Social Security Pro has a new Total Benefits Intensity Grid for clients too young to use ‘File Restricted’ and ‘File and Suspend’ strategies. The Bipartisan Budget Act eliminated the File and Suspend strategy for married individuals born after May 1, 1954 and eliminated ‘File and Suspend’ for any one born after May 1, 1950 and filing for benefits between now and May 1, 2016. For those individuals, Social Security Pro will continue to display its patented Social Security grid that indicates the best strategy for each age combination. However, for those not eligible for those strategies, Social Security Pro displays the new Total Benefits Intensity Grid.
The new Grid, similar to the previous one, calculates all the benefits for each age combination. The cell for each age combination indicates its relative value by showing darker green for the higher values and a lighter green for the lower values. Instantly, you and your clients will see the age combinations that will provide the greater incomes, and the ones that will not. The very highest age combination is shown with a star. Change any variable, and all values re-calculate and the resulting values are displayed.
The new graphic makes it easy to determine if a slight adjustment in filing ages will make a significant difference, or just a little. You and your clients will quickly see that it is not just a matter of the longer you wait the more you get. The differences may be tens or even hundreds of thousands dollars. This is a perfect beginning to the retirement planning process.
The new graph is just one part of the Impact’s entire update of Social Security related products. All changes for the new law that was signed into law November 2, were in place the morning of November 6. The products updated in addition to Social Security Pro, were Social Security Explorer, Social Security Lead Gen, Cash Flow Decisions, and Retirement Road Map.
Cash Flow Decisions, which contains a version of Social Security Pro within it, becomes even more valuable for incorporating Social Security claiming strategies into the total retirement plans of the clients. It optimizes Social Security, while considering taxation of the Social Security benefits and the other retirement income—including required minimum distributions from IRAs and 401(k) Plans, and it determines the best order of asset distributions considering all of these items. It also shows how the retirement income floor can be increased with annuity income, and that permanent life insurance is the best tool for protecting against longevity risks.
Using Take a free trial, start retirement planning by determining how and when to take Social Security benefits. Then using Cash Flow Decisions, coordinate all retirement income into the best retirement plan.