The passage early this yr of the Social Safety Equity Act was a significant growth within the lives of many present and former authorities staff, one that would have an enormous impact on their profit claiming methods.
The legislation change is only one of many components that add important complexity to the Social Safety claiming course of, in response to Joe Elsasser, an authorized monetary planner and the founder and president of Covisum. Getting the claiming determination proper, whereas troublesome, is among the many strongest methods monetary planners can assist guarantee their purchasers efficiently navigate retirement.
One other massive consideration is the monetary outlook of the important retirement earnings insurance coverage program. With the principle belief fund used to pay retirement advantages set to turn out to be bancrupt someday within the early 2030s, advisors and their purchasers should stress-test their earnings plans and put together for the opportunity of profit reductions or increased taxes sooner or later.
On this Season 3 kick-off episode of the Ask the Retirement Knowledgeable podcast sequence, Elsasser joins ThinkAdvisor Senior Reporter John Manganaro to debate all issues Social Safety and retirement earnings planning. Along with claiming methods and Social Safety funding, the pair additionally focus on the significance of tax-aware earnings planning, the psychological facet of spending, the significance of discovering function throughout “life after work,” and extra.
To hearken to extra podcasts inside the Ask the Retirement Knowledgeable sequence, click on right here.
