Social Security planning is a major focus for financial advisors and their clients — and with good cause. If you look at the data and statistics from Social Security, the reason is clear: Among elderly Social Security beneficiaries, 53 percent of married couples and 74 percent of unmarried people receive half or more of their income in retirement from Social Security.
The problem with Social Security planning, however, is that most folks are not prepared for — or just don't understand — how much of their monthly Social Security benefit will be consumed by health-care expenses.