Nationwide offers Social Security distribution comparisonsNationwide Financial Retirement Institute, part of the Nationwide Mutual Insurance, has announced they are offering a new program called Social Security 360 which is designed to give advisers and their clients a clear understanding of their options to identify a filing strategy for the Social Security program.
Nationwide believes the implementation of this new program will help customers understand Social Security better by creating custom reports which will outline cash flow and income gap reports as well as additional information about claiming benefits. Nationwide hopes this program will eliminate some of the confusion surrounding Social Security and may help those who have not been able to hire a financial adviser.
Nationwide offers distribution comparisons for SSA
How does the program work? The Social Security 360 program uses specific software which will use algorithms to compare the election options for the retiree. For instance, the program will use information from the retiree such as whether they are married, divorced, widowed, a government worker or a beneficiary and make comparisons for different options and election strategies.
Nationwides Social Security 360 program will be added to their other retirement income planning strategies that they already offer to their clients. This addition, however, is more than what two-thirds of other financial advisors offer to their clients. Nationwide believes that this program is critical for retirees because according to experts, Knowing when to collect Social Security checks from the U.S. Treasury is a critical piece to structuring long-term retirement portfolios.
When should you take Social Security benefits?
Generally financial experts suggest that most retirees will benefit from delaying their Social Security withdrawals as long as possible, especially if they are trying to ensure they receive the highest monthly payout possible. Factors vary by person, however, and should be discussed with a financial planner.
The Social Security Administration is quick to point out, however, that they already offer information to retirees about Social Security withdrawals. But those who want more personalized attention or who cannot get a hold of the SSA may benefit from contacting a company such as Nationwide.
Why do you need Social Security Benefits?
There are thousands of baby boomers set to retire over the next several years. For many of them Social Security will be their main source of income. Not only will delaying payments increase their payouts, it could also affect their taxes.
Social Security benefits have also become increasingly important over the last twenty years as companies have moved away from defined contribution plans to personal pension plans, which require employees to save money on their own. Unfortunately, many retirees have not saved enough for retirement or they have had a major life crisis which has drained their life savings.
Making good decisions about Social Security may now be critical to ensure you can support yourself and your family after you stop working.
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