Covisum Blog

How often do clients ask if Social Security will be there when they retire? How many have no idea that they should be worried at all? Too many retirees are either misinformed or under-informed about Social Security, how it’s funded, and what the Social Security Administration (SSA) is saying about the health of the program’s future. There’s no shortage of information — and misinformation — about the future of Social Security, so it’s crucial for financial advisors to be a trusted resource for retirees. This article talks about the possibility of depleted funds, what may occur to save the program, and how you can best help your clients with Social Security retirement planning.

Financial advisors want to make the right suggestions surrounding taxable Social Security benefits for their retired clients. In many cases, properly planning retirement account withdrawals alongside Social Security benefits can lower the total tax burden. However, with the rules and information surrounding the timing of Social Security benefits and taxes, painting a clear picture of what to expect can be challenging. Creating well-planned tax planning strategies can help clients maximize their retirement timeline and avoid paying unexpected taxes on Social Security when it’s time to start taking required minimum distributions (RMDs). Let’s look at how to help clients with taxable Social Security.

Social Security retirement income planning is vital for retired clients or clients nearing retirement, serving as a supplemental source of income that can provide numerous benefits. Whether your clients file as individuals or jointly, claiming Social Security benefits can be a complicated process, possibly significantly impacting their retirement income plan. Here’s where you play an essential role: helping your clients understand different scenarios and claiming strategies they may not know about.