People have different ideas about when to start Social Security. Some say you should take it as early as possible, especially if you need the money. Others say you should delay as long as possible in order to get the highest benefit. There’s really only one way to decide: calculate lifetime benefits under the various claiming scenarios and see which strategy yields the most benefits over a lifetime, taking into account the client's life expectancy and assumed cost-of-living adjustments.
This is the part that’s missing when clients are deciding when to start their Social Security benefits. They are looking at the monthly benefit today when they really should be considering how much they stand to receive over their lifetime. They also need to consider spousal strategies and survivor benefits. All of these can be illustrated with specially-programmed calculators designed to show clients their options based on their individual situation.
In this free webinar you will learn how these must-have tools for financial advisors can help you:
Elaine Floyd, CFP®, Horsesmouth’s Director of Retirement and Life Planning, and the author of Savvy Social Security Planning for Boomers.