Retirees lost a couple of effective but underutilized Social Security claiming strategies in this week’s Bipartisan Budget Act. The changes, which have people scrambling for answers, could mean some opportunity for retirement plan advisers to bring their expertise to plan sponsors. See Editor’s Choice for related stories.
Experts from Fidelity and Nationwide Retirement Institute weigh in on the changes in Social Security claiming strategies, and outline some resources for advisers, as well as ways to support their plan sponsor clients and participants.
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Challenged by lower account balances and longevity, women crave advice on Social Security—and those who work with an adviser say their payment is as they expected, or even higher.
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About two-thirds surveyed believe they will need less than $1 million in today’s dollars in order to retire, or aren’t sure how much they will need.
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MassMutual says a married couple that lives into their 90s but decides to begin their Social Security benefits at age 62 as opposed to age 70 could be leaving as much as half a million dollars on the table, or forfeiting $2,000 to $4,000 a month for life.
Besides a lengthy Finance Committee hearing discussing the popular RESA legislation, the day on Capitol Hill also brought news of the introduction of the new Retirement Security and Savings Act.
U.S. equities were the driver of rebounds from the 4th quarter of 2018, according to the Northern Trust Universe and the Wilshire Trust Universe Comparison Service.
Sources say the SECURE Act could pass the House this month, potentially setting the stage for a reconciliation process that could bring together common elements of multiple pending bills.
