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When considering Social Security claiming strategies, it's critical to note some unique opportunities available to your married clients. With two different Social Security benefits available, it's essential to calculate the optimal time to claim for each spouse.
The clients' claiming decision will affect these three areas:
- Cash flow.
- How they use other assets in retirement to support their overall retirement income goals.
- The total tax they will pay in retirement.
Financial advisors should help married clients evaluate all Social Security claiming options, both in a vacuum and in the context of the overall financial plan.
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jelsasser2
Joe Elsasser is a certified financial planner and the founder and president of Covisum, a financial technology company. Under his leadership, Covisum has developed a variety of groundbreaking financial planning tools, including Social Security Timing, which was the first patented Social Security optimizer, Tax Clarity, SmartRisk and Income InSight. Joe co-authored “Social Security Essentials – Smart Ways to Boost Your Retirement Income” and is a regular contributor to USA Today, InvestmentNews, Retirement Daily, CNBC and ThinkAdvisor. Joe also maintains a financial planning practice in Omaha, Nebraska.
