Thursday, March 8, 2018
In recent years, financial advisors have become much savvier when it comes to maximizing Social Security benefits through delayed claiming. Even with this increased awareness though, many advisors overlook the intricacies of Social Security’s non-retirement benefits. At its inception, Social Security was designed to alleviate the high rates of poverty among the elderly. In its modern amalgamation, the program has become an ever-expanding bureaucracy that takes in more resources while balancing precariously on the verge of systemic failure and delivering DMV-style service to those who need it. Even so, sensible advisors should make the effort to understand Social Security Disability Insurance given that a young person beginning his career today has a 33% chance of either dying or becoming disabled before reaching their full retirement age.
See Mark Miller, Social Security Disability and Your Clients: The Real Story, Wealth Management.com, January 3, 2018.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.