In an environment of heightened policy uncertainty and increased client anxiety around retirement income, former SSA Director Kurt Czarnowski will begin with a concise update on the current state of Social Security and a practical refresher on foundational claiming strategies. Drawing on decades of experience inside the Social Security Administration, Kurt will ground the discussion in what advisors need to know today before challenging one of the most entrenched pieces of conventional wisdom in retirement planning.
Derek Tharp will then examine why the standard advice to delay Social Security until 70 may not apply as broadly as conventional analyses suggest. Many Social Security claiming studies use a 0% discount rate, treating a dollar of benefits at age 62 as equivalent to a dollar at age 95 — an assumption that systematically favors delayed claiming while overlooking important real-world considerations. We’ll explore factors typically absent from standard analyses: mortality risk, sequence of returns risk, policy uncertainty, health span limitations, and the well-documented behavioral reality that retirees spend Social Security income far more readily than portfolio withdrawals. Using dynamic programming models that account for these empirically documented preferences, this session will demonstrate how personalized discount rates adjusted for each retiree’s circumstances can shift optimal claiming strategies meaningfully earlier than conventional guidance would indicate, and why early claiming often reflects rational decision-making rather than financial mistakes.
*CE/CPE Eligible: 2.0 CE credit(s) is(are) available to FEN Members with these designations: CFP, CLU, CHFC, RICP, IAR, CDFA. CPA and EA members will earn 2.0 CPE credit(s).
Field of Study: Specialized Knowledge
Prerequisites: There are no prerequisites for this session.
Advanced Preparation: None
Program Level: Basic
Delivery Method: Group Internet Based
NASBA Approved
Financial Experts Network (Sponsor Id#: 145173) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
Derek is a CERTIFIED FINANCIAL PLANNER™ and the founder of Conscious Capital, LLC Derek has over eight years of experience helping clients plan for retirement and achieve their financial goals. In addition to working with clients, Derek works as an Assistant Professor of Finance at the University of Southern Maine and serves as the Program Director of USM's Financial Planning program.
Derek regularly contributes to the wealth management section of the Wall Street Journal's Experts Blog. He also blogs at Nerd's Eye View, which is a leading industry blog for financial planners. Derek has been quoted in outlets such as The Wall Street Journal and The New York Times. His research has been published in academic journals such as Journal of Financial Planning, Journal of Retirement, Financial Planning Review, Journal of Personal Finance, and Journal of Financial Counseling and Planning.
Kurt is the former Regional Communications Director for the Social Security Administration (SSA) in New England, a position he held from December of 1991 until his retirement at the end of 2010. He began his career with SSA in 1976, and during his 34 years with the agency, he worked in several different management and staff positions in the Greater Boston area.
As Regional Communications Director, Czarnowski was responsible for coordinating the Social Security Administration’s public affairs/public information activities in the six New England states. In this role, he was a frequent speaker at local and regional events for members of the public, and in his “retirement,” he has been invited to speak on Social Security at events, not just in New England, but across the country, as well.