This past November, the Bipartisan Budget Act of 2015 was signed into law and instituted sweeping changes to the Social Security system. In some cases, the application of the law will continue for almost eight more years, and in others, claimants may lose benefits if they do not take action by April 29, 2016. Through all of this, individuals continue to knock on the door of the Social Security Administration (SSA) in record numbers to file claims.
The makers of the patented Social Security Timing® software have developed software for advisors to quickly and easily illustrate that what taxpayers think about how they’re taxed is quite different from reality. Today’s federal tax system has evolved beyond the simple progressive, or “stair step,” system in taxpayers’ minds. The new Tax Clarity™ illustrates in an easy-to-understand Tax Map graphic that shows how each additional dollar of income is lost in reality. In some cases, this effective marginal rate can be 55.5%, meaning for each dollar of additional income, more than half will be lost in income taxes.
Social Security Timing is rolling out an improved micro-site with lead-generating and customizable features, but we must first disable all advisors’ micro-sites on Jan. 4. You will be able to immediately re-activate your micro-site that day. Look for an email in the coming weeks with an instructional video on how to re-establish your micro-site.
Last week, the makers of Social Security Timing® released another innovative software program for financial advisors to help their clients with their retirement planning decisions. Tax Clarity® is the first program that unveils the hidden marginal income tax rates that can cause significant financial damage to a retiree’s cash flow.
Social Security Timing® recently rolled out an improved micro-site with lead-generating and customizable features, but we had to first disable all advisors’ micro-sites on Monday, Jan. 4. As we communicated in a special email and in last month’s newsletter, you were able to immediately re-activate your micro-site that day. If you haven’t yet done this important step, watch this three-minute video to learn what you need to do to re-establish your micro-site and where you’ll need to update your contact information.
After passage of the Bipartisan Budget Act of 2015 many advisors have asked us how do the changes in the new law affect the future of advisors who offer advice on Social Security claiming strategies. We’ve been asked repeatedly if these changes represent “the end of Social Security claiming advice?” Our answer is a resounding “no!” In fact, we look at these changes as a marketing opportunity for advisors, especially for those of you who have decided to make Social Security timing decisions a centerpiece of your financial practice.
As the media scrambled to understand the complicated rule changes to Social Security, The Wall Street Journals’ Anne Tergesen reached out to Social Security Timing’s founder, Joe Elsasser, to explain the impact on married couples. Read more.
Social Security Timing® updated its software as the budget deal was being finalized, so that you were able to give up-to-date information to clients as soon as the law went into effect Nov. 2. We continue to modify the software to make it the best in the industry. Many of these recent updates are the direct result of subscriber suggestions. Review those initial updates here, and be sure to read below, for additional updates made since then.