Creating smart Social Security claiming strategies for your client is more complicated after the recent Social Security rule changes and new Tax Cut and Jobs Act.
Annuities can be qualified or non-qualified and are subject to different tax treatments. There are also estate tax consequences as well as tax penalties to consider.
If retirees intend to rely heavily on Social Security for income, they should consider adjusting the timing of their bills to the date that they will receive their benefits.
Mutual fund costs have fallen to 48 basis points in 2016 from 77 basis points in 2000 for plan participants, according to data from Investment Company Institute.
Whether the husband takes reduced benefits has no impact on the spousal rate, although it could effect potential widow's benefits, according to a Social Security expert.
