A recent article from CNBC says Social Security checks will likely increase next year. A 2.8 percent cost-of-living adjustment has been estimated by The Senior Citizens League. If the estimate is correct, the increase will be the highest bump retirees have seen in recent years.
According to CNBC, one key calculation to keep in mind, when deciding when to claim Social Security benefits, is the "breakeven point," or the point at which the amount you receive if you claim later equals the amount you would have received if you had started early. However, a few blind spots can create misleading results and lead you astray.
A recent article from CNBC offered an analysis of a handful of Social Security calculators currently available to assist advisors and consumers with the best claiming strategy. The details surrounding Social Security benefits are extensive, and calculators help streamline the process.
Covisum President, Joe Elsasser, CFP®, was recently quoted in a Social Security Q&A in USA Today.
Results from a recent Harris Poll from the Nationwide Retirement Institute® suggest many Americans nearing retirement age lack sufficient understanding of their Social Security benefits.
InvestmentNews summarized the survey results.
Some of the key findings:
Covisum President Joe Elsasser, CFP® was recently quoted in a CNBC article, "Bad Social Security advice cost recipients $131 million, report finds."
The article summarizes a report from the Social Security Administration's Office of the Inspector General, which estimated that 9,224 widow and widower beneficiaries, age 70 and up, were underpaid by over $131 million. The article goes on to explain how those who may have been affected can take steps to correct the issue. Joe offers this advice
Covisum President Joe Elsasser, CFP® recently contributed an article to WealthManagement.com explaining explaining the value of Social Security benefit planning. When lawmakers passed the Bipartisan Budget Act of 2015, predictions circulated that the practice of helping clients maximize their Social Security benefits would wither and possibly even die. But optimizing Social Security benefit withdraws is still a relevant way to add to the bottom line of your clients’ retirement strategy.
Covisum President Joe Elsasser, CFP® recently contributed an article to WealthManagement.com explaining how the Tax Cuts and Jobs Act represents a relatively significant tax cut for many retirees, but there are opportunities for advisors to help clients visualize the new tax landscape and make better decisions about which income streams to use at different points in retirement.
PlanStrongerTV™ hosted by David Holland, CPA, CFP® featured Joe Elsasser, CFP®, RHU®, REBC® and president of Covisum in an episode titled, "How to Make the Most of Your Social Security Benefits." Watch it now.