Social Security Longevity | Social Security Isn’t Enough

At some point in the last year, you’ve probably read an article on Social Security. Whether it’s a politician’s plan to “fix” it, or a wealth guru’s take on what’s going to happen to it in the coming year, the message is clear, Social Security isn’t as reliable as it once was. As a financial advisor, it’s critical that you communicate to your clients that Social Security alone won’t be enough, especially with the shift from retirement planning to longevity planning. 

Social Security woes


Social Security, while great in theory, is facing problems from all different angles. One of the most significant is the payer/recipient ratio. In 1940 it was roughly 159:1, in 2013 it was about 3:1. With population on the decline in the U.S., it’s likely only to get worse. There are other problems as well and as a financial advisor, you’re in the know about a lot of aspects of retirement, but have you communicated those to your clients?

Many retirees are planning on using Social Security as the main pillar of their retirement financing, however, it probably won’t be enough. This is especially true given the changing landscape of healthcare costs and implementations.

How to solve for your clients’ Social Security deficit

Genivity’s HALO assessment can help mitigate some of the concerns around the shortfalls of Social Security. If a client can have a better expectation of what kind of care and how much said care will cost, they can plan around those expenses while taking their fixed Social Security income into account. 

The HALO assessment gives clients advanced knowledge allowing them to potentially purchase insurance policies around things like long term care or paying for in-home care. It also allows them to make preparation to their living spaces and care network while their still mobile and relatively healthy, mitigating the need to spend their Social Security on maintenance issues.

The old adage “knowledge is power” couldn’t be more true when it comes to talking about the state of your clients’ longevity plan. Having conversations now and making preparations for all sources of income will give them the best chance of enjoying their retirement and finishing out life on their terms.