Here’s a rundown on the changes of keenest interest to insurance advisors...
Symetra Life Insurance Company has unveiled a new web-based retirement planning toolkit for financial advisors as part of an education campaign that tackles the question: "Does it pay to delay Social Security?"
"The timing of a client's Social Security start date can have a significant impact on his or her retirement income planning. We developed planning tools and identified resources to help advisors assist their clients with this important decision," said Rich LaVoice, Symetra executive vice president, Retirement Sales and Distribution.
As described by the Company, in addition to a higher monthly benefit, delaying Social Security can provide:
-Tax advantages, by deferring or reducing taxation on those benefits.
-Spousal advantages, by potentially locking in a higher lifetime benefit for a surviving spouse.
-Inflation protection, which is built into the Social Security program and mitigates one of the biggest risks faced by retirees.
The education campaign features collateral pieces addressing these key points in addition to a dedicated, public-facing website. The site, which will be refreshed monthly through March, provides links to a variety of resources, presentations and strategy- supporting material from industry experts and organizations.
January's theme is "Does It Pay to Delay Social Security?" The site features a marketing flyer and presentation illustrating specific examples of how delaying Social Security benefits can create more income in the long term. February's theme - "Have Your Retirement... and Income, Too" - will outline a strategy that gives clients the ability to replicate their Social Security income from ages 62-70 through a period-certain single premium immediate annuity (SPIA).
"Ready. Set. Delay." is the theme for March, during which Symetra will sponsor a webinar for advisors of selected partner firms entitled, "Savvy Social Security Planning for Boomers: What Advisors Need to Know to Maximize Clients' Retirement Benefits" and presented by Social Security expert Elaine Floyd of Horsesmouth.com.
Symetra Life Insurance Company is a subsidiary of Symetra Financial Corp., a diversified financial services company based in Bellevue, Wash.
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