Social Security Timing Legacy Quick Start
Hi, my name is Cameron from Covisum and today we will be going over how to quickly get started within Social Security Timing.
- Select add in a new client. When adding in a new client you will first select the type of client you have (Single, Married, Divorced, Widowed). Click on Save and Next.
- Next page will be more basic client information that is needed which entails entering in a First Name, Last Name, Male or Female, Client’s date of birth, Life Expectancy, select if the client has elected, select if the client has a pension from work not covered under Social Security, and select how to estimate benefits for the client. Click on Save and Next.
- The earnings page will require you to enter in the Statement Date, how much the client will receive at Full Retirement Age, the age the client will stop working, and the anticipated annual income of the client after 62. Click on Save and Next.
- *If there is a spouse, enter in spousal information and their earnings*
- *If there are dependent children, enter in their information*
- The assumptions page will ask for the Assumed Annual Inflation Rate and Assumed Real Rate of Return (which both can be auto-generated by clicking the button “What’s the Long Term Median” and “What does treasury.gov say”, respectively) as well as the desired monthly pre-tax household income both upon retirement and after the first death. You can also select to generate age combinations in the past. Click on Save and Finish.
- Once all data has been entered correctly, the software will automatically create two social security strategies. One will be the suggested strategy and the other will be the earliest strategy. On the left-hand side, you can see how they compare in their total benefit amount and click into them to view more details.
- The right-hand side will show the break-even chart, which includes both strategies and their life expectancies. Depending on their life expectancy, the chart will show which is the best strategy for the client(s).
- Personalize strategy will give you the ability to create alternate strategies. Cash flows will give you further details on if their desired income is being met and what their cash flows will look like.
- Contact our support team at 877-844-7213 if you run into any issues or have questions.