More financial advisors are helping their clients with Social Security. The decisions are a lot more complicated than whether to file earlier or later.
The findings didn't match up with Jim. Eva would be best off waiting until 70 to collect her Social Security, because her benefit would be much larger. Her health was good, and many years were likely ahead of her.
Ultimately, Eva held back, though McClanahan had to often remind her and Jim that their patience would pay off."Every six months Jim said, 'I really think Eva should be claiming Social Security,'" McClanahan said. "It was really a challenge." When to actually claim Social Security — at the earliest age of 62 to the maximum age of 70 — is a complex issue and a very important conversation for financial advisors to have with their clients.
If one of the main goals of financial advisors is to help their clients make decisions that are more rational than gut-derived, and be wealthier for it, it only makes sense that more planners are offering help with Social Security.found the cost of the system will exceed its revenue next year for the first time since 1982. Meanwhile, the reserve fund is projected to run out in 16 years, at which point recipients will see reduced benefits if Congress doesn't step in.
More than 40 percent of people say they worry about the Social Security system a "great deal," according to a recent poll by Gallup.Carolyn McClanahanEmotions aside, Social Security's role in people's retirement is likely to only grow in the coming decades, said
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