If you ask the average person about the big political news of the past month, they might say the decision to deny a permit for the Keystone Pipeline. Or perhaps their response might involve the latest “gotcha” media moment regarding one of the Republican presidential candidates.

It would be interesting to survey the public and discover how many people are aware that the new budget law eliminates the Social Security “claiming strategy.”

Although a small window remains open depending on a person’s age, the law ends the opportunity for people born after 1953 to utilize this strategy. Two techniques many retirees have used—known as “file and suspend” and the restricted application for spousal benefits—allowed couples age 66 or older to delay claiming benefits based on their own earnings records while one receives a spousal benefit based on the other spouse’s earnings. Some observers have argued that this avenue provided an additional benefit that should be curtailed due to the financial challenges confronting Social Security.

But what is really difficult to fathom is that the law eliminated the claiming strategy with hardly any public scrutiny or discussion. While a few publications have addressed the change, overall media reporting has been tepid. For a husband and wife age 61 who have developed a retirement strategy, this avenue is no longer available—and that could dramatically impact their plans, including when they retire.

The first lesson for independent agents: Congress is unlikely to broadly address the issue of Social Security solvency with meaningful and transparent bipartisan debate—after all, what Congressperson wants to be seen on CSPAN saying, “We need to cut Social Security benefits to shore up the system”? Instead, Social Security will probably face numerous cuts, one at a time, similar to when Congress changed the criteria for the cost-of-living adjustment (COLA) to “chained.”

This means the changes will involve the definition of COLAs, maximum benefits payable, average indexed monthly earnings and ways to raise revenue, such as increasing the Social Security wage base or taxing benefits.

The second lesson for independent agents? Advisors need to stay current. If an independent agent sells life insurance, lifetime immediate annuities and other related financial products, they need to be vigilant regarding these changes to keep their clients apprised of the potential impact. In fact, these types of benefit cuts represent a marketing opportunity for agents to reach out to both prospects and current clients to discuss their objectives and then reconfirm their approach in light of the elimination the technique.

The changes also give agents a good teachable moment to discuss with clients the necessity of a retirement game plan centered largely on self-sufficiency. Given the enormity of unfunded government entitled programs and the demographic trends of increased longevity coupled with a modest birthrate, future reductions will be necessary in order to preserve the program. More than ever, people need to rely on professionals that have the requisite knowledge to advise them on how to deal with more and more changes to government programs.

Dave Evans is a certified financial planner and an IA contributor.