Expert Commentary
Straight From the Experts
Why women are special
The last couple weeks, I have seen a lot more written about women. There was a big report presented to the Senate’s Special Committee on Aging the end of July. Here is the biggest take away: “Specifically, the participation rate for women in any type of plan, defined benefit or defined contribution, declined slightly from 87% in 1998 to 86% in 2009, while the participation rate for men declined from 91% to 87%,” The report was entitled “Retirement Security – Women still face challenges.” I [...]
Why mortality is so important in creating a strategy
Two Criteria for selecting a Social Security Strategy – I’m always talking about how to “get more” Social Security. You should look to maximize your “cumulative benefits”…what does this mean. Add up all your income over your life time and the life time our your spouse if you are married.This last component is the most important part. Social Security is based on your “joint” life expectancy if you are married. Check out this attached slide. The probability of a one person living to 80 years [...]
Welcome
On behalf of our team, welcome to our site. We are proud to bring you services that will help you “Get More” Social Security. Dr. Bill Reichenstein, from Baylor University, and I have worked for many years to develop the research, published in the Journal of Financial Planning, that underlies our technology. Our mission is to help you maximize your retirement benefits! This is a very important decision and you won’t be able to change your strategy in the future. Within seconds you will receive [...]
WARNING – 6 strategies are not enough
In my last post, I spoke about the importance of QUALITY. All Social Security tools are not the same. You need to understand the recommendations you are given on how to claim, but you need to make sure the advice is actually good. How do you know if the advice is good? We have studied this area extensively. We know the details matter. Previously, I have written and been quoted about deficiencies in the AARP Social Security calculator. Be careful, you can receive bad results [...]
Want a guaranteed 7% return in todays market? Then maximize your Social Security
Here is an article in this weekend’s Wall Street Journal about some recent research done by a Stanford and Occidental professor sponsored the Social Security Administration. I’m familiar with the research since it referenced our research we published on how to create a Social Security Strategy. They focused on “returns” or return comparisons by maximizing your benefits. Check out the picture (enlarge image at the top) – return of a 10 yr Treasury Inflation Protected Bond -.26% OR return of an example married couple maximizing [...]
Wall Street Journal recommends Social Security Solutions
Today the Wall Street Journal recommended Social Security Solutions after its evaluation of software to help consumers maximize their Social Security benefits. Anne Tergesen evaluated a number of different software providers and says, “Social Security Solutions gets my vote for most user friendly.” As part of her evaluation, Social Security Solutions also provided the largest amount of benefits based on the tested client case. Overall, Social Security Solutions has the deepest logic engine developed by Dr. William Reichenstein from Baylor University. He and William Meyer [...]
Wall Street Journal asks us to help with Spousal Benefits question
Dr. Reichenstein, Baylor professor and Head of Social Security Solutions Research, was asked by the Wall Street Journal to help answer a reader’s question related to Spousal Benefits and how to create a smart claiming strategy. See the article in Ask Encore section linked here: http://online.wsj.com/news/articles/SB10001424052702304866904579270330519212214
The sky is NOT falling
Every day we see the media talking about Social Security. Unfortunately, a lot of misinformation is being spread about the viability of Social Security. The bottom line is that Social Security is NOT going “belly up” any time soon. Yes, it needs to change, but it is a remarkable program that American’s can continue to rely on. I recently received a great Fact Sheet from the AARP Policy Institute that talks about the Social Security Trust Fund (http://www.aarp.org/content/dam/aarp/research/public_policy_institute/econ_sec/2012/Social-Security-Whos-Counting-on-It-fs-252-AARP-ppi-econ-sec.pdf). As reported by AARP and the Social [...]
The reason to take benefits early, emergencies and tragedies only!
Do you really have to take your Social Security early? Below is an article from the New York Time that talks about some people being forced to take Social Security early. There are definitely a lot of instances where Americans are forced to take Social Security early…emergencies, tragedies, personal crises, etc. However, many people who feel pinched by cash flow, but are NOT in a crises, still opt to start benefits early. BEWARE – taking Social Security suboptimally can cost you a lot of money. [...]
The Quality of Social Security Advice MATTERS!
For the last year, we have quietly known, and have pride, that the QUALITY of our advice is better than everyone else. I know this sounds smug and conceited. But, it is true and we verified it with an independent source. I founded our firm on 2 principles: 1) we had to be easy to use and work with. Basically, that normal people could understand our recommendations and how to claim their benefits; and 2) we had to be smart…our results had to be the [...]
Social Security more complex than Americans think
Has your advisor helped you with your Social Security decision? Social Security is the largest financial decision you will make regarding your retirement. Quality matters….make sure you evaluate all the options and assess your Social Security strategy relative to the other resources you have. Here is an article quoting William Meyer at a recent industry event. http://www.bankinvestmentconsultant.com/news/social-security-a-catalyst-for-money-in-motion-2681254-1.html
Recommended again in the news on where to go to get personalized help for Social Security
In the news again – It’s always nice to get recognized for good work. I’m happy because more people are learning that choosing Social Security in a smart way can get them a lot more money. Remember most Americans don’t think about this decision and start as early as possible. Below is the article on us that hit Yahoo and Reuters, and a couple other resources, that talks about how you can get the maximum out the Social Security benefits you are entitled to. What [...]
Recent Gallup Poll Results Show Social Security a Major Income Source
According to a recent Gallup survey, 36% of pre-retired Americans will depend on Social Security as a “major source” of retirement income. That’s about 10 percent higher than a decade ago. Combined with the recent Wells Fargo survey that revealed less than 30% of workers believe they will have enough savings to retire, it would seem to make sense that Americans would consider delaying Social Security to get more money. Of course, if you’ve read much in the media about Social Security, you know that [...]
Putting the hoopla to rest that Social Security is going away
April 23rd we get the new numbers on the funding status on the Social Security Trust Fund. As we have reported, the “sky is not falling.” This article predicts rosier news from Trustees on the funding status. The media has confused a lot of people into thinking taking benefits as early as possible is smart. The system will need to implement changes over time, but people over 55 years of age are likely to not be impacted. Here is a quote from the article below regarding [...]
Perspective on the Funding of SS from an expert
More context on the recent funding report on Social Security – attached is a report by Alicia Munnell. I have a lot of respect for her research. If you are interested in details of the funding, it is worth skimming. However, I cut and paste the 2 most important take-aways: “The program faces a manageable financing shortfall over the next 75 years, which should be addressed soon to restore confidence in the nation’s major retirement program.” “While Social Security’s shortfall is manageable, it is also [...]
Our software is recommended for advisors by leading financial services analyst
Can’t we all get along? I’m laughing after reading this article about our firm in this month’s Financial Advisor Magazine, see below. It is written by a well known expert on technology and advice tools that help advisors. I’m proud about his nice comments about our technology and how Social Security is important for advisors. He is very complimentary about our application and talks about many of the powerful features. However, at the end of the story he talks about how advisors may not want to [...]
Our New Research is Out!
The Journal of Financial Planning just published our research in the April edition. I’m very proud of this work and want to give you some of my thoughts. I see this research as a large “breakthrough” for retirees and improving financial advice. Overall, the premise of the research is so simple it makes sense! If you get more Social Security, your money will last longer. 1. Deciding when to take Social Security is the largest decision you will make in your life. We showed that [...]
New research shows SS is the cheapest annuity you can buy, and we agree!
Quoted in the news today – new research is out on Social Security. The take away is that it “pays” to create a smart strategy…sound familiar. The twist is that the authors use different terminology and relate Social Security to an “annuity.” Yes, it is like an annuity…but, a cheap one. The point of the article is that with low interest rates it is the cheapest annuity you can buy. The implication is 1) you should maximize your benefits and 2) figure out how to [...]
New Research Released By Meyer and Reichenstein on Strategies for Singles
New research on Social Security strategies for singles was released today in the Retirement Management Journal. This report complements Meyer and Reichenstein’s research on Social Security strategies and illustrates the knowledge and expertise that is the foundation of Social Security Solutions’ advice. The research extends previous knowledge that singles should only consider “breakeven” analysis. The work illustrates important filing dates and ranges where a single person should never claim benefits.
New research from us in the Journal of Wealth Management. Low interest rate environment impacts claiming decisions.
New important research from us – Today I received my Journal of Wealth Management. You can see the article abstract attached below. I’m impressed as it is the prettiest journal, wrapped in plastic, and printed on thick paper. Most importantly, I think it is the premier journal in financial services. The editor is Jean Brunel who is the famous former Chief Investment Officer at JP Morgan years ago and trustee of the CFA research institue. The research is for a investment managers and technical. Mostly [...]
New numbers are just out on Social Security funding
Well, the media has been calling me and asking for comments. If you did not see the announcement, I’ll post the press release below. The take-away is that the projected Social Security Trust fund is forecasted to be exhausted 3 years earlier than expected. Last year they said 2036 and now they say funds will run out by 2033 if no changes are implemented. Here is a note I just sent a well known reporter, see below. Again, the bottom line is that changes is [...]
More people have money fears
Updated research – should you be scared? Ameriprise released a great research report that updates their findings from 2007…are you feeling worse off? The data says so. “In 2007, when the first survey was conducted, perceptions were fairly positive. For example, 51% of baby boomers were “very confident” of their ability to assure “a financially secure life” for themselves and their children. Today, however, perceptions are quite a bit darker: only 33% of boomers are confident of their ability to guarantee their own financial security. [...]
Meyer quoted on CBS MarketWatch
Finding patience in a firestorm is very hard…I’m quoted in an article today about Social Security. The “story of the day” is the funding of the US entitlement programs. People, this is old news….nothing is really different. These results were expected by the specialists and experts running the program. Yes, the system will need to change. The key issue for you is ”what is your plan related to Social Security?” Many people see the media spin on all the negative news and take benefits early thinking [...]
Meyer and Reichenstein featured speakers at the National Financial Planning Association meeting
Over 1,000 financial planners listened to Bill Meyer and Bill Reichenstein talk about Social Security strategies at the premier event for practitioners in San Antonio, Texas. Committed to education and helping advisors better help their clients, Meyer and Reichenstein had 3 separate sessions on this important topic. Social Security benefits is the largest component of retirement income for Americans.
If You are Under 40, Do Not Bank on Social Security
Quoted in the Wall Street Journal – over the weekend I was quoted in the WSJ…I think the title of the article is funny. “If You’re Under 40, Don’t Bank on Social Security.” http://online.wsj.com/article/SB10001424052702303592404577362204167117454.html#articleTabs%3Darticle The key is that there is a lot of misinformation about impact if you are over 50…the bottom line is that if you are close to retirement, use the existing rules and evaluate how you get all the money you are entitled to. You might be surprised that a few small maneuvers [...]