Income InSight and Social Security Timing Updated

The Social Security Board of Trustees recently released its annual report on the financial status of the Social Security Trust Funds. According to the projection, the fund is expected to run out by 2033, leaving only 77 percent of the scheduled benefits payable. The latest projection date is one year earlier than the previous year’s forecast. Financial advisors using Social Security Timing and Income InSight already have the updated stress tests reflected in their software. Log in now and try it.

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The updated depletion date reflects the trustees’ projections for the U.S. economy, which took into account recent output and inflation data. According to the report, the expected gross domestic product and labor productivity levels were revised by about 3% for the projected period, which worsened the outlook for Social Security’s combined funds.

Don’t let your clients claim benefits out of fear—Social Security Not at Risk of Bankruptcy

As a financial advisor focusing on retirement income planning, it’s essential to guide your clients in making informed decisions about their Social Security benefits. Even if the depletion date is approaching faster than anticipated, clients shouldn’t claim benefits out of fear. Instead, delaying benefits until full retirement age or even later is generally the better option. You can assist your clients in making the best decision by consulting with them and using Social Security Timing to show them how a benefit cut may affect their claiming decision. By taking this approach, you can help your clients optimize their Social Security benefits and secure their retirement income.

“Even if a benefit cut does happen, most people will still be better off if they delay, which increases the size of their monthly benefit checks throughout retirement,” Joe Elsasser, CFP® Covisum’s founder and a practicing financial advisor, said in an article in CNBC. “Couples especially may benefit from delaying one person’s benefit,” he said. As people plan for retirement, testing projected income against a full benefit cut is wise as you consider all the what-ifs, Joe said. 

After you’ve optimized your client’s Social Security benefit and tested it against a benefit cut, Income InSight quickly and easily shows the impact of different decisions within a client’s financial plan. Address your client’s top concerns, like inflation and running out of money, and draw them into a broader retirement income planning process. Use our comprehensive retirement income planning suite with software, expert support, and marketing materials to showcase the value of your services in a way that clients can easily understand.

At Covisum, we remain committed to providing advisors with the latest tools and updates to make informed retirement income decisions for your clients. As an advisor, you know you need technology to keep an edge over the competition. Covisum’s laser focus on retirement income planning ensures you have the right tools to guide your clients through the vast array of retirement scenarios and help them get the most out of their retirement income strategy.

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