Massachusetts financial advisor shares critical warning about Social Security

Sponsored by and provided by SHP Financial

Boston-area financial advisor Derek Gregoire has shared a critical warning to residents planning to file for Social Security in the next five years.

"Social Security is a critical part of your retirement picture," explains Gregoire. "But you should know: many Americans end up regretting their filing decision. There are important things you want to know before you file for Social Security."

Forbes highlights a staggering statistic: 96% of Americans lose an average of $111,000 in Social Security income due to filing mistakes.

"You have one shot to file for Social Security. You want to get it right."

— Derek Gregoire, SHP Financial

This loss, according to Gregoire, stems from the complexity of the system.

The Social Security handbook alone contains 2,728 rules, with thousands of more rules governing these regulations. Gregoire notes, "The complexity of Social Security often leads people to oversimplify their approach, missing out on crucial benefits."

"You have one shot to file for Social Security. You want to get it right. You can't change your filing later," adds Gregoire. "It's important to consider all the benefits and consequences that come from your filing decision. And there's no shame in getting help from a qualified expert."

Derek Gregoire is a co-founder of SHP Financial.  SHP Financial has helped countless families make smart decisions about when and how to file for Social Security and live their best retirement.

"Retirees will collectively lose an average of $111,000 per household because they claimed Social Security at a financially sub-optimal time."

— Forbes

Gregoire stresses that the difference between the best- and worst-case scenarios in claiming Social Security could mean you gain or lose hundreds of thousands of dollars in lifetime income.

"If you made an average income during your career, your Social Security benefits could add up to the high six-figures," explains Gregoire. "For those who earned above-average incomes, the total could surpass a million dollars. Yet, it's alarming how many people forfeit substantial amounts due to mistakes or incomplete calculations when they file."

One common misconception is that delaying benefits will always result in a larger overall payout. While benefits grow 8% annually when delayed, this isn't the optimal strategy for everyone.

Gregoire emphasizes, "What most people don't realize is that filing for Social Security also impacts the taxes on your benefits, IRA and 401K withdrawals, and other investment income. It could even double your Medicare premiums. So, there are many cases where filing for your benefits early could yield the most income."

Gregoire also draws attention to the current state of the Social Security Trust Fund. The fund faces challenges, made worse by the pandemic and recent high cost-of-living increases. The Congressional Budget Office estimates that without intervention, the fund could be depleted as soon as 2032, potentially leading to reduced benefits. While we don't know what will happen, it's important to account for this in your retirement planning.

"What works for one person might not be the best for another."

— Derek Gregoire, SHP Financial

Given these challenges, Gregoire recommends a personalized approach. "You can't rely on generic strategies," says Gregoire. "Every individual's situation is unique, and therefore requires a tailored analysis to maximize benefits."

To aid in this complex process, Gregoire and his team at SHP Financial offer a comprehensive Social Security Analysis, free of charge.

Other advisors charge hundreds of dollars for similar services. But SHP Financial offers this for free. Because they want to help retirees navigate the complexity and find strategies that will help them maximize their income and live their best retirement.

This offering could be especially beneficial for families who have saved at least $500,000 up to several million for retirement. Minimums do apply.

To schedule your free analysis that could unlock the full potential of your Social Security benefits, call (508) 210-2060 or click HERE.

 Derek Gregoire is a financial advisor and co-founder of SHP Financial in greater Boston, who has been featured in Forbes and the Wall Street Journal.