Covisum Blog

By David Cechanowicz, JD, MSFS, AIF, AEP, Senior Financial Planner, REDW Stanley One of the most significant financial decisions that an individual or couple makes in their financial lives relates to retirement income planning. It is always shocking to hear the number of people and families that put their retirement income at risk by claiming Social Security benefits without proper analysis and advice. As an advisor, it’s a tale we hear too often from clients – and frequently the implications are irrevocable. In worst-case scenarios, a bad claiming-decision can significantly disrupt a client’s retirement well-being. Frequently, going back to work is not an option and every dollar can make a big difference. Two additional factors that are not always given the proper amount of discussion and analysis by clients and their advisors are tax planning and investment risk – both of which, when extrapolated, can significantly impact the client’s lifestyle in their golden years.