It's been predicted that Social Security will run out of funds even faster than originally predicted due to the pandemic. This recent InvestmentNews article outlined how financial advisors can calm their clients' fears and prepare for potentially stormy days ahead. Covisum Founder and President Joe Elsasser, CFP® was interviewed for this article.
“As financial planners, all we can do is operate under current law and stress-test those assumptions against possible economic futures. We create a plan based on today, but if that changes tomorrow, we analyze whether that plan still works."
Calculating the optimum Social Security claiming strategy under current law, stress-testing it in the context of a client’s overall financial plan and analyzing the situation each year as a potential Social Security funding crisis gets closer can be a good approach for financial advisors.