Blog | Social Security (5)

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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Social Security

3 Common Questions Financial Advisors Get Asked About Social Security Planning

on December 10, 2020 | By Katie Godbout, Vice President of Sales & Marketing

Social Security planning is important for any wealth management client in or near retirement. But for married couples, the decision-making process around such plans can be complicated by a number of factors.

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Social Security

Preparing for Social Security Benefit Cuts

on December 9, 2020 | By Joe Elsasser, CFP®, Founder and President of Covisum

Back in March, the pandemic caused massive fluctuations in the stock market and created one of the fastest unemployment spikes in history. Against that grim backdrop, many people decided to claim their Social Security benefits early. Now, some think tanks are estimating that the influx of new Social Security claimants, in addition to the reduced income from fewer people working, will cause the Social Security system to run out of funds even faster than projected – rather than 2035 as the last Social Security Trustees report indicated, it could be as early as 2029.

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Social Security

Keep These 3 Considerations in Mind When Calculating Social Security Income for Your Clients

on August 25, 2020 | By Katie Godbout, Vice President of Sales & Marketing

Social Security calculations involve a number of variables that are affected by your clients’ financial health, their retirement age, and other income sources they plan to have during retirement. As financial circumstances change over time, Social Security income projections need to be amended to account for their expected future earnings. Given the different variables at play, advisors should take a proactive role in educating clients on how financial planning decisions affect not only the amount of Social Security income they receive, but also the timeline for claiming those benefits—as well as the tax costs associated with various decisions.

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Marketing

The Financial Advisor’s Guide to Hosting Social Security Webinars

on July 13, 2020 | By Lauren Laferla, Director of Communications

Your clients may be tempted to claim Social Security early given the current economic situation, but for many, claiming early will leave a lasting negative impact. We’ve updated our “Social Security and Retirement Income” presentation to help you reach those individuals through educational webinars. A webinar can help you show clients and prospects how the right Social Security claiming strategy can substantially increase their retirement value. Social Security webinars also provide great opportunities to showcase your expertise. Follow this step-by-step guide and you’ll discover how easy it is to find new prospects and wow clients through Social Security webinars.

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Social Security

FinPlan Friday: SECURE Act

on January 3, 2020 | By Lauren Laferla, Director of Communications

The SECURE Act The recently passed SECURE Act includes some significant changes to retirement income planning and presents a significant opportunity for advisors. Learn more about the SECURE Act this week in our FinPlan Friday discussion with Joe.

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Social Security

FinPlan Friday: The Widow(er) Limit

on December 6, 2019 | By Lauren Laferla, Director of Communications

The Widow(er) Limit for Social Security Benefits The widow calculation says that the surviving spouse receives the higher of his or her own Social Security benefit, or the benefit of the deceased (which may have been reduced or increased depending on if, and when, the deceased filed for Social Security benefits). But there are several layers of complexity to the widow(er) benefit that make it difficult to determine whether to claim widow(er) benefits early, when to wait, and when to switch to the survivor’s own benefit. Learn more about the complexity of the widow(er) benefit this week in our FinPlan Friday discussion with Joe.

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Risk

Show Clients What Their Retirement Investment Strategy Could Look Like

on October 8, 2019 | By Lauren Laferla, Director of Communications

A Complete and Comprehensive Retirement Investment Strategy Successful advisors are using Income InSight® to answer specific client questions and seamlessly transition to a broader financial planning discussion. The retirement planning platform can help you identify and project how expenses, income streams, accounts, investments, and insurance can be used throughout the client’s lifetime to show them the after-tax retirement lifestyle they desire. Read on to see how you can differentiate yourself in the marketplace and add measurable value to the retirement investment strategies you produce.

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Risk

Build a Comprehensive Retirement Investment Strategy

on September 10, 2019 | By Lauren Laferla, Director of Communications

Tech Processes in Practice Thousands of advisors across the U.S. use one of Covisum's tools separately to offer actionable insights into individual elements of the financial strategies they produce. Each week, more and more advisors are stacking Covisum's individual tools to build better and more comprehensive retirement strategies that include: income withdrawal strategies, Social Security, tax efficiency, portfolio comparison and more. Read on to see how you can provide the big-picture perspective that differentiates you from other advisors.

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