In this year’s Wealth Planning Trends, we devote a section to the Silver Tsunami and how advisors can help the growing number of Americans aged 65 and older. A key area of focus is the Social Security Fairness Act and how it will impact millions of retirees, but there are other changes related to Social Security that advisors should be prepared to discuss with their clients.

In March, the Department of Government Efficiency (DOGE) published a list of 47 Social Security Administration (SSA) offices that had been designated for closure. Of those, 26 offices are set to close this year.¹

These 26 offices serve approximately 2.5 million Americans who are currently taking Social Security benefits.² Those figures are based only on populations within the county where the office is located, so the actual numbers could be higher, as not every county has a Social Security office. And when you consider all the Americans in their late 50s and early 60s who will begin taking benefits over the next several years, the number of people who will be affected grows even larger.

With the SSA in the spotlight recently and the Silver Tsunami gaining momentum, it’s important for advisors and clients to understand how the Social Security system works and how those preparing to or currently taking Social Security benefits can get the information they need.

Below, I’ll cover five things you can accomplish on the Social Security website, SSA.gov. It should be noted that the first step to accessing these resources is to create a “My Social Security” account. To do this, you must be at least 18 years old and have a Social Security number and an email address.

Simply creating an account allows users to see what their estimated benefit would be at Full Retirement Age (FRA), as well as sign up to begin receiving retirement, disability, survivor, or other benefits. Beyond those simple functions, take full advantage of the site’s resources with the following steps.

1. Review your earnings history

Even before you choose to take benefits, it’s important to consider how you might be able to increase your monthly benefits amount.

To calculate your benefits, the SSA looks at your highest 35 years of earnings, which are then averaged and put into a formula. On the SSA website, you can review your complete earnings history, and this provides the opportunity to consider ways to improve it. For example, are there years where you weren’t working to care for a child or parent, or you didn’t work and earn as much as in other years? If so, it may make sense to work another year or two so you can replace those low-earnings years with higher earnings.

Of course, as you get closer to retirement, working longer may be the furthest thing from your mind. But it’s important to remember that Social Security may be the foundation of your retirement income. It’s also worth considering that there are cognitive, physical, and social benefits that can be gained from working as you get older.

2. Calculate spousal and/or survivor benefits

Choosing how to claim your Social Security benefits is a very personal decision based on your career, your earnings, and your age. But it is a choice that impacts your spouse as well. Your benefits choices could affect the benefit (spousal or personal) your spouse chooses to take during your lifetime, as well as how much they might receive in survivor benefits after you die.

That’s why I encourage couples to research how their benefits-claiming decisions will affect each other and their overall financial situation. Luckily, the Social Security website has calculators you can use to estimate benefit amounts based on when you choose to start taking benefits.

This type of planning allows couples to get the most out of the system and make decisions that will help them meet their financial goals. Financial collaboration can also help increase couples’ overall financial confidence, since both parties are involved in the decision-making process.

3. Set up or change direct deposit information

Once you’ve decided to start taking benefits, you want to make sure you receive them. You can provide or change direct deposit information through the SSA website. In fact, federal law mandates that benefit payments must be made electronically, so providing your bank account information ensures benefits are received quickly and conveniently. You can also opt to have benefits deposited onto a Direct Express^® Debit Mastercard^®.

When setting up your direct deposit, it’s important to consider what account you want your benefits to go into. For example, will these funds be used for daily expenses throughout the month, or can they be put into an account that is earmarked for future expenses and can be invested?

4. Request a benefits letter (proof of income)

You can also request a Benefit Verification Letter through the SSA website. These letters can be thought of as “proof of income” documents and may be needed if you’re taking benefits for loan applications, housing assistance, or other instances when verification of your income is needed. The letters provide information on how much you receive per month from SSA, how much is taken out for medical insurance premiums (Medicare), and whether you are disabled.

5. Sign up for Medicare

With 68.4 million Americans currently enrolled, Medicare³ serves as the main health insurance for retirees in the U.S., so it’s important for those nearing retirement to remember that they can sign up for Medicare on the Social Security website. Generally, investors become eligible to sign up for Medicare Part A and Part B when they turn 65. However, it’s important to understand how the two systems work together.

If someone has chosen to start taking Social Security benefits prior to age 65, they will be automatically signed up for Medicare Parts A & B. If not, they will need to proactively enroll. Also remember that while Part A coverage costs $0, if someone paid into Social Security for 40 quarters (10 years) or more, Part B coverage costs $185 per month (in 2025), plus an income-related adjustment if applicable. That amount is automatically deducted from the Social Security benefits of those who receive them.

Take control of your benefits – and financial future

The cost-cutting efforts of agencies like DOGE are nothing new. Reducing expenses is something many government agencies have researched in the past and will continue to consider in the future. But these efforts can lead to confusion, frustration, and worry for the people who depend on these agencies – especially when they affect programs that are salient to a large number of Americans.

Social Security is one of those programs, and making significant changes to how older Americans are able to access information or make benefits decisions is something that I personally find runs counter to SSA’s mission of “delivering financial support and providing superior customer service.”⁴ While that may be the case, it is important for all of us to take control of our own financial futures. Making sure we know how to use the systems and resources that are available is an important part of that process.

The information contained herein is for educational purposes only and should not be construed as financial, legal or tax advice. Circumstances may change over time so it may be appropriate to evaluate strategy with the assistance of a financial professional. Federal and state laws and regulations are complex and subject to change. Laws of a particular state or laws that may be applicable to a particular situation may have an impact on the applicability, accuracy, or completeness of the information provided. Janus Henderson does not have information related to and does not review or verify particular financial or tax situations, and is not liable for use of, or any position taken in reliance on, such information.

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