Social Security Secrets: What the latest COLA increase means for your clients

12/8/20 3:24 PM / by Alyson Dorosky posted in Advisors, Financial Planning, Social Security


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.

Read More

Social Security Secrets: Breaking Down Survivor Benefits

10/15/20 3:26 PM / by Alyson Dorosky posted in Advisors, Financial Planning, Social Security


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.

Read More

Filing for Social Security while SSA offices remain closed

8/5/20 1:44 PM / by Alyson Dorosky posted in Advisors, Financial Planning, Social Security


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.

Read More

How should my clients file for Social Security?

6/17/20 2:10 PM / by Alyson Dorosky posted in Social Security


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.

Read More

How LifeYield Found the Johnson’s an Extra $100,000 in Social Security Benefits

4/22/20 11:36 AM / by Emily Hoffman posted in Social Security


Social Security is far more complex than many people realize, and this complexity can make the decision regarding when to claim Social Security benefits a daunting one.

There are many options to consider around timing, as well as, how to file for benefits, and how to choose between these options, which can lead to a significant difference in Social Security income over an individual’s or a couple’s lifetime. In addition to the many possibilities, people have their own worries, such as time they took away from the workforce or their spouse’s life expectancy.

Advisors can help their clients overcome these worries and navigate through filing options to determine the ideal age to claim Social Security benefits and maximize their income.

Read More

Filing for Social Security Isn’t Always an Individual Process

4/16/20 10:34 AM / by Emily Hoffman posted in Social Security


Do you have clients that are married? If you answered yes, you need to help them coordinate their Social Security strategies in order to maximize their combined benefits. Couples who file in a coordinated fashion get more Social Security income than when they file individually.

One element every advisor can add to their offerings is Social Security advice. Setting clients up to maximize their Social Security benefits in combination with the income they’ll receive from their other investments puts them in a more comfortable financial position during retirement.

Read More

Are your clients ready for their Social Security Administration visit?

4/8/20 12:35 PM / by Emily Hoffman posted in Social Security


If you ask 10 different people about their experience with the Social Security Administration (SSA), you’ll get 10 different answers.

The truth is, there is no one typical experience. Each claimant’s experience depends on the representative they interact with and how well versed that person is on the benefits.

Typically the SSA provides general advice, not advice that would maximize the claimant’s benefit. They do not offer any guidance regarding strategies for maximizing couples’ filings. In fact, retirees don’t exactly know how much they will actually receive until they file—up to that point all of the numbers are estimates.

Read More

How advisors can battle consumer misconceptions around Social Security

2/19/20 1:28 PM / by Emily Hoffman posted in Social Security


When an individual makes an appointment with the Social Security Administration, they often believe that the representative will be able to instruct them on how best to file and maximize their monthly benefit. In actuality, the representative is legally prohibited from giving any advice on how someone should file for their Social Security benefit, which could affect approximately 50-90% of their retirement paycheck.

Read More