Consultants in monetary planning generally argue that the typical American’s selection about when and easy methods to declare their Social Safety profit is the one most vital monetary resolution they are going to make of their lifetime.
As famous by Social Safety knowledgeable Marcia Mantell, the founder and president of Mantell Retirement Consulting Inc. and frequent contributor to ThinkAdvisor, optimizing the claiming resolution may end up in tens and even lots of of hundreds of {dollars} in extra lifetime wealth.
Then again, making errors may end up in undue monetary hardship throughout retirement, particularly in instances the place married {couples} fail to rigorously coordinate their claiming methods. It is usually important to place the Social Safety claiming resolution in its correct context — alongside concerns concerning the shopper’s broader funding portfolio, life-style expectations and longevity projections.
Within the second episode of the Ask the Retirement Skilled podcast, Mantell highlights the newest tendencies in retirement planning and Social Safety optimization, with a deal with what advisors ought to focus on and take into account pursuing with their purchasers.
In the course of the dialogue, Mantell listed the important thing Social Safety points advisors needs to be watching most carefully, and why. She additionally sort out powerful questions on what inflation and market volatility imply for retirees on mounted incomes, in addition to how advisors needs to be excited about key developments within the annuity market.
See the slideshow for eight highlights from the podcast episode.