Getting Social Security Claiming Right With Joe Elsasser

The passage early this year of the Social Security Fairness Act was a major development in the lives of many current and former government workers, one that could have a big effect on their benefit claiming strategies.

The law change is just one of many factors that add significant complexity to the Social Security claiming process, according to Joe Elsasser, a certified financial planner and the founder and president of Covisum. Getting the claiming decision right, while difficult, is among the most powerful ways financial planners can help ensure their clients successfully navigate retirement.

Another big consideration is the financial outlook of the vital retirement income insurance program. With the main trust fund used to pay retirement benefits set to become insolvent sometime in the early 2030s, advisors and their clients must stress-test their income plans and prepare for the possibility of benefit reductions or higher taxes in the future.

On this Season 3 kick-off episode of the Ask the Retirement Expert podcast series, Elsasser joins ThinkAdvisor Senior Reporter John Manganaro to discuss all things Social Security and retirement income planning. In addition to claiming strategies and Social Security funding, the pair also discuss the importance of tax-aware income planning, the psychological side of spending, the importance of finding purpose during “life after work,” and more.

To listen to additional podcasts within the Ask the Retirement Expert series, click here.