Symetra Life Insurance Company unveiled a new web-based retirement planning toolkit for financial advisors this week as part of an education campaign that tackles the question: “Does it pay to delay Social Security?” “The timing of a client’s Social Security start date can have a significant impact on his or her retirement income planning. We developed planning tools and identified resources to help advisors assist their clients with this important decision,” said Rich LaVoice, Symetra executive vice president, Retirement Sales and Distribution. In addition to a higher monthly benefit, delaying Social Security can provide:
- Tax advantages, by deferring or reducing taxation on those benefits.
- Spousal advantages, by potentially locking in a higher lifetime benefit for a surviving spouse.
- Inflation protection, which is built into the Social Security program and mitigates one of the biggest risks faced by retirees.