Did the Tax Cuts and Jobs Act Eliminate the Social Security Tax Torpedo?
Joe Elsasser, CFP®, President of Covisum
December 22, 2017
The Tax Cuts and Jobs Act represents a relatively significant tax cut for most middle-income retirees, but the bill did nothing to change the interactions between different income sources in retirement, which means that retirees will need to pay close attention to which accounts they withdraw from at which points in time.
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Joe developed Social Security Timing® in 2010 because, as a practicing financial advisor, he couldn’t find a Social Security tool that would help his clients make the best decision about when to elect their benefits. Inspired by the success of Social Security Timing, Joe founded Covisum®, a financial tech company focused on creating a shared vision throughout the financial planning process.
In 2016, Covisum introduced Tax Clarity®, which helps financial advisors show their clients the hidden effective marginal income tax rates that can significantly impact cash flow in retirement. In early 2017, Covisum acquired SmartRisk™, software that allows advisors to model “what-if” scenarios with account positions and align a client’s risk tolerance with their portfolio risk.
Covisum powers some of the nation’s largest financial planning institutions and serves more than 20,000 financial advisors.
Based in Omaha, Nebraska, Joe co-authored “Social Security Essentials: Smart Ways to Help Boost Your Retirement Income,” is a regular speaker at industry events and is frequently interviewed by trade and national media.