Many ears were listening in today’s webinar as Marc Kiner and Andy Landis discussed strategies for filing for Social Security in ways that would provide the greatest lifetime benefit for Social Security recipients. Like Marc, Andy has realized that there is an increasing need for financial advisors to have a deep and thorough understanding of Social Security rules. In a very easy to read conversational tone, Andy outlines key concepts in his book about how to wisely file for Social Security benefits. Hear more about what these two Social Security aficionados have to say about the current and future state of Social Security by listening to their recent discussion.
Last week Marc traveled to Kansas City Missouri to exhibit at Bob Jennings’ Summer Seminar. The seminar focused on S corporations and partnership taxation. Marc met with a variety of local CPAs and Enrolled Agents who were attending the seminar. Like many other advisors, these attendees are on the front lines of advising clients on Social Security benefits. Although many advisors might suggest clients consult with their local Social Security office or financial advisors regarding how to plan for Social Security benefits, this is often not the best alternative for clients. While Marc met with the attendees, he was able to explain the value of spending a day to take a deep dive into understanding the nuances of the Social Security program. Having this additional knowledge about Social Security can help advisors nationwide guide their clients towards increasing their retirement income.
Although an Ohio native with affiliations for both the Cleveland Indians and the Cincinnati Reds, Marc did catch a Kansas City Royals game while in Kansas City. “Great watching a first place team in action. I told advisors that I met in Kansas City to enjoy the experience. I know too well the difficulty of staying on top!”
When you decide to “take a load off” by resting your body on a stool, do you want to rest on a rocky bench that might cause you to either slide off or to force you to exert extra energy to continually stabilize yourself? A stable three-legged stool provides support through careful construction of each leg of the stool. A well-constructed stool provides a solid foundation to rest upon. If one leg of the stool is shorter than another, sitting on the stool provides an unstable, rocky experience.
Likewise, for financial stability during retirement, it is important to consider three elements regarding Social Security filing. Three things that a married couple should consider prior to filing for Social Security benefits are:
- Waiting until one spouse turns age 70
- Coordinating spousal benefits
- Maximizing surviving spouse benefits
It is critical that married couples view Social Security as a joint lifetime benefit. Filing too early can result in a reduced benefit. As Social Security provides surviving spouse benefits, this will affect not just one person’s life, but the lives of two people.
Intrigued? Perplexed? Wondering exactly how much income can be gained or lost by following the best strategy? Answering these questions is not easy. Each couple’s financial situation is unique. Learning how to analyze a particular couple’s financial situation and making filing recommendations relative to the complex Social Security regulations takes training and forethought. Learn more about the issues to address prior to making client filing recommendations by visiting NSSA Certification.