Many people are unfamiliar with Social Security’s unique risks and how to deal with them. We examine what makes the Social Security environment so different from other areas in which financial planners work. A quick summary of the main risks facing private-sector pension plans is provided as a helpful basis, and then unique Social Security risks are explored.
Author: Bruce D. Schobel, FSA, MAAA, CLU, CEBS, is a consulting actuary in Sunrise, 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.