30 Days 30 Ways To Social Security & Retirement Income Strategies

Once clients have a realistic idea of what to expect, advisors can help them reach a target number for retirement savings.

The ssa.gov website offers several tools for advisors and clients to project retirement income.

Advisors should include Social Security benefits not just in income calculations, but as an integral part of the bond/annuity portion of clients' portfolios.

Social Security personnel don't always give full information when clients inquire about benefits

If clients are still working, starting Social Security before age 66 may cause even further reductions in their current benefits. But there are instances when it make sense to claim early.

Under Social Security's current rules, any amount of earnings after age 66 won't reduce lifetime payouts.

Various calculations typically put the break-even point in the late 70s or early 80s. Given the math, when should people wait until age 70?

FIAs typically are deferred annuities, falling into the fixed rather than the variable category. However, investors' returns aren't fixed.

Hybrid annuities can be a good choice for investors who still need growth but don't have 30 years to invest in the public markets.

With MLPs investors benefit from tax-deferred cash flow, but the tax reporting can be a nuisance. For the best tax treatment, clients must cope with K-1s.

Income funds that invest in a wide range of asset classes may appeal to clients who are looking for cash flow.

Likening covered calls to real estate rentals can help clients better understand the strategy.

The IRS recently supported two tactics to build up such individual retirement accounts.

Lower-earning spouses could take their benefit at full retirement age, while the higher-earner could get a spousal benefit until they claim their own at 70

How planners can best advise clients wanting – or having – to work longer.

Having both a pension and Social Security benefits can complicate tax and retirement planning. Here's how advisors are meeting the new challenges.

When clients must take required minimum distributions after age 70?½, payouts can provide monthly cash flow.

Clients who keep working will see healthy gains in Social Security benefits and other financial perks.

If a client old enough to receive Social Security benefits has dependent children, it could affect the calculus as to when the parent should start collecting benefits

For some seniors, reducing adjusted gross income generates an extra tax break.

Clients can have their cake (maximum payouts) and icing (years of spousal benefits) too.

For married couples deciding when to claim Social Security, "it's all about the survivor benefits," for the higher-earning spouse.

Though the time period to make changes has narrowed in some instances, there are situations where Social Security allows a redo.

Advisors and clients may not be as familiar with these other Social Security programs. Here's a brief primer.

Planners should dispel these common misconceptions so that clients can make better-informed decisions.

Some clients prefer to buy income-producing properties outright rather than invest in real estate investment trusts.

Waiting for Social Security until age 70 can provide the surviving spouse with plumper payments.

Sometimes it makes sense for clients to collect Social Security before full retirement age, even if it temporarily reduces benefits.

New financial assessment requirements may make reverse mortgages into a retirement income tool for seniors with significant cash flow and assets.

Waiting to claim Social Security can result in a number of perks for clients. So why do so many people claim at 62?