Blog | Social Security (3)

Social Security

FinPlan Friday: Tax Rates

on February 4, 2022 | By Lauren Laferla, Director of Communications

Tax Strategies for Retirement Income To help a client meet their goals , financial advisors need to know how taxes could impact the client's retirement income strategy. Marginal tax rates, effective tax rates, and effective marginal tax rates all play a role in determining how much of your client's retirement income will stay in their pocket and how much will need to be paid in taxes. Learn more about different tax rates in this month's FinPlan Friday conversation with Joe.

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Social Security

FinPlan Friday: Which Account, When?

on January 7, 2022 | By Lauren Laferla, Director of Communications

Retirement Income Planning for Multiple Income Streams Many retirees want a simple retirement plan, however, they have multiple avenues for funding their retirement: Social Security, 401(k)s, annuities, life insurance, and more. However, understanding the different types of retirement income and how they interact can be confusing for the average consumer. Learn how to help clients determine which account to use and when in this month's FinPlan Friday conversation with Joe.

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Marketing

Help Clients Calculate Provisional Income and See How Social Security May Be Taxed

on December 13, 2021 | By Katie Godbout, Vice President of Sales & Marketing

There are many different aspects of creating an effective retirement strategy for clients. While this process may take time and effort, it can help improve your clients’ overall retirement income strategy, from lowering the total amount of taxes owed to determining when to start taking Social Security benefits. Helping clients calculate their provisional incomes can help them understand how their Social Security benefits will be taxed.

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Social Security

FinPlan Friday: Preparing for Potential Social Security Changes in 2022

on December 3, 2021 | By Lauren Laferla, Director of Communications

Social Security in 2022 As we near the end of 2021, many financial advisors are preparing for the year ahead–including examining potential changes to Social Security and how those changes could have a significant impact on retired clients. In our FinPlan Friday post of the year, Joe talks about how financial advisors can prepare for changes to Social Security in 2022.

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Social Security

FinPlan Friday: Charitable Giving

on November 5, 2021 | By Lauren Laferla, Director of Communications

Two of the Best Tax Techniques for Donating to Charity We're entering into the season of giving. With the holidays around the corner, many people are thinking about charity. While most retirees still choose to donate by writing a check or filling the collection plate, there are certain tax advantages to giving to charity using different methods. In this month's FinPlan Friday conversation, Joe talks about how you can help retired clients be more tax-efficient with their charitable giving.

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Social Security

How Advisors Can Talk to Clients About the 2021 Social Security Trustees Report

on October 5, 2021 | By Joe Elsasser, CFP®, Founder and President of Covisum

2021 Social Security Trustees Report The most recent Social Security Trustees report was released on August 30, 2021–the latest report in history. The annual report explains the current financial status of the Social Security system and outlines potential future paths for the program. Often, it recommends changes and includes an estimate of how much change would be necessary to put the system on stable long-term footing. On the surface, the report didn’t seem as ominous as many predicted in would be. However, there are a few important things for advisors to note in the 2021 Social Security Trustees report.

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Social Security

FinPlan Friday: Social Security for Divorcees

on October 1, 2021 | By Lauren Laferla, Director of Communications

Social Security Strategies Divorced Individuals While the Bipartisan Budget Act of 2015 limited the Social Security claiming options available for divorced individuals, there are still a few opportunities if you know where to look. Financial advisors can add considerable value for their divorced clients by helping them find and take advantage of claiming strategies unique to their situation. In this month's FinPlan Friday conversation, Joe talks about Social Security claiming approaches for divorced people.

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Social Security

The 2021 Social Security Trustees Report: What Advisors Need to Know

on September 15, 2021 | By Lauren Laferla, Director of Communications

A Closer Look at the 2021 Social Security Trustees Report On August 30, 2021, the most recent Social Security Trustees Report was released, and we finally have a better idea of the pandemic's impact on the Social Security trust fund. As predicted, the substantial drop in employment, earnings, and interest rates in 2020 made the Social Security program’s funding issue worse. All scheduled benefits will be paid on a timely basis from the Old-Age and Survivors Insurance (OASI) trust fund until 2033–one year earlier than the date outlined in last year’s report. Once the reserves are depleted, income from taxes will allow the Social Security program to pay 76 percent of scheduled benefits.

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