Blog | Social Security (4)

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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Social Security

Talking To Your Clients About Social Security Retirement Planning

on May 25, 2021 | By Lauren Laferla, Director of Communications

Even if your clients are years away from claiming Social Security benefits, both clients and their advisors need to understand how Social Security fits into the larger retirement planning picture. Through these conversations about Social Security retirement planning, advisors can accomplish several objectives at once. These include everything from strengthening clients' wealth management strategies to making sure investors understand the implications of decisions they may make around Social Security benefits and other retirement planning strategies. As you approach these conversations, here are some specific goals to keep in mind.

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Social Security

New White Paper: Is Time Running Out on Social Security?

on May 13, 2021 | By Lauren Laferla, Director of Communications

For many retired Americans, Social Security is a crucial source of income. The extensive rules and regulations surrounding the program can make finding the right time to claim incredibly difficult. Our new white paper titled, Is Time Running Out on Social Security?, examines the complexity of the Social Security system and the program's future given the well-established funding problems. The paper outlines how advisors can add significant value by helping clients determine the optimal time to claim benefits for their unique situation.

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Social Security

Show the Impact of Social Security Benefit Cuts with Income InSight

on May 10, 2021 | By Lauren Laferla, Director of Communications

Prepare for Social Security Benefit Cuts With Stress Tests We've talked a lot about the solvency of the Social Security system over the past several months—with good reason. The pandemic creates uncertainty in many ways: record-high unemployment rates, market instability, and consumers nearing retirement who are nervous about the future of Social Security and what it will mean for their retirement plans. We've made it easier than ever for advisors to calm fears and plan ahead with the Social Security benefit cut stress test in Income InSight®.

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Social Security

FinPlan Friday: Social Security Trustees Report

on May 7, 2021 | By Lauren Laferla, Director of Communications

The Solvency of the Social Security System As the Social Security Board of Trustees takes a closer look at the effects of the pandemic on the solvency of the Social Security system, many advisors are in an excellent position to address client concerns about the future of Social Security. Get started with your clients now by outlining how you could manage the Social Security shortfall and stress testing retirement strategies against benefit cuts. Learn more about the Social Security trust fund in this month's FinPlan Friday conversation with Joe.

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Social Security

Social Security Timing Has Been Updated to Account for Social Security Benefit Cuts

on April 12, 2021 | By Lauren Laferla, Director of Communications

Account for Social Security Benefit Cuts With Social Security Timing Market volatility and high unemployment caused by the pandemic has left many people nervous about the future of the Social Security system. In fact, the influx of new Social Security claimants, in addition to the reduced income from fewer people working, has some experts estimating that the Social Security system will run out of funds as early as 2029—rather than 2035 as the last Social Security Trustees report indicated. To help you answer your clients’ biggest questions about benefit cuts, we’ve updated our Social Security Timing® software.

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Social Security

FinPlan Friday: Social Security in the Biden Administration

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

The Future of Social Security The start of 2021 will be marked by the transfer of power to a new president, and while President Biden likely has many items on his agenda that will be of interest to financial advisors, one of the biggest could be Social Security. Record-high unemployment in 2020 has led to many discussions about the uncertain future of Social Security, and it's likely that the Biden administration will start evaluating how to bolster the program fairly quickly. Learn more about how you can help your clients prepare for potential Social Security changes under a new administration in our FinPlan Friday conversation with Joe.

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