Meet Andrew J. Jaramillo, CLU®, ChFC®, CLTC, a fireball at age 74. Andrew has been a financial advisor for over fifty years. After retiring from New York Life, Andrew became an independent advisor with PlanMember, where he primarily works with superintendents and educators in southern California. He is also a member of Million Dollar Round Table's Top of the Table. His goal is to help clients continue to receive at least 100% of their income throughout retirement.
Given his clients’ multiple pension incomes, Andrew uses TRAK’s Strategic Social Security Calculator. “The Strategic Social Security Calculator has been dynamite. I use it mostly with educators,” says Andrew. “They’re surprisingly unaware of their retirement benefits.”
Andrew uses the Strategic Social Security calculator in his seminars to educate audiences about the variables involved when making decisions about Social Security. “I’ve done seminars with 25-50 people,” explains Andrew. “TRAK’s Social Security calculator opens clients’ eyes to different scenarios based on different ages and whether there is a spouse.” With the Strategic Social Security calculator, advisors can easily educate clients about their options.
Andrew has always been savvy about the file-and-suspend strategy—filing at full retirement age and suspending the benefit as a way for a spouse to begin receiving benefits—but TRAK’s Strategic Social Security calculator has revealed even more scenarios for Andrew to consider. “The Social Security calculator can present many potential scenarios,” says Andrew. “The calculator breaks down the three top options: retire at age 62, retire at the full retirement age or wait until age 70. And it’s visually easy to understand.”
With the Social Security calculator, advisors maximize their clients’ benefits by planning for inflation, long-term care costs, survivor benefits, and the client’s desire to leave a legacy. “I recently heard a story about a teacher who lost not only her husband, but also $30,000 of income per year,” explains Andrew. “Had she understood her Social Security benefits, she would have bought life insurance to replace that income.”
“I absolutely recommend TRAK. Anyone who’s not using it isn’t an advisor, but merely a salesperson.,” says Andrew.