Social Security Planning Should Be an Essential Part of Your Practice

Social Security Planning is Not Dead!

It’s a common misconception that Social Security planning is dead. Social Security is a completely unique retirement income stream. For those transitioning into retirement, as long as this system exists, a key question will be: “When should I take my Social Security benefits?” This means that as a financial planner, answering this question should be a critical part of your retirement income practice. 

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Posted in Social Security, Social Security Timing, Social Security Administration, SSA, Social Security Benefits

Knowledge Base: Frequently Asked Questions About Social Security Timing

Q: What are differences between Windfall Elimination Provision (WEP) and Government Pension Offset (GPO)?

A: While both the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) are aimed at reducing Social Security benefits for people who receive a pension from work in which they did not pay into the Social Security system, they differ in who they affect and how they impact benefits. You can get more information about WEP and GPO here. 

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Posted in Social Security, Social Security Timing, Social Security Administration, Social Security Benefits, FAQ

Real Daily highlights a report that suggests retirees have been underpaid millions

A recent article in Real Daily highlighted a report from the Inspector General of the Social Security Administration (SSA) that suggests almost 10,000 retirees have been underpaid beneficiary benefits to the tune of $132 million.

There are a few reasons for the discrepancy; many retirees do not understand the benefits they are entitled to, many others have been given poor advice or have difficulty navigating the system. 

For instance, the Social Security Administration office does not

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Posted in Social Security Administration

Is My Pension Covered or Not Covered?

It’s not uncommon for a client come into your office and tell you that they have a pension from the military, or a government or teaching job. If you ask them if the pension is covered under Social Security or not you’ll likely get a blank stare. 

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Posted in Social Security, Social Security Timing, Social Security Administration, Social Security Benefits, Pension

UPDATED: Cost of Living Adjustment

Last Friday, Social Security announced the Cost of Living Adjustment (COLA) for benefits payable in 2018. Check out the fact sheet.

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Posted in COLA, Cost of Living Adjustment, Social Security Timing, Social Security Administration, SSA