Why your clients’ Social Security checks are smaller than they expect

Reporter: David LaMartina

Publication: ThinkAdvisor


Deadline: Jun 16, 2017 12:00 pm

This story will be featured in a new, retirement-focused section of Nationwide’s ThinkAdvisor website. The new section will be similar in content to the previously featured Retirement Wire: This second round of stories for August and September will focus on Social Security. Several expenses are (or can be) withheld or garnished from monthly Social Security checks, including Medicare premiums, income taxes, child support and alimony. Even long-standing student debt may be withheld. This piece would explain which items are automatically withheld, which items may be withheld, and what degree of say clients have on the matter. Ultimately, this piece should help readers (other advisors) answer a few important questions they’ll likely receive from clients. Why is my check smaller than I thought it would be? Is there anything I can do to increase my monthly payment? Can I choose which expenses are withheld, and which I pay manually? If I’m not going to get as much money as I thought I would, how can I make up the difference? Requirements: I’d like to speak with financial advisors who frequently advise clients on their Social Security collection strategies, and who have dealt with clients whose Social Security income was lower than they had predicted.

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