Re: Positioning Social Security Income
by Vince Dean Life Sales Consultant
Last month in this column, we expanded upon the idea of using items found within clients' individual income tax returns to help determine products suitable for fulfilling their retirement goals and objectives. This month we'd like to focus on one of the tax line items in particular that you might have reviewed: Social Security Income.
As a common income source for individuals age 65
and older, many clients rely on social security benefits to support their day-to-day lifestyle. However, for more affluent clients or those who have a retirement plan in place that doesn't require the use of this income source for daily life, there may be better ways of using this money to fulfill their wants and needs.
This Social Security Maximization concept is a perfect example of a "yellow pad sales idea," one that you can quickly and easily summarize for your clients on a single sheet of paper. It doesn't require illustrations, statistics or charts; simply do some fact-finding through good conversation about their current income situation or a review of their most recent tax return. You can then provide a written summary of their social security income and the amount the clients are receiving after tax. In turn, show them what kind of legacy value this would provide for their heirs.
Ask the clients if they would be interested in taking this unneeded, unnoticed income stream and turning it into a dramatically different legacy for their children, grandchildren or charity of choice. By repositioning this money in a permanent life insurance policy, particularly one that offers a guaranteed death benefit designed to build tax-deferred cash value and protect the value of the asset over time, your clients will be able to create a lasting legacy that could be multiple times greater than the one they saw in the first example. Furthermore, the life policy could reduce your clients' overall tax burden.
As you take a comprehensive look at clients' current income streams, you can identify strategies for repositioning assets and utilizing life insurance policies for helping secure their heirs' financial futures, as well as their own. Call your Creative Marketing Sales Consultant today and ask for your copy of Transamerica's Social Security Maximization form to get started.
FOR AGENT USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. 11576 - 2011/3/7
Guarantees provided by life insurance are subject to the financial strength of the issuing insurance company; not guaranteed by any bank or the FDIC. Agents may not give tax, legal, accounting or investment advice. Individuals should consult with a professional specializing in these areas regarding the applicability of this information to his/her situation.