Financial planners should encourage their clients to establish “my Social Security” accounts through the Social Security Administration (SSA) and utilize the features and capabilities of those accounts to (1) ensure the accuracy of SSA’s earnings records, and (2) estimate future monthly benefit amounts that their clients will receive from Social Security. Only then can they build a sound retirement income structure on top of Social Security’s foundation.
Author: Bruce D. Schobel, FSA, MAAA, CLU, CEBS,is a consulting actuary in Winter Garden, Florida, who worked for SSA during 1979 through 1988 and has stayed involved in Social Security matters since then. He was staff actuary to the National Commission on Social Security Reform (the “Greenspan Commission”) that developed the framework for the Social Security Amendments of 1983.
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