567 ways to claim Social Security: Which is best for your client
Securian’s Social Security Timing® calculator helps advisors guide clients through the claiming process
ST. PAUL, Minn.--(BUSINESS WIRE)--When Securian surveyed boomers and retirees about Social Security,1 only 18 percent had plans or were making plans for maximizing their benefits. Who can blame them for postponing this important decision? There are 567 ways a married couple can claim Social Security!2
Securian’s Social Security Timing® calculator allows financial advisors to give their clients a quick introduction to basic claiming strategies. The advisor enters the couple’s estimated benefits at full retirement age and quickly computes the amount of income they forego by claiming early.
“Social Security is one of the few remaining sources of lifetime, inflation-adjusted income,” said Kerry Geurkink, manager, Individual Annuity Marketing, Securian Financial Group. “Most people don’t realize how many benefit claiming options they have. Advisors can help clients explore their options and make sound decisions.”
Securian’s package of tools for advisors includes:
- The mobile friendly Social Security Timing® calculator that shows clients the financial effects of various claiming strategies
- A continuing education workshop on advanced claiming strategies
- A workshop for advisors to use with clients that includes an informational guide and a worksheet to start the process of deciding when to claim Social Security
- Multiple collateral pieces that include prospecting tools and reference materials
“Once clients optimize the Social Security decision, they are more prepared to consider layering additional lifetime income solutions, such as annuities offered by Securian,” said Geurkink.
About Securian Financial Group
Since 1880, Securian Financial Group and its affiliates have provided financial security for individuals and businesses in the form of insurance, investments and retirement plans. Now one of the nation’s largest financial services providers, Securian is the holding company parent of a group of companies that offer a broad range of financial services.
An annuity is intended to be a long-term, tax-deferred retirement vehicle. Earnings are taxable as ordinary income when distributed, and if withdrawn before age 59½, may be subject to a 10% federal tax penalty. If the annuity will fund an IRA or other tax-qualified plan, the tax deferral feature offers no additional value. Qualified distributions from a Roth IRA are generally excluded from gross income, but taxes and penalties may apply to non-qualified distributions. Please consult a tax advisor for specific information. There are charges and expenses associated with annuities, such as deferred sales charges for early withdrawals.
Insurance products are issued by Minnesota Life Insurance Company in all states except New York where products are issued by Securian Life Insurance Company, a New York authorized insurer. Both companies are headquartered in Saint Paul, MN and each insurer is solely responsible for the financial obligations under the policies and contracts it issues. Product availability and features may vary by state.
1. “How much will I get? Securian’s study of baby boomers’ Social Security strategies,” February 2013
2. “Social Security: There is a better way,” Center for Retirement Research, Boston College, September 2012
DOFU 11-2014 A05620-1114