I just got back from Nashville TN where I provided education for the Society of Financial Service Professionals, a group of over 25 CPA’s, Attorney’s, Insurance Agents and Financial Advisors. I had been invited to come to help them better understand Social Security and how to better educate their clients on the subject. The presentation was Using Social Security, the Red-Headed Stepchild, in Retirement Planning. The truth is that Social Security is probably the most overlooked component of retirement planning and in reality one of the most important. There were excellent questions and quite a few misconceptions were addressed. We spend some time on the new rules but also on how to use the old ones better for their clients. Once of the core values of my company is education and I believe by helping others have a better understanding all benefit. Here is what one of the organizers of the event had to say about the presentation.
It happens all too frequently on Twitter. Someone without any credentials writes a piece that says you should always take Social Security as early as possible. Their rationale is that you may have to live to your early 80’s to break even. What they fail to understand is that Social Security is often not based on a single life but the joint life of a married, divorced or widowed spouse. Social Security is very complex and something I learned long ago is to never say always. Continue Reading
This time of year the airwaves are filled with political ads. Without getting into politics one of the favorite punching bags is Social Security. Part of this is because so little is known about Social Security that scaring people has proven to be an effective way of getting people to vote for candidates. The second is that by scaring people they can go on record and say they are trying to solve the problem that everyone knows needs attention but politicians really don’t want to solve.