The Future of Financial Advice

The 2021 cost of living adjustment was recently announced by the SSA as 1.3%. But what does this mean for clients?

COLA has always seemed straightforward to me in terms of benefit calculations. After working at LifeYield for 3+ years, this actually couldn’t be further from the truth.

While studying recently for my Social Security Claiming Strategies certification, I discovered a few caveats regarding COLA and Social Security benefits that I felt could really benefit our clients. Here’s the recap.

Survivor Benefits have always seemed pretty straight forward.

Calculating the amount that the surviving spouse will receive from the SSA (Social Security Administration) is easy, right?

Typically, the widow/widower is entitled to 100% of what their deceased spouse – including any DRCs (Delayed Retirement Credits) – was receiving at the time of their death.

Well, that’s what I thought...

Recently, I was working with an advisor on a unique Social Security scenario. I discovered that this is not always the case.

After three years of leading support for LifeYield Social Security Advantage, I've ran thousands of different scenarios through the software. But this one was different. It required a lot of extra research and a detailed understanding of the rules to confirm the findings. But confirm, it did.

Here’s what happened.

While the pandemic continues to surge on around the country, Social Security Administration offices remain closed with no hint of reopening anytime soon. This new norm has created an entirely new Social Security filing process for near retirees and retirees. As a financial advisor, it is more prudent now than ever before to become a Social Security expert to help aid your clients through this new process remotely. 

As of two weeks ago, the SSA has remained quiet in regards to their office reopening plans after four months of implementing their remote filing continuity plan. Preparing clients to file for Social Security benefits can be daunting normally but now there are even more concerns regarding filing strategies and timing than in the past.

Our Social Security experts created a unique checklist for advisors to use with their clients to help maximize their Social Security benefits. Coupled with our LifeYield Social Security Advantage® report, this checklist will arm your clients with all of the necessary information they'll need when they make their appointment with the Social Security Administration to file for benefits.