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 interviewed for this article. He stressed the importance of understanding the reasoning behind the decision about when to claim Social Security, and suggested financial advisors can use calculators to help retirees navigate the system. He offered this advice,
"A consumer doesn’t know what they don’t know. They also can’t spot the situations where they might be forgetting an important input and as a result get an answer that is just wrong.”