The passage early this yr of the Social Safety Equity Act was a serious growth within the lives of many present and former authorities employees, one that might have a giant impact on their profit claiming methods.
The legislation change is only one of many elements that add vital complexity to the Social Safety claiming course of, in keeping with 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 might help guarantee their shoppers efficiently navigate retirement.
One other massive consideration is the monetary outlook of the important retirement earnings insurance coverage program. With the primary belief fund used to pay retirement advantages set to turn into bancrupt someday within the early 2030s, advisors and their shoppers should stress-test their earnings plans and put together for the opportunity of profit reductions or greater 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 talk about the significance of tax-aware earnings planning, the psychological facet of spending, the significance of discovering goal throughout “life after work,” and extra.
To hearken to further podcasts throughout the Ask the Retirement Knowledgeable sequence, click on right here.