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Social Security Fallacies That Can Cost You Big


Sacramento, CA - Social Security benefits can represent a large sum of money for a couple. While it may appear to be an obvious decision, folks should consider all Social Security choices carefully to stay away from making a big mistake. Local CPA and tax expert, Jim Ornelas explains.

“When electing how to take Social Security, at least four main methods are used,” Ornelas said. “If you’re married the number of options gets even more complex, allowing you and your spouse to mix and match in more than 16 ways. Different methods result in a different cash flow. So you can determine which method will benefit you the most by using the cash flows and the time value of money.”

Make an effort to get informed about all the options before you file. Start with knowing your personal Social Security earnings and the projected benefits for you and your spouse. Estimates can be requested here The results are printable, which is helpful. Folks can also call the Social Security Administration at 800-772-1213.

“It’s critical… plan ahead for Social Security. Don’t just wing it,” Ornelas said. “This is true for everyone, and even more so for people with significant assets. Carefully review both your lifetime benefits and the tax consequences of Social Security, as it relates to your portfolio strategy. Proper planning can significantly impact your retirement lifestyle.”
Jim J. Ornelas, CPA offers tax services to individuals and small businesses. He enjoys helping individuals and families save money on taxes. Give him a call (916) 481-1025, email or visit his website at


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