PLANADVISER - November/December 2022 - 12
trends
Social Security Misconceptions
Participants need to learn some facts about their benefit
SOCIAL SECURITY is an important part of retirement income
planning, but many plan participants have misconceptions
about the program and their benefits. The plan adviser can
play a key role in educating them about the concepts that
can affect their claiming decisions and retirement savings
goals-ultimately, their retirement security.
Social Security is an important part of retirement income
planning. Plan advisers can play a key role in educating
participants about how to make the best decisions in order
to maximize their benefits. Here are common misconceptions
that many workers have about the program and that
advisers can help dispel:
1) Social Security benefits will be discontinued. Every
year, when the Social Security Trustees' report comes out,
headlines proclaim that the trust fund is running out of
money. This prompts some people to take benefits early for
fear they will lose out entirely if they wait. That is not what
would happen, however.
Instead, if a shortfall occurs in 2035, as predicted, benetalking
points
What Financial Professionals Say About Crypto
With cryptocurrency values dropping from 2021 highs, about half (47%) of investment professionals
globally, and 59% of those in North America, are telling clients to avoid digital investments.
" As long as there are people
working and paying taxes
into the system, there will be
money to pay benefits. "
fits would be reduced only slightly-just 20%, the Social
Security Administration has estimated, notes Tim Steffen,
director of tax planning, private wealth management, for
Robert W. Baird & Co. " As long as there are people working
and paying taxes into the system, there will be money to
pay benefits, " he says.
2) It makes no difference when a worker first claims benefits.
Beneficiaries may file for Social Security as early as 62
and as late as 70. But, for the early filers, monthly payouts
will be permanently reduced by 25% to 30% of the potential
full amount; by waiting, the filer's monthly payments
Asia
Europe
" Client demand for
crypto is increasing "
" Crypto offers
diversification benefits "
" Having crypto exposure
is inappropriate "
57%
55%
46%
52%
50%
51%
Source: 2022 Natixis Global Survey of Financial Professionals
Latin America
59%
55%
42%
North America
36%
30%
51%
United Kingdom
21%
13%
63%
12 | planadviser.com November-December 2022
http://www.planadviser.com
PLANADVISER - November/December 2022
Table of Contents for the Digital Edition of PLANADVISER - November/December 2022
Built to Last
Cyber Ready
Measure Your Footprint
Determinants of Profitability
Keep a High Profile
Strategic Moves
The Value of a VCOC
Retroactive Compliance Reviews
Sheri Fitts
PLANADVISER - November/December 2022 - Cover1
PLANADVISER - November/December 2022 - Cover2
PLANADVISER - November/December 2022 - 1
PLANADVISER - November/December 2022 - 2
PLANADVISER - November/December 2022 - 3
PLANADVISER - November/December 2022 - 4
PLANADVISER - November/December 2022 - 5
PLANADVISER - November/December 2022 - 6
PLANADVISER - November/December 2022 - 7
PLANADVISER - November/December 2022 - 8
PLANADVISER - November/December 2022 - 9
PLANADVISER - November/December 2022 - 10
PLANADVISER - November/December 2022 - 11
PLANADVISER - November/December 2022 - 12
PLANADVISER - November/December 2022 - 13
PLANADVISER - November/December 2022 - 14
PLANADVISER - November/December 2022 - 15
PLANADVISER - November/December 2022 - Built to Last
PLANADVISER - November/December 2022 - 17
PLANADVISER - November/December 2022 - 18
PLANADVISER - November/December 2022 - 19
PLANADVISER - November/December 2022 - 20
PLANADVISER - November/December 2022 - 21
PLANADVISER - November/December 2022 - Cyber Ready
PLANADVISER - November/December 2022 - 23
PLANADVISER - November/December 2022 - 24
PLANADVISER - November/December 2022 - 25
PLANADVISER - November/December 2022 - Measure Your Footprint
PLANADVISER - November/December 2022 - 27
PLANADVISER - November/December 2022 - 28
PLANADVISER - November/December 2022 - 29
PLANADVISER - November/December 2022 - Determinants of Profitability
PLANADVISER - November/December 2022 - 31
PLANADVISER - November/December 2022 - 32
PLANADVISER - November/December 2022 - 33
PLANADVISER - November/December 2022 - Keep a High Profile
PLANADVISER - November/December 2022 - 35
PLANADVISER - November/December 2022 - Strategic Moves
PLANADVISER - November/December 2022 - 37
PLANADVISER - November/December 2022 - The Value of a VCOC
PLANADVISER - November/December 2022 - Retroactive Compliance Reviews
PLANADVISER - November/December 2022 - Sheri Fitts
PLANADVISER - November/December 2022 - Cover3
PLANADVISER - November/December 2022 - Cover4
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