Are your clients relying on Social Security to fund their retirement? If you answered yes, you’re not alone. In fact, for 61% of us, the majority of our retirement income will come from Social Security.
The trouble with that strategy is that Social Security is set to decrease by 24% by the year 2034. With the pandemic and current economic downturn, it could happen even quicker. So, if your clients fit into that majority, it’s time to consider options that will protect their retirement despite this decrease.
What percent of your client’s retirement income will come from Social Security? And, even more important, what impact will this have on their retirement and the ability for them to enjoy their retirement years? And how will you prepare them?
It’s too important an issue to ignore when discussing income retirement plans with your clients. And, depending on where your clients live, I want to share a possible solution. It’s an annuity that addresses the unknowns of Social Security.
If reductions are made, this solution has a bonus that pays a percentage of the premium over a period of five years. If reductions are not made, the solution pays a bonus for each five-year period the contract is in force.
When it comes to your clients’ longevity, you can’t be too careful. Your clients have questions about Social Security. And now you can offer more than just educational information. You can provide a solution as well.
If you’re not sure how much your clients are relying on Social Security, we can help with that too. With our Journey Guide software, we put you on the path to determining your clients’ needs. From there, you can create a financial plan that covers all aspects of retirement.
Sources: Social Security Administration 2020 Fact Sheet;
Help alleviate your clients’ fears of Social Security reductions. Offer a solution as part of the discussion.
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