MINNEAPOLIS--(BUSINESS WIRE)--A Social Security video that illustrates factors people should consider when planning their Social Security benefits is now available at www.allianzlife.com/socialsecurity. The video, developed by Allianz Life Insurance Company of North America (Allianz Life®), is one component of a Social Security education program that includes other planning resources and a web tool. Offering key issues that consumers and financial professionals should consider, the 2-minute video highlights some situations that may impact Social Security benefits and stresses the importance of integrating Social Security benefits into a complete retirement portfolio.
"Social Security is the foundation of retirement income for most Americans,” said Deb Repya senior director of Allianz Life Advanced Markets. “It is so important that baby boomers, who have not yet filed for Social Security benefits, understand the possibilities since benefits vary depending on starting ages and filing strategies selected.”
The video, titled “What you don’t know about Social Security could cost you,” highlights various Social Security benefits that consumers should know about before beginning their income benefits. Depending upon when and what options are chosen, the amount of Social Security income a retiree could receive will vary. The video highlights some of these scenarios to factor in, such as having a disabled child, obtaining a benefit as a divorced spouse, or understanding how Medicare may impact Social Security income. While Social Security benefits alone may not be enough to cover retirement expenses, they can fit into a complete retirement income strategy and should be discussed with a financial professional. Clients should also work with their tax advisor or attorney, as financial professionals are able to provide information but not guidance or advice related to Social Security benefits. Financial professionals may be able to identify potential retirement income gaps and may introduce insurance products, like an annuity, as a potential solution. Social Security payout rates can and will change at the sole discretion of the Social Security Administration.
“Our Social Security tools reinforce the importance of meeting with a financial professional and tax advisor to understand what Social Security provides,” adds Repya. “These tools can also help financial professionals consider financial products that offer the opportunity for lifetime retirement income for consumers to supplement their Social Security income."
As a part of the educational program, Allianz Life provides additional Social Security tools for financial professionals including reference sheets, a Social Security web tool and case studies to help customers create a retirement strategy that may appropriately fit their needs.
This document is designed to provide general information on the subjects covered. Please note that Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, their affiliated companies, and their representatives and employees do not give legal or tax advice, or advice related to Social Security benefits. For more information, clients are encouraged to visit their local tax advisor, attorney or Social Security Administration office for their particular situation.
Guarantees are backed by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America. Variable annuity guarantees do not apply to the performance of the variable subaccounts, which will fluctuate with market conditions.
Products are issued by Allianz Life Insurance Company of North America. Variable products are distributed by its affiliate Allianz Life Financial Services, LLC, member FINRA, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. www.allianzlife.com
About Allianz Life
Allianz Life Insurance Company of North America, one of FORTUNE’s 100 Best Companies to Work For in 2013, has been keeping its promises since 1896. Today, it carries on that tradition, helping Americans achieve their retirement income and protection goals with a variety of annuities and life insurance products. As a leading provider of fixed index annuities, Allianz Life is part of Allianz SE, a global leader in the financial services industry with 148,000 employees worldwide. More than 78 million private and corporate customers rely on Allianz knowledge, global reach, and capital strength to help them make the most of financial opportunities.
Allianz Life Insurance Company of North America offers insurance and annuities in all states except New York.
In New York, products are issued by Allianz Life Insurance Company of New York.