Social Security Mistakes High-Income Retirees Make (And How to Avoid Them)
Confused by Social Security?
High-income retirees often assume: “Social Security won’t matter much to me.” But your filing decision affects your taxes, your spouse’s income, and your portfolio longevity.
1. Filing Early Because “I Don’t Need It”
Filing early increases taxes, RMD pressure, and IRMAA risk. Even wealthy households benefit from delayed filing.
2. Ignoring the Survivor Benefit
Your spouse inherits your benefit. Even wealthy households need survivor income protection.
High-income earner?
Your strategy is more complex—and more impactful—than you think.
3. Underestimating Tax Interactions
Higher income = higher risk of tax torpedo and IRMAA surcharges. Filing strategy and tax strategy must work together.
About Author
Ray R. Harris
Ray R. Harris, RSSA®, partners with tax and legal professionals to provide specialized Social Security claiming analysis for high-net-worth clients aged 58–70. A former executive with an MBA and background in Finance, Ray mitigates liability for his partners by ensuring their clients optimize spousal benefits, tax efficiency, and lifetime income.
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