OMAHA, Neb. –Today, Covisum® announces updates to their Social Security benefit cut calculators.
Covisum launched a benefit cut calculator in Social Security Timing® and added a benefit cut stress test to Income InSight® in April. Following the release of the 2021 OASDI Trustees Report in August, Covisum released updates to the calculators to default to the estimations outlined in the report.
“Ultimately, some combination of changes to the Social Security program will be necessary, and we should expect that as the trust fund exhaustion date approaches, calls for reform will increase. Reforms are unlikely to impact every individual equally,” said Covisum’s Founder and President, Joe Elsasser, CFP®. “The updated calculators help consumers and advisors see how changes or cuts might impact a retirement income strategy so they can make contingency plans if needed.”
Consumers can also see how the latest prediction would impact them with this free consumer calculator.
“Advisors have an obligation to educate clients on the relevant details and nuances from the Social Security Trustees report,” said Elsasser. “Testing retirement strategies to make sure clients will still be able to reach their goals even if the cuts to Social Security materialize is critical.”
Social Security Timing and Income InSight subscribers can now see the changes reflected in the software. New advisors and financial institutions interested in Covisum’s benefits cut calculator can contact firstname.lastname@example.org.
Covisum is an advisor-led financial technology company that developed Social Security Timing ®, Tax Clarity ®, SmartRisk ™, and Income InSight ®. The Covisum software suite has helped thousands of financial advisors optimize their clients’ retirement income strategies and streamline their financial planning process. For more information, visit covisum.com.