Newsweek, Money magazine, Smart Money, Bottom Line, and Kiplinger’s. His articles have appeared in Bottom Line, Financial Planning, The Tax Adviser, Journal of Retirement Planning, and four peer-reviewed articles in Trusts & Estates. Jim is a regular columnist for Forbes.com.
Mr. Lange is the author of six best-selling books, including three editions of Retire Secure!, endorsed by Charles Schwab, Larry King, Ed Slott, Jane Bryant Quinn, Roger Ibbotson and 50 other experts; The Roth Revolution, endorsed by Ed Slott, Natalie Choate, Bob Keebler; The Ultimate Retirement and Estate Plan for Your Million-Dollar IRA, endorsed by Bill Flanagan, Paul Merriman, and Burton Malkiel; and The $214,000 Mistake, How to Double Your Social Security and Maximize Your IRAs endorsed by Larry Kotlikoff, Jonathan Clements, Paul Merriman, and Elaine Floyd.
Jim is the creator of Lange’s Cascading Beneficiary Plan and The Roth IRA Institute. His analysis of the advantages and tax savings for Roth IRA conversions has been peer-reviewed by the top tax journal of the American Institute of CPAs. In addition, Jim has interviewed 15 IRA experts on his radio show, all of whom believe that most taxpayers, at some point, will benefit from a Roth IRA conversion–and that was before today’s favorable new tax environment made Roth IRAs even more advantageous.