“File and Suspend” is going away and just like every other time the Government changes things it gives us in the financial services industry an opportunity to advertise those changes and educate clients about the best way to deal with them. For years the “File and Suspend” strategy has been a benchmark topic at Social Security workshops all over the country. This strategy may be gone but the workshops will continue thanks to the geniuses at the Social Security Offices… They didn’t make it easy to understand the best way to claim; they just took away one of the best ways to maximize benefits.
So it’s good news/bad news for us and just bad news for the clients. The good news is that advertising changes in Social Security will most likely create a spike in your workshop attendance. The bad news is one of the best talking points at your workshops is going away. I guess if you are looking for some positive in all of this you could say its good news/bad news for clients as well. Bad news is that your client “may” receive less total dollars over their life because of this change. The silver lining could be that Social Security “may” be around longer before it runs out of money.
This is a great reminder for all of us to visit our clients that have not completed their claiming strategy plan as of yet and work together to build one so opportunities won’t be missed.