OMAHA, Neb. –Today, Covisum®, the developer of Social Security Timing®, Tax Clarity®, SmartRisk™, and Income InSight® software solutions for financial advisors and institutions, announces the release of a new Social Security benefit cut calculator.

Throughout the pandemic, many people have decided to claim their Social Security benefits early because of market volatility and high unemployment. The influx of new Social Security claimants, in addition to the reduced income from fewer people working, has some experts estimating that the Social Security system will run out of funds as early as 2029 –rather than 2035 as the last Social Security Trustees report indicated.

“The possibility of benefit cuts due to the insolvency of the Social Security system is not enough to suggest that most people should claim benefits early,” said Covisum’s Founder and President, Joe Elsasser, CFP®. “These calculators allow both consumers and advisors to see what the future could actually look like if they were to experience Social Security benefit cuts.”

A free consumer-facing Social Security benefit cut calculator can help individuals quickly and clearly see the impact of a benefit cut. Consumers are encouraged to use the outcome from the calculator to start a conversation with their financial advisor and jointly identify the impact of potential benefit cuts on their individual situation.

The new, and more robust, advisor calculator is featured in Covisum’s Social Security Timing and Income InSight software solutions. It accounts for the interactions between benefits for married couples and widows, as well as the Retirement Earnings Test, Government Pension Offset and Windfall Elimination Provision (features only included in the professional version of the software). Advisors can use these programs to demonstrate the impact of potential benefit cuts on a client’s retirement strategy and determine the optimal time to claim Social Security.

“Every dollar counts when it comes to retirement income, especially right now. A smart Social Security claiming decision can make a huge difference when it comes to meeting your retirement goals,” said Elsasser.

The new benefit cut calculators are part of Covisum’s commitment to help advisors guide clients to make better financial decisions. For current Social Security Timing and Income InSight subscribers, there is no added cost to begin using the Social Security benefit cut calculator – it is included as free upgrade. For new advisors and financial institutions interested in Covisum’s benefit cut calculator, please contact

Covisum creates software solutions, practice management and marketing resources to help advisors and financial institutions grow and improve lives through better retirement decisions. Covisum powers some of the nation’s largest financial planning institutions and serves more than 20,000 financial advisors. For more information, visit