Two Social Security Do-Overs To Maximize Income
FRONTLINE
Cambridge Launches $ 1.1B AUA Independent RIA Platform BridgePort
Fairfield , Iowa-based Cambridge , the parent company of broker-dealer Cambridge Investment Research , in early January announced the launch of BridgePort Financial Solutions , a registered investment advisory firm that has $ 1.1 billion in assets under advisement and was created to support fee-only independent advisors .
Eddie Rollins will join BridgePort as managing director to lead the new RIA , according to the announcement . Rollins is a former partner at Horizon Investments and helped lead its distribution efforts .
BridgePort will support smaller RIAs with technology , succession , acquisition , practice management , business consulting and outsourcing services , according to the announcement .
Advisors will have the ability to transfer a minority , majority or full ownership stake in their business to BridgePort , adopt the BridgePort branding or maintain their own established brand and work with the firm to create continuity and succession plans .
“ We understand the unique challenges faced by smaller advisory firms in today ’ s rapidly evolving financial services landscape ,” said Jeff Vivacqua , Cambridge ’ s president of growth and development , in released comments . “ We created Bridge-
Port with the smaller RIA business owner in mind ; for many firms that fall into this category , it may make sense to streamline operations and accelerate their growth pattern by becoming part of a larger group . That is why we created this stand-alone firm . It is a different business model than Cambridge . BridgePort is our newest solution for fee-only financial advisors interested in taking that next step .”
Upon launch , BridgePort will focus on acquisitions as well as the long-term growth and longevity of its advisors , according to Cambridge .
— FA Staff
Two Social Security Do-Overs To Maximize Income
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they have received benefits for less than 12 months and have not filed for a withdrawal before , according to the Social Security Administration .
Those who do qualify to suspend their Social Security benefits can earn delayed retirement credits of 0.666 % each month they ’ re suspended , or 8 % annually , as well as cost-of-living adjustments .
Clients who suspend Social Security benefits will stop the benefit the month after they make the request and are able to restart benefits at any time , at whatever the new payout will be .
Those who do qualify to suspend their Social Security benefits can earn delayed retirement credits of 0.666 % each month they ’ re suspended , or 8 % annually .
Clients who suspend do not need to repay any payout they ’ ve already taken , but while their benefit is suspended , the program will also suspend those claiming benefits on the client ’ s record , such as a spouse or minor child . It will not affect an ex-spouse claiming benefits on the client ’ s record .
Clients can withdraw their benefits at any age , as long as they started receiving benefits less than 12 months prior and have not filed for a withdrawal of benefits before . But they will have to repay any benefits they ’ ve already received , including any Social Security payouts as well as payments the program made in their name for Medicare and taxes and payments made to a spouse or children .
The good news is that when a client withdraws their benefit , it ’ s as if they never filed for Social Security . They can restart anytime and , in the meantime , their potential benefit will increase by up to 8 % annually once they hit full retirement age .
— Tracey Longo
14 | FINANCIAL ADVISOR MAGAZINE | JANUARY / FEBRUARY 2024 WWW . FA-MAG . COM