Americans nearing retirement have a lot of questions and anxiety about the Social Security program.  According to a recent government report, the cost of the system will exceed its revenue next year for the first time since 1982. Additionally, if Congress doesn’t make a change to the current legislation, the reserve fund will be exhausted in 16 years, at which point recipients will see reduced benefits.

Since the role of a financial advisor is to help clients make smart financial decisions and add value, it makes sense that many have added Social Security planning to their practice. Recently CNBC highlighted this trend. 

One of the most difficult aspects of offering assistance with Social Security, is convincing clients to wait to claim their monthly payments. Social Security Timing® user, Dana Anspach, CFP®, was quoted in the article.  She gave the example of a client who would receive significantly larger monthly checks if he waited and claimed at age 70. She had to show him the difference that delaying payments would make over and over again.

“I did convince him to wait, and he thanked me later, but at the time he said, ‘Everyone tells me I’m a fool. Why don’t you start?’” 

Social Security is a very complex program. The decisions are a lot more complicated than whether to file earlier or later, and a good software option can help you show your clients the right claiming option for their unique situation.

Covisum Founder and President Joe Elsasser, CFP®, offered this insight:

“Most people think it’s claim early or claim later, or an individual decision instead of one coordinated across the household. The reality is more complicated. A married couple, for example, could have more than 80 ways to claim their check."

Social Security Timing® was created so advisors would have the tools to help retirees make better decisions about when to claim Social Security. In fact, fewer than 10 percent of people delay claiming beyond full retirement age, and most claim early—either at 62 or when the earnings test is no longer relevant. With Social Security Timing, you can help optimize their strategy and increase their retirement value by up to $100,000. 


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