EQIS now offers our valued financial advisers, Social Security Advantage - a retirement calculator to help advise investors when to file for Social Security to optimize their lifetime retirement income.
According to the Social Security Administration, the life expectancy of a 65-year-old today is 84 for men and 86 for women. 2 Nearly half of retirees and pre-retirees underestimate their life expectancy by five or more years. 3 Assuming a shorter life expectancy may cause your clients to miscalculate how much retirement savings they'll need. This could lead them to claim Social Security early and forfeit income.
The impact of when your investors file for Social Security:
- When an investor files early, before their full retirement age (FRA), they receive less than 100% of their Primary Insurance Amount (PIA) - the monthly dollar amount of their Social Security benefit at their full retirement age.
- When a client delays filing past their FRA, they receive delayed retirement credits (up to age 70), increasing their PIA above 100%.
- It's important your investors understand this impact — when they file could increase their annual benefit by as much as 76%.2 Helping your clients understand longevity and modern life expectancies can enable them to make more informed decisions with Social Security. Our Social Security Advantage retirement calculator includes break-even analyses to help determine whether higher payments from filing later outweigh extra payments from filing early.
Helping your clients understand longevity and modern life expectancies can enable them to make more informed decisions with Social Security. Our Social Security Advantage retirement calculator includes break-even analyses to help determine whether higher payments from filing later outweigh extra payments from filing early.
EQIS Social Security Advantage helps financial advisErs:
Identify optimal filing strategies
Generate custom client-ready reports to help guide conversations
Evaluate break-even and cash flow analysis
Learn more about EQIS Social Security Analyzer with these helpful guides:
Ready for the next step?
Call our Concierge Service Desk at 800-949-9936 ext. 749 or contact EQIS Support at firstname.lastname@example.org to create EQIS Social Security Advantage client-ready reports.
1. ThinkAdvisor, https://www.thinkadvisor.com/2018/05/01/talk-to-clients-about-social-security-or-risk-losi/ May 1, 2018
2. Social Security Administration: https://www.ssa.gov/planners/lifeexpectancy.html, 2018.
3. Risks and Process of Retirement Survey, Society of Actuaries, 2015.