Users can compare social security claiming strategies under different martial and survivor scenarios. Thousands of rules and calculations are no excuse for a complex interface or presentation. This powerful software helps your clients get more and keep more money in retirement. The financial services industry has recognized the importance of social security.
I tested 2 free social security retirement calculators. Designed to prepare clientready reports, this tool from. This software is provided as a native mac application. Social security pro is backed by impacts 38 years experience creating financial planning software. The energy being applied to the issue is off the charts. These free tools will calculate your social security benefits. Married beneficiaries can claim benefits based on their own earnings record or choose to receive up to 50% of the amount for which their spouse is eligible at full retirement age. The bonus social ad creator software is an adobe air application which can run on any mac with the adobe air platform installed. Social security calculators on the market aim to help consumers and financial advisors streamline that decision by using key data to identify the best strategy to pursue. A comparison of free online tools for individuals deciding when to claim social security benefits by patricia p.
To execute this strategy, the lowerearning spouse claims her own benefit first, then the higher earner files for benefits based on the. Sign up for free newsletters and get more cnbc delivered to your inbox. Find the best strategy to maximize lifetime benefits. Determining when to claim your social security benefits is not only an important decision, but also a complicated one for most people. Please complete the information below, and social security solutions will contact you with more. Maximize social security retirement and spousal benefits. Designed to prepare clientready reports, this tool from nationwide financial is available to nationwide advisors and. Create claiming strategies to help your clients maximize their social security benefits. Social security calculators aim to take the complexity out. Your primary insurance amount pia is the amount of your monthly retirement benefit, if you file for it at your full retirement age. For married couples, the silverwealth software does the best job in identifying strategies that spouses and partners can use to maximize social security benefits. Quicken social security optimizer is an easytounderstand tool that helps you maximize your benefits. When you plug your numbers into this easytouse system, you can quickly find the best withdrawal strategy and compare several scenarios to make the. Our social security 360 analyzer tool, powered by social security timing tm, helps you analyze and present your clients social security options, including personalized filing strategies, breakeven and cash flow analyses.
Use the social security calculator to estimate your preretirement earnings and when you can collect benefits to maintain your standard of living. Social security administration research, statistics, and policy analysis. Weve deeply integrated the updated social security timing into covisums portal. William meyer is the founder of social security solutions, inc. Wife starts at age 65 and 5 months husband is 62 and 5 months at that time. The authors are with the office of retirement policy, office of retirement and disability policy, social.
When out to maximize the benefits that both spouses collect, thats different than maximizing when each person claims their own benefit, says. Comparing the 2 leading social security calculators can i. A comparison of free online tools for individuals deciding. Silverwealth works to reduce the complexity around spousal social benefits and comes up with the best strategy to increase lifetime income. This act changes the rules regarding file and suspend and free spousal strategies. In addition to explaining how social security works, he recently created an interactive calculator open social security to help you figure out when is the best time to claim social security benefits. Martin and dale kintzel research and statistics note no. Work with the experts who can help you personalize a strategy thats right for you. Social security calculators aim to take the complexity out of. The ssanalyzer software makes you a social security expert for you clients and positions you for more retirement planning business. Adobe air is free to download and install on your mac and pc. If you or your spouse reached age 62 by the end of 2015, you qualify for a social security claiming strategy called restricted application. New free, opensource social security calculator oblivious. Its a comprehensive and robust aid to help you guide your clients through the retirement planning discussion, all while building up your own expertise.
Mar 09, 2020 in addition to explaining how social security works, he recently created an interactive calculator, open social security, to help you figure out when is the best time to claim social security. The social security doover strategy since a lot of people dont know about the higher benefits that come from delaying benefits until as late as age 70, ssa does offer a doover strategy. The most effective social security claiming strategy for you depends on how long. Fortunately, there are free tools and websites to optimize your social security benefits, and you should add this search to your other retirement planning efforts. These online social security calculators show you what your choices are and. Social security claiming strategy calculators compared. Created by financial planner joe elsasser, social security timing operates similar to ss analyzer, with tools to gather the clients social security data details, and then illustrate various combinations of strategies to determine which claiming strategy will be best, based on the clients life expectancies, and various inflation and growth rate assumptions. It takes a bit of time for the ssa to process your application, so we. Jun 27, 2018 social security calculators on the market aim to help consumers and financial advisors streamline that decision by using key data to identify the best strategy to pursue. The younger spouse who doesnt need to have turned 62 at the end of 2015 claims social security benefits based on his or her own earnings record. A good social security calculator can help you get more lifetime benefits by showing you customized claiming strategies that you may not be aware of without the use of software. William reichenstein, social security solutions, inc.
All the information provided is based on current social security rules. Pricing get more social security benefits for you clients. Get more social security benefits for you clients with ssanalyzer. A great new tool for deciding when to take social security. Social security timing is now easier to use than ever. Maximize my social security when should i take social. Free tools for optimizing social security benefits wsj. Maximize my social security is a powerful tool that offers personalized social security withdrawal strategies based on your real earnings history, expected future earnings and expected lifespan. Oct 04, 2011 choosing when and how to claim social security can make or break a retirement. Without the right strategy, you could lose a significant amount of social security income.
After you reach age 62, for every year you postpone taking social security up to age 70, you could receive up to 8% more in future monthly payments. Deciding which social security benefits to take and when to take them is one of the most important and complex decisions you must make. When to claim social security is a big decision with a potentially big impact. Jul 23, 2015 created as a partnership between entrepreneur and software expert bill meyer, and the highly reputable financial planning researcher bill reichenstein who has published extensively on social security strategies in the journal of financial planning, ss analyzer is built to gather detailed information about the clients social security. The calculator runs the math for each possible claiming age or, if youre married, each possible combination of claiming ages and reports back, telling you which strategy is expected to provide the most total spendable dollars over your lifetime. Offering clients the best advice about social security claiming strategies can be dauntingly complex. Take social security late, recommends a chorus of personal finance experts, notably including economist laurence kotlikoff. Maximize my social security is an online software that allows you to compare the amount of social security you will receive using different claiming strategies. Maximize my social security compares the maximized strategy black line with any number of whatif scenarios orange line.
Plus, you can add one of your own clients to test the quality of our software. Yes, the social page analyzer software works on mac computers with mac osx 10. Get precise instructions about how to optimize your payout whether you are married, divorced or widowed. Then, when the higher earner begins to collect, his or her payments will have increased more than the lower earners would have, and the surviving spouses. Once you have used the quicken social security optimizer to determine the specific filing strategy that is right for you, the best and easiest way to file for benefits is through the social security administrations online application, which you can get to by clicking here. At last theres software that can help you make this important decision, and find a financial planner who knows about. In recognizing the void that has existed for personalized and pragmatic advice related to social security at retirement, bill founded social security solutions, inc. Its a comprehensive and robust aid to help you guide your clients through the retirement planning discussion, all while. Visit the ssa website to request your social security statement, calculate your fra, or estimate your future retirement, disability, or survivor benefits. The 6670 social security strategy for married couples.
You can get an estimate of your pia from your social security statement. Monthly benefits were off by about 15%, while lifetime benefits were off by a full factor of 2. Good software does the hard work behind the scenes and creates a. Selecting the right strategy for when to claim social security will pay off for years to come. Your social security payment amount is determined by how much you earn while working and when you elect to start receiving payments. Social security can be an important source of retirement income. The ssanalyzer software makes you a social security expert for you clients and positions. The result of over 10 years of research and software development, income solver tm is a robust analytic engine that marries the best practices of wealth management, tax logic, asset location, and social security optimization. I tested 2 free social security retirement calculators, and heres what. The role of advice provided by retirement planning software. Dec 21, 2016 the end of the fileandsuspend strategy is perhaps the most fundamental change with which advisers are grappling. Making correct decisions can mean tens of thousands in extra retirement dollars. When is the best time to claim social security benefits. You can also call the ssa to request that they calculate your pia, or you can calculate it yourself with the calculator at socialsecurity.
Making the most of social security requires some strategy to take advantage of the basic benefit rules, however. Five free social security claiming calculators wealth. In other words, the split strategy that many couples use is to have the lower earner collect first for as long as the couple can manage their finances on one social security payment. When deciding when to claim social security benefits, it can be helpful to use a calculator that runs the math for each possible claiming age or, if youre married, each possible combination of claiming ages and reports back, telling you which strategy is expected to provide the most total spendable dollars over your lifetime. However, while enormous effort has been expended on developing strategy analyzer software, theres been almost no effort committed to addressing advisors biggest need. The ssanalzyer makes it easy to give quality advice on. The social security income planner provides an overview of several different preselected claiming strategies, or you can input your own strategy to see how it stacks up against other optionsa particularly nice touch if youre one of those who likes doing things your own way. Social security promaximization software for financial.
The social security administration ssa provides a variety of online tools to inform individuals about the claiming decision and the program rules that may affect it. Heres how to maximize your social security payments. Social security strategies you can use to increase your benefits. Your 10day, no obligation free trial is prepopulated with sample cases so you can quickly get up to speed on the factors that impact social security claming strategies. Because the social security program is designed to handle many different situations, the regulations covering who can get which benefits and at what age are numerous and complex. I tested 2 free social security retirement calculators, and. We will send you a gift coupon to give the recipient. Married individuals are additionally eligible for spousal and survivors payments. Its easy for advisors to overwhelm clients with too much information. A free, opensource social security strategy calculator.
The calculator runs the math for each possible claiming age or, if youre married, each possible combination of claiming ages and reports back, telling you which strategy is expected to provide the. Best social security strategies for married couples. Dec 06, 2016 these free tools will calculate your social security benefits. We understand the nuances of social security, and we can help you determine your best strategy for collecting benefits in line with your retirement goals.
No further increase in benefits is possible past age 70, so it will not make sense to delay any longer. We have revised our algorithm to bring it into conformity with the changes to social security that were part of the bipartisan budget act of 2015 enacted on november 2, 2015. While each persons situation is different, knowing some basics can help you see how social security fits into your overall retirement plan. To help individuals facing this complicated decision, various groupsfrom the government to financial services firmshave developed free online benefit calculators. All the information provided is based on current social security rules, benefits calculations, and payout promises of existing social security policy. The terms used to be more generous, but theyve been tightened in recent years. My colleagues and i have developed pathbreaking and widely acclaimed software tools to dramatically improve personal financial planning. Discover your social security strategies social security. Get more social security benefits with social security solutions. Many investors get so caught up in retirement investing they overlook an entirely obvious retirement factor social security benefits. Created as a partnership between entrepreneur and software expert bill meyer, and the highly reputable financial planning researcher bill reichenstein who has published extensively on social security strategies in the journal of financial planning, ss analyzer is built to gather detailed information about the clients social security. Mike piper is the author of the book social security made simple. Get more social security benefits with social security. There are both free calculators and calculators that charge a modest fee.
Maximizing social security benefits special report. Try a social security calculator before claiming the balance. Social security is part of a larger conversation about when you plan to retire, and what you expect or want your retirement to be like. Purchase a maximize my social security gift certificate for a friend or family member.
Accessing the software in the portal allows for deep integration with covisums. With the ssanalyzer, you get more advanced features and. The social security analyzer makes it easy for you. Nov 30, 2015 the two calculators made sense individually, and agreed on overall strategy, but were markedly different in their numerical results. Free online tools for optimizing social security benefits weve testdriven five of them for you. Once you reach age 70, increases stop, so there is no benefit to waiting past age. The social security retirement calculator offered by financial engines does the best job of the free calculators because it actually considers a number of claiming strategies and clearly. Silverwealth maximize social security benefits and.
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