Social Security is an important element in many retirement strategies. When planning when to claim Social Security retirement benefits, it's critical to consider of wide variety of factors. Claiming at the wrong time can cost retirees thousands of dollars. A recent CNBC article highlighted some of the most important things to consider when determining the timing of a Security Security claiming decision, including the potential for benefit cuts. 

Covisum Founder and President Joe Elsasser, CFP®, was interviewed for the article.

"When making your retirement plans, it would be wise to count on income from Social Security, even if it could be reduced. That goes for millennials, too. Not including Social Security income in your retirement plan is a horrible idea. That’s like building a plan around the stock market going to zero. Because tomorrow is a long way away when it comes to Social Security, I think it’s absolutely fair to plan for benefit cuts.”

Read the CNBC article in its entirety.