2-minute article

Start a helpful conversation about Social Security

Whatever clients have planned for their future, your role in helping them understand the value of their Social Security claiming decision can go a long way. Discover how incorporating these conversations can help grow your business … and your clients' retirement income plans.

Use the following case studies to start discussing how different situations may affect your clients.
 

Case study 23022Finding a "break even" point
One bias people have when deciding to claim benefits is a tendency to take a lower payment early rather than wait for a larger payment later. This "present bias" assumes that taking a lower benefit at age 62 will be a better choice than waiting for full retirement age or later.

You can help counter this bias by reviewing factors that need to be considered, such as taxation and spousal benefits. Start the conversation with this case study that shows how one couple reviewed a "break even" analysis for their situation.

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Case study 22926Returning to work
Deciding when to claim Social Security is a big consideration, especially since no one controls all that happens after the decision is made. What if your client decides to go back to work, even if just part-time? How does earning income affect claiming benefits?
 
While a claiming decision is generally permanent, it's not inflexible. Read more about a situation where someone retired early yet had an opportunity to return to work a few years later. Use this case study to help show a client factors to consider.

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Case study 22924Claiming benefits as supplemental income
Some clients may want to take Social Security early with the plan to keep working. For instance, in this case study, the client considered using Social Security to supplement her income as her daughter entered college.

While claiming benefits at age 62 is a possibility, the decision may not be as simple as it seems. Use this case study to help clients understand the pros and cons of filing early, filing later and filing at full retirement age.

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