A Strategic Approach to Social Security Video from Savant Wealth Management

[Music] Download our complimentary guidebooks, checklists, and other useful financial resources at savantwealth.com/guides. Welcome to today’s webinar. Thank you for joining us. Today we are discussing a strategic approach to social security. My name is Jeris Gaston and I’m an adviser here at Savant. Joining me is fellow advisor Ryan Monette and you will hear from him in just a little bit. So, thank you all for taking your time to be with us today. Today’s topic is always timely and at times can be very simple and at other times can be quite confusing and what’s good for your neighbor may not be good for you. So, I look forward myself and Ryan to helping provide you with some clarity today. But before we get started, we must first keep our compliance team happy as our intentions today is to provide information only as everyone’s situation is unique and different. So, now that we have the disclaimer out of the way, let’s look at today’s agenda. Combined, Ryan and I have met with hundreds of peoples over the years, and social security is one of the main topics we get asked. So, today’s discussion will center around the questions we get the most. To best answer those questions, we’re going to start with some historical information and the important mechanics of the social security system. We will then review the solvency issues currently facing the system and hopefully shed some light on the question we get asked the most which is will social security be around for me? Then we will discuss various factors that individuals should consider before filing for social security. And finally, we’re going to end on some red flags to make sure that these are on your radar. We’ve seen these happen over the years. And with that, let’s jump right in. So, to understand if social security will be around, let’s take a step back and understand why it was started and then talk about how it works today. The Social Security Administration was created when President Roosevelt signed the Social Security Act into law on August 14th, 1935. It was never designed to fully fund one’s retirement, but and as you can see, the first benefit was for a woman named Miss Ida May Fuller. It was merely $22 a month in 1940, which is around $550 in today’s dollars, but it provides an important income today to almost 71 million Americans. The original claiming age was 65 and in 1935, believe it or not, there was a lot of debate at whether or not that should actually be age 70. So, had that occurred, we might not be in the solvency predicament that we are today. But in 1961, they did add the ability to take a early retirement at age 62 for a reduced benefit. So, prior to 1977, Congress decided that there would be a cost of living adjustment and that was made automatic in 1972 to better protect the benefit from inflation. So, as you can see the program has shifted from its original intent and melded with the times. So, let’s take a look and see how it operates today. So, here is how the modern social security system works. To be eligible for the benefit, you must have earned 40 credits or worked for 10 years. And each quarter you work, you earn and you earn 1740. You earn a credit. So, the number of credits you earn does not actually impact the amount of social security benefit that you’ll receive. It just allows you to qualify or not. So, your benefit is ultimately based on your highest 35 earning years. So, later in life, those years of flipping burgers and scooping ice cream, those fall off and your past wages are indexed for inflation to ensure your future social security earnings reflect the rise in the standard of living. So, that brings us to the average index monthly earnings or AIM and then also the primary insurance amount or PIA. So, Social Security uses a complex formula that’s beyond the scope of our discussion today to determine the actual amount an individual receives at their full retirement age. So, it’s based on that AIM number which looks at your past earnings history. It adjusts for inflation and then it divides by the number of months in the years being used in the calculation. The good news is you don’t have to remember all of that. that social security will do that for you.  this calculation then determines the PIA or primary insurance amount that you will receive at your full retirement age. So, I’ve mentioned full retirement age a few times now and in a few minutes Ryan’s going to share what that specifically means to you as it is not the same age for everybody. So, teaser to please pay attention. If we assume that your highest 35 working years have been at or over the taxable wage base, then the maximum full retirement in 2025 is $4,18 a month. If you defer until age 70, then in 2025, the maximum amount that you can receive is $5,18 a month. So, if you’re wondering how you stack up, the estimated average social security benefit in 2025 is 1955 a month or $23,460 a year. So, despite the modern-day workings of the system, Social Security as we know it is technically underfunded. So, it’s very likely that we will see changes in the future. The headwinds of course are people are living longer. They may elect earlier retirement, less people are paying in. There are higher costs due to inflation. And finally, we go through recessionary periods think the COVID years when taxable income is lower. So, it’s thought that at this time the trust assets will likely be exhausted somewhere around early 2033. So, on that cheerful note, I’m now going to turn it over to Ryan to talk a little bit more about the solvency of Social Security. Thanks, Jerus. Rarely does a month pass without a news headline warning about the solvency of Social Security. The headwinds of course are people living longer as you mentioned many of them electing early retirement also as you mentioned and less people paying into the system due to the increasing number of retirees and periodic recessionary periods that we come across from time think back to 2022 with the most recent bare market as well as COVID when many of our payroll tax revenue decreased. It’s now expected as you mentioned Jeris that the trust fund assets will be exhausted maybe as early as 2033. But here’s some of the headlines that we come across and these are from this year so far. And it’s not uncommon to see these throughout the year. As you know, Jeris, we get a lot of phone calls, especially when headlines like this come out asking about social security, the solvency of it. And so hopefully this next few minutes of the presentation that I go through, we’ll talk a little bit about the solvency and we’ll talk a little bit about what we should really be focusing on.

 

officially known as the annual report of the board of trustees of the federal old age and survivors insurance and federal disability insurance trust funds. We’ll simply just refer to this today as the trustee’s report. A special  note from my standpoint  near and dear to me is way back in 2012 I was just three years with Savant at that time and when I started as a full-time person and in our planning department I spent a lot of time thinking about how am I going to separate myself from others and social security was the topic of choice. spent a lot of time over the years reading the  what I’ll just refer to as the trustees report and I can tell you going way back a number of years ago they’ve been highlighting in this report the insolvency leading up to this point and they’ve also been highlighting what some of the changes are that can be made by Congress in order to make sure that social security is around fully paid and funded  for many years to come. So, the trustee’s report is an annual report highlighting the financial status of the social security trust funds which consists of the old age and survivors insurance trust fund and the federal disability insurance trust fund may be wondering how the trust funds are funded. The trust funds are funded by taxpayer dollars namely FICA payroll taxes. So, if you look at your paystub or your annual W2 statement you will see the tax withholdings from your payroll. The total tax is 7.65% for the employee and another 7.65% that your employer plays on your behalf. And for those self-employed, guess what? You get to pay the entire portion. Social Security receives 6.2% and Medicare receives 1.45% of that amount. The 2025 report highlighted a continuing issue as Social Security and Medicare continue to face significant financing issues. Social Security trust fund is capable of paying 100% of scheduled benefits only until the year 2033. And it’s at that point the reserves will be depleted in the remaining FICA income tax will be sufficient to pay 77% of all projected benefits. The disability insurance fund is funded adequately, but disability benefits paid out is relatively small when comparing this to social security retirement benefits paid out. So, when you combine both of the trust funds together, the reserves are cap capable of paying 100% of scheduled benefits for one additional year. So, if they do decide to combine both trust funds, we’ll actually have solvency through 2034.

But given the status of the trust funds, what are some of the potential solutions that have been proposed to ensure that social security will be around for everyone? I’m going to give you a few of those. One strategy might be to increase the payroll tax rate. Currently, all working Americans are paying 6.2% deducted from their paycheck and the employer covers the other match on that for a total of 12.4%. So, one strategy that’s been proposed is increasing this percentage tax, which would generate more tax revenue. However, it would be kind of considered like a tax on the American working people. Raising or eliminating the taxable wage base would make a significant change towards meeting future solvency. Currently, it’s the first 176,100 of wages that is taxed for social security. Although this figure is adjusted for inflation annually, increasing further or removing the cap entirely would create additional revenue for the trust funds. Another thing we could do is broadening the tax base, which would create additional dollars for the trust funds, too. There are a number of workers that do not pay into the Social Security system as it is right now and haven’t. But due to the recent Social Security Fairness Act passed in January this year, these same workers may now be eligible for full Social Security benefits if they meet certain criteria. So, a strategy could be open up that taxable wage base to everybody that earns money here in the United States. And finally, another possible solution to increase revenue into the Social Security trust funds would be for Congress to appropriate additional funding from the general tax fund to cover future shortfalls. Essentially, this would be allocating other tax dollars received by the federal government towards Social Security and Medicare. So, on one side, we can increase revenue solutions. On another side, we can decrease benefits. So, let me cover some of the strategies that would be geared at decreasing social security benefits to help prevent insolvency. One solution could be increasing the full retirement age. This is the age at which individuals receive 100% of their promised benefit. Pushing the full retirement age from 67 to an older age would essentially reduce the benefits for anyone wanting to claim earlier. This would decrease the possible outflows from the trust fund and therefore increase solvency. Similarly, the very first age at which an individual can start social security retirement benefits right now is age 62. So, changing the starting point to a later age would also have a similar impact. Social Security retirement benefits are scheduled to increase for inflation called a cost-of-living adjustment. So, if we change the way in which the cost-of-living adjustment is calculated, this could have an impact on reducing future benefits. But currently, COLA is calculated by comparing the average consumer price index for urban wage earners and clerical workers from the third quarter of the previous year to the third quarter of the current year. A possible solution would be changing this to a chained CPI approach, which that calculation would actually reduce the annual COLA benefit and therefore reduce increases in social security benefits to recipients year after year and therefore increasing the solvency of the program. Reducing benefits for higher earners would all be another possible solution. So, an example of this would be using an individual’s tax return to determine any reduction in next year’s social security benefit. So, for example, those with a greater modified adjusted gross income would see a reduced benefit amount. As I’ve been explaining different solutions such as increasing social security revenues or decreasing social security benefits, you consciously or unconsciously were likely agreeing or disagreeing with these possible solutions. And that my friends is why not much has been done to correct the future insolvency issues of the system. Any changes would impact a large voting base? I think the big question is should we panic? And  no, you shouldn’t panic, but you should definitely plan. You can do this by reviewing all of your resources, your budget, and what you would need to change if there was an increase in taxes or a decrease in benefits received. I do believe that social security program will endure, but we should also be smart and plan ahead just in case. And with that, I’m going to pass it over to Jeris, who’s going to talk a little bit about when and how you should take Social Security. Thanks, Ryan. So, as you’ve seen, there are many moving pieces and complex rules. And Ryan, I’m glad you emphasize the need to focus on what we can control. So, while changes are likely, we don’t think Social Security is going away. So, let’s not, you know, make hasty decisions when it comes to claiming it. And that’s a nice segue into our next session. We’re going to discuss what to consider before claiming Social Security and how to claim it when you’re ready. So, all the information we’ve mentioned so far is referencing the individual worker that pays into Social Security taxes. However, there are benefits available to spouses, divorced spouses, and survivors as well. So, let’s go through each of these and break them down. So, let’s start with survivor, excuse me, spousal benefits. Spousal benefits allow a husband, a wife, or eligible ex-spouse to receive social security income based on their spouse’s work record, even if they didn’t earn enough credits on their own. So, think of it as if your spouse has a strong work history, you can share in their benefit. So, to receive spousal benefits, you must be married, have been married for at least a year. You must be 62 or older. Your spouse must already be receiving Social Security benefits. And you can’t collect both full benefits on your own record and your spousal benefits. What you will get is whichever is higher. So, how much can a spouse receive? So, at your full retirement age, you can receive up to 50% of your spouse’s full retirement benefit. Not their delayed benefit at age 70, but their full retirement benefit. If you claim before full retirement, say age 62, that benefit is permanently reduced. So, it can be as low as 32.5% of your spouse’s benefit. So, let’s give an example. So, let’s say your spouse’s benefit is $2,000 a month. At full retirement, you could receive 50% of that, which is $1,000 a month. But if you claimed at 62, you’d receive around $675 a month or 32.5% of that benefit. So, something to think about when you’re claiming. So, when you apply for social security, they will automatically compare your own benefit with your spousal benefit and you’ll get the higher of the two. So, you really don’t have to do that calculation yourself. They will help you with that. So, let’s talk about divorce spouse benefits. You can still qualify for spousal benefits if you were married to your ex-spouse for at least 10 years. you have been divorced for at least two years and you’re unmarried now. Your ex-spouse is eligible for benefits. They don’t have to be claiming them yet. They just have to be eligible. And you’ll receive up to 50% of their full benefit. And your claim does not affect their ability to take benefits or their current spouses if they’re remarried. So, if your ex-spouse has passed away, your potential social security benefits change from spousal to survivor, which is what we’re going to talk about next. Survivor benefits are usually larger and more flexible. And like I said, we’re going to look at those in a moment. So, the next one is a minor survivor. When a parent who has worked and paid into Social Security passes away, their children may be eligible for monthly survivor benefits. A child can receive a benefit if they are unmarried, under the age of 18 or up to age 19 and are still in high school as a full-time student or any age if they are disabled and the disability began before they turned 22. Each qualifying child can receive up to 75% of the deceased parents social security benefit and but there is a limit to how much the family can receive in total. All right, the final benefit area is the survivor benefits. So, if your spouse passes away, you can receive up to 100% of their benefit amount. You can claim as early as age 60, which does give you a reduced amount. You can switch from survivor benefits to your own benefits later or vice versa. So, let’s think about an example of that. A widow or widower at age 60 could take a survivor benefit, then switch to their own full benefit at age 67 if it’s higher. So, there’s a key strategy tip here, and you’ll see this theme throughout us speaking on this webinar. Waiting until full retirement age maximizes both your own and spousal benefits. So, if your spouse delays benefits to until age 70, their benefit grows, but your spousal benefit does not increase as a spouse past their full retirement age. So, you can see waiting until full retirement age is the triggering event to optimize many of these benefits. Okay, it’s at this point I feel the need to pause and say and remind everybody that everyone’s situation is different and this can be a very nuanced topic. So, let’s we’re going to get to how we can talk more about individual situations at the end, but let’s take a look at some things to ask yourself before you start the cleaning process.

So, my clients and I often joke about this topic a little bit because if they can tell me exactly how long they are going to live, then we know when to take social security. But since they can’t do that, we have to think about other factors that come into play. First is health and life expectancy. If you know longevity runs in your family and you expect to live well into your 80s and 90s, delaying benefits can pay off long term. If you have health issues currently or which might lead to a shorter expectancy, taking benefits early makes sense. The typical break-even point is somewhere around 78 to 80. The second factor of determining whether to take social security is the earnings test before your full retirement age. So, if you claim before that full retirement age and still work, your benefit may be temporarily reduced. So, in 2025, Social Security deducts $1 for every $2 earn $2 earned over 22,320 a year. Once you reach full retirement age, that reduction stops and your benefit is adjusted upwards. So, again, after full retirement age, you can make un you can earn unlimited income without penalty. So, we see that full retirement age again being a very pivotal moment in this process. Third, as we’ve just reviewed, the spousal benefit has some strategies to take into consideration. Mostly if one spouse has a higher benefit amount, delaying that spouse’s claim can increase the survivor’s benefit later. The fourth factor is your own savings and pensions and investments. If you can live comfortably without social security right away, then delaying them guarantees increases your guaranteed earned lifetime income for social security. For some, taking benefits early helps preserve those investment portfolios and for others, waiting helps grow their monthly floor of income for Social Security. So, we’ve talked about the different types of benefits. want to turn it back over to Ryan to dig into some of these factors a little bit more and how they can apply to your situation.

All right, thanks again, Jeris. As you so kindly explained, there are many factors to consider that might impact when you claim social security benefits. So, as financial planners like us, we like to start by thinking about the goal before we think about the tactics and strategies.  so we’ll ask our clients, you know, what are you trying to solve for and what are you trying to accomplish? Do you have any behavioral biases perhaps about that might impact you know your thought process on the social security claiming strategy? A bias would be well you know I know someone that delayed a little bit longer than they should have and they passed away early or I know somebody you know for example that had no sources of income and needed to start right away. I feel like maybe that could be me. And so, these biases are typically based on, you know, your own situations and what you’ve experienced over your lifetime, what your friends and family may have experienced. So, I want to kind of break this down a little bit and help individuals decide really what they should be thinking through. So, a very common question to ask when thinking through the social security claiming process is, are we aiming to maximize the total amount of benefits that we receive over our lifetime or are we trying to kickstart a stream of income in the short term? There’s typically a trade-off because you need to defer benefits in order to maximize them. And it’s important to understand and calculate the benefit amount you will receive at each age and determine how that decision impacts your short-term and your long-term goals. As Jeris just mentioned, longevity plays a big role in your claiming decision. I’ve heard many people say, “I might not live that long, so I want to take the benefits now.” While there might be a few people that know they have a short time horizon ahead of them, the fact is that most people still have a lot of time ahead of them. So, we’ve got to work through that uncertainty on longevity and think more about how our resources can be used to meet our long-term goals. Lastly, it’s important to think about potential spousal and survivor benefits if you’re married. We need to shift the focus from your lifetime total benefits to the total lifetime benefits as a couple. It’s not just a single life expectancy that we need to think about, but the combined life expectancy. Oftentimes, we can solve for short-term cash flow needs and long-term cash flow needs at the same time. For example, having a higher earning spouse delay benefits to get permanently greater amount may meet the long-term cash flow need, while having the lower earning spouse claim right away may meet the short-term cash flow need. Because a surviving spouse continues to receive the larger of the two social security benefits, maximizing at least one of the two benefits can protect against rising costs as we age. For those individuals that claim social security early and want a do over, there are a couple strategies that exist. So, if you’re already claiming and you think maybe I shouldn’t not have done that, this is your time to listen in. First, if an individual claims social security before their full retirement age, they’ll have a 12-month period of time to decide whether they would like to continue or not. And if they decide not to continue, they will need to pay back the entire amount received. That might not feel so good. But doing so treats their future Social Security benefits as if they never took the benefit at the earlier start age. So, I rarely see this strategy used. I think partly because if you’ve started early, it’s probably because you wanted some cash flow to begin and you may not have resources to pay it back. Another strategy exists after an individual meets their full retirement age. This won’t work until their full retirement age has been reached. It’s at that point or later that an individual can elect to voluntarily suspend their social security benefit, even if they have already started them. While your benefits are suspended, you earn delayed retirement credits, which increase your monthly benefit when you restart them later. So, why would you do this? Sometimes we see people who took the benefit but realized they didn’t need it in their cash flow due to other income sources. Oftentimes, this is because they decided to go back to work or they wanted to increase their survivor benefits. Essentially, voluntary suspension lets you hit the pause button on your social security after full retirement age. While paused, your monthly benefit quietly grows about 8% per year until you start again, giving you a higher inflation adjusted income for life. So, remember those break-even ages that Jeris referred to earlier, the ages at which claiming benefits as early as possible compared to delayed as long as possible intersect each other. It’s around age 80 that the benefits actually are equivalent to each other. So, this chart on the screen that you’re looking at right now shows us the cumulative lifetime benefits of three claiming strategies. Age 62, age 66, and age 70. And we can examine where those lines cross over. If you knew exactly how long you’re going to live, this would be the chart you’d reference to pick the optimal claiming strategy for yourself. But keep in mind that according to IRS and Social Security life expectancy tables, a 62-year-old today is expected to live until about age 86. So, if you were only interested in maximizing your cumulative social security benefits over your expected lifetime and you do live to that average age of 86 or beyond, deferring until 70 is the clear choice.

All right. So, now we’re going to talk a little bit about how social security can fit into your retirement income plan. And that’s something that we’re big on here at Savant. We like to look at all resources available to our clients and help them create a income strategy in retirement that only maximizes all of their resources. So, integrating social security benefits into your retirement income strategy is a really important step to the financial plan. In a sense, social security is like a big bond in that it will produce consistent known fixed income. It can be an important source of income for individuals ability to meet their future spending goals. And for those individuals that maximize their social security benefits and therefore social security meets a larger portion of their spending over time, you may have the flexibility to take additional risk with your investment portfolio. And perhaps vice versa, for those of you that decide to claim social security as early as possible, the benefit meets a smaller percentage of your budget and therefore perhaps you may need to be a little bit risk averse in your investment portfolio. So, knowing what your social security benefit is, planning ahead and understanding the impact of social security will have on your overall income in retirement is a great step to take while pre-planning your retirement. So, what should you do next? If you haven’t already, you should log into the Social Security website ssa.gov and create your online account. You’ll be able to see all of your past annual reported earnings to be sure you’re getting credit for all the money you’ve paid into the system. Next, I would advise taking inventory of other benefits that may be available to you, such as spousal benefits, exposal benefits, survivor benefits, or ex-survivor benefits. Then from there, you should analyze your claiming options. Determine what’s your break-even age. Hint, it’s somewhere around that age 80. And which strategy is best for you to maximize total lifetime benefits. You should be thinking about those goals, the short-term cash flow needs versus the long-term cash flow needs. And finally, you should integrate Social Security into your comprehensive retirement strategy, weaving in taxes, investments, and any other income sources. Your Savant financial advisor can of course help you sort through all these important details. So, with that, I’m going to kick it back over to Jeris one last time, who is going to help us look into some of the red flags regarding Social Security. Thanks, Ryan. So, here’s the public service announcement from Ryan and myself at no extra charge. Recently, the Social Security Administration announced that they’ve seen an increase in scamming attempts. So, they’ve recently distributed the following information that we wanted to pass on to you. It’s always important to keep your guard up when you receive unsolicited communication, either by phone, email, or text. These scammers often pose as social security officials and they threaten arrest. They threaten loss of benefits. they’re even asking for money. So, something that you should definitely know that Social Security Administration will never threaten you with arrest or legal action. They will never demand immediate payment by gift card or wire or cash. And they will not ask for your social security number over the phone. These are all things we’re seeing the scammers try to do. So, if you have someone calling you asking for money or making threats about your social security benefit, first talk to someone you trust. It could be a family member, a friend, your financial advisor. We often unfortunately have to feel those calls because this does happen. And we can help provide clarity on this. And then this will help with the next two points. Protect your money and your personal information. Never hand out your personal or financial details to anyone over the phone.

And no one likes the feeling of being taken advantage of. But don’t be embarrassed to report this. The Social Security Administration has set up a hotline if you get targeted in order to report these bad guys. So, you’ll see that number on the screen and this will allow it to be reported to the social security office of the inspector general. So, now that we are armed with information about when and how to take social security and different circumstances that might pertain to you and now that we’re ready to protect that benefit. Ryan, what’s the next step if someone wants to learn more about their unique situation? Yeah, I mean the next step would be, we want to invite you to schedule an introductory call to see how we can help. It doesn’t cost anything, just a little bit of your time.  if you’re near one of our local offices, the coffee is hot and free. We’ll get you connected with a Savon adviser who will help guide you on your retirement journey and determine if you’re on track. So, simply click on the link in the chat. That concludes the prepared comments we had for you today. So, with that, we’ll move on to your questions. Here’s a question that came in. With the Social Security COLA, the cost-of-living adjustment increase, what impact does that have on my Medicare premium increases? Wow, that is a good question. So, that’s really related more to Medicare but it is tied to Social Security. So, so yeah, as colas apply to Social Security benefits, the Medicare Part B premiums also increase. So, last year, for example, we saw a 6% increase or $9.80 that bumped our part B Medicare premium to $174.70 per month for those of you in the base tier. And these premiums are typically deducted from the Social Security check and is a good example of kind of the government giveth with the COLA and then taketh away with your Medicare premium costs going up.

So, here’s another question. Let’s see. At one time there was a consideration to invest social security taxes in the financial markets. Will that ever happen? So, this question has to do with those trust funds and how the monies in the trust funds are invested. So, the question has to do with whether or not those monies would be invested in more traditional financial markets like stocks and bonds. So, to answer take a stab at it, Ryan, or you gonna try? Sure, I’ll I can take a stab at it. Okay. So, unfortunately not under current laws the requirement at the moment is to invest those dollars in US treasuries only. so you know but with that said, however, there’s a proposal being considered which would form an entity that would borrow one and a half trillion from the treasury.  that’d be 300 billion for five years and invest in a low-cost index funds. So, any earnings and growth would pay back the treasury and any excess would flow to the social security trust fund. So, you know, it’s kind of overly simplistic explanation of what they’re trying to accomplish, but it’s something that’s being considered and something that’s being pushed out there. And for those of us that understand investments really well, we wouldn’t shy away from that too much. No, we wouldn’t. And I see other questions coming in, but I think in the interest of time, we’ll get those handled offline. We do want to leave you with a little social security trivia, so for all of you to share at your cocktail parties this weekend, we already talked about Miss Ida. Do you remember her? She was the first Social Security recipient. So let’s go back to her for this trivia. So, the question you can ask is, how long did the very first recipient of Social Security receive benefits? Ryan, I don’t know if you know this answer, so I can give it I can give you the answer if you don’t know it. I don’t know the answer. So, Miss Ida May Fuller started collecting benefits at age 65 in January of 1940, and she lived to be 100 years old. So, she paid in total $24.75 over a three-year period of time. And her initial monthly check was $22.54. So, during her lifetime, Ida collected a total of $22,000, over $22,000 in benefits. So, maybe that tells you a little something about what’s going on with the system today., but the moral of that story is the Social Security system has been challenged since day one. So, we’ll keep our eye out for what will happen next. Yeah. Well, Ida May Fuller had quite the return on investment there. So, she did. Well, we thank everybody for joining us today and really this being educational content. We hope that there were some tidbits, you know, that we gave to you., and kind of reinforce maybe what you already knew a little bit., but, you know, ultimately, you know, that call to action, you know, get in touch with your financial advisor if you do have outstanding questions and maybe how Social Security plays into your overall financial plan. So, with that said, we appreciate your time and if you’re looking for more information about Savant and what we do and you know, please go to our website savantwealth.com to learn more about us or even to schedule that 15-minute complimentary call with us. So, thanks for joining us today and have a good rest of the day. If you enjoyed this webinar, visit savantwealth.com/guides and download our complimentary guidebooks, checklists, and other useful financial resources.