What tool have you found most useful to use for helping clients make social security decisions. Social security answers your clients can understand. Approach social security armed with knowledge about how the system works, and youll be more likely to maximize your benefits. Comparing the 2 leading social security calculators can i. Discover tens of thousands in extra retirement dollars. May 23, 2018 this is the third post in a threepart series that discusses important considerations regarding social security benefits and strategies for incorporating them into your retirement plan. Weve created powerful software that analyzes your unique information and tells you how to leverage all the rules of social security to your full advantage. Our software recommends the best claiming solution to maximize. Plus, you can add one of your own clients to test the quality of our software. The free social security and retirement planner gives an overview of claim strategies and utilizes social security rules and your personal information to provide the most beneficial strategy for you. Developing smart social security strategies is just one aspect of savvy financial planning. A personal analysis which uses computer software to determine the very best filing strategy for you. Thousands of rules and calculations are no excuse for a complex interface or presentation. Why social security, at inception, was the perfect political schemewhy the social.
Nov 30, 2015 the most important input for a social security calculation is your earnings history. Oct 26, 2015 using a typical social security maximization software program such as social security pro, the best way to maximize their benefit in this scenario is to have joan claim her slightly reduced social. How to maximize your social security benefits consumer. A free demo is provided to help you decide if the program is what you need. This act changes the rules regarding file and suspend and free. Maximizing social security benefitsdetermining which benefits to take and when. Open social security is a free, opensource social security strategy calculator. Selecting the right strategy for when to claim social security will pay off for years to come. Calculate the best retirement age to claim your social security benefits.
Social security can be a meaningful component of your income during retirement, and understanding the various claiming strategies can help maximize the benefits you have earned. The following free calculators will help you decide. 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. However, its geared primarily toward people who are nearing retirement. Only the social security administration can tell you precisely the benefits to which you will be eligible or are eligible and the amounts you will receive. Doityourself types may want to use more sophisticated calculators, such as those from maximize my social security and social security solutions. This consultative process brings the power of advanced technology so that every possible claiming and filing strategy is considered. If figuring out how to maximize your social security benefits makes you flip your wig, get whats yours can be a helpful resource. I give the maximize my social security software an overall user interface rating of 8. When is the best time to claim social security benefits. These online social security calculators show you what your choices are and. Brian alleva, tom hungerford, natalie lu, barbara smith, and david timmons provided helpful input and suggestions.
The social security retirement calculator offered by financial engines does the best job of the free calculators because it actually considers a. It recommended a strategy i had never heard of before, the restricted application strategy for people born before 1954. Good software does the hard work behind the scenes and creates a presentation your client can understand easilysocial security explorer is the perfect example. I tested 2 free social security retirement calculators. When making a real financial plan, using real financial planning software, and fresh numbers directly from social security, all you need to do is run two of the exact same scenarios. Dec 21, 2016 another key utility in the new generation of social security software is breakeven analysis, that is, the period that it will take to justify delaying taking benefits. Maximize social security benefits and retirement income. And, the good news is there are many sound social security maximization strategies that can still be used despite recent, sweeping changes to the social security collection rules.
Entering basic information into the software is intuitive and painless. Social security maximization 73% of americans voluntarily receive reduced retirement income social security maximization planning can help open your eyes to the many benefits available to those smart enough to plan ahead. A key to maximizing social security is asking yourself what do i know about me that the government doesnt. For most americans, social security is your largest asset in retirement and often the most mismanaged. The authors are with the office of retirement policy, office of retirement and disability policy, social security administration. An advisor whos wellversed in social security can offer guidance to help you make the most of your benefits. Another key utility in the new generation of social security software is breakeven analysis, that is, the period that it will take to justify delaying taking benefits.
Social security was designed based on actuarial tables taking into account millions of workers claiming social security. How to maximize your social security benefits consumer reports. Can you afford to retire early and claim benefits at age 62, should you wait until your full retirement age, or can you wait until age 70 in. Free retirement advice on when to collect social security. We like maximize my social security s easytouse tools and reports. An alternative to social security analysis software. And how to adjust your expected payments if you intend to retire before 62. The social security maximization webinar is designed to give you the answers you need to make the most important decisions for your retirement.
This is not the website of the social security administration. Maximize social security retirement and spousal benefits. It has only 3 simple steps after a regular signup or signup through one of popular social networks and payment. Social security explorermaximization software for financial.
Besides the two free calculators, there are also two paid calculators, social security solutions and maximize my social security. Start your free trial see how you can get more for your clients. Free social security planning and financial planning software. To find that data, look under taxed social security earnings on your most recent social security statement. Jul 21, 2011 in my test drive of the software, for instance, the calculator suggested by waiting to claim social security at age 70, the benefit would cover 95% of basic monthly living expenses food, housing. Sep 02, 2016 social security will pay you a premium if you wait until 70. But since most retired americans depend primarily on social security. My colleagues and i have developed pathbreaking and widely acclaimed software tools to dramatically improve personal financial planning. In one, input getting social security at 70, and in the other, input 62. The tool will tell you which claiming strategy will result in the highest lifetime. Maximizing social security benefits special report. These free tools will calculate your social security benefits. Deciding which social security benefits to take and when to take them is one of the most important and complex decisions you must make. Ive looked at moneyguidepro for this, and it does a pretty good job but would appreciate hearing if you have better tools that i should consider especially if they are free.
Social security pro is backed by impacts 38 years experience creating financial planning software. Special thanks to anya olsen for her extraordinary support. The nations leading social security maximization software. Free online tools for optimizing social security benefits weve testdriven five of them for you. Use these free websites to estimate your social security benefits and find out what type of options you have in retirement. Try these free tools that will help you determine the retirement age to start social security. Good software does the hard work behind the scenes and creates a presentation your client can understand easily. Our customized social security optimizer report gives you the best options for claiming social security and increasing lifetime benefits. Maximize my social security when should i take social. Optimal social security recommended a social security strategy for me and my spouse that should give us the greatest benefit for our retirement based on our projected life expectancy. Quicken social security optimizer is an easytounderstand tool that helps you maximize your benefits.
Heres how to maximize your social security payments. We will send you a gift coupon to give the recipient. Social security calculator tools to analyze the timing of when its best to start benefits. Maximize my social security is a tool developed exclusively by economic security planning, inc. A simple and accessible online calculator allows you to personalize your strategy, see benefits and maximize them. Maximize my social security and social security solutions are the two bestknown paid calculators in the field. Try a social security calculator before claiming the balance. Here are the best places to answer your social security. A free retirement software is handy because not many people want to spend money when they are actually looking to save for retirement. However, its an outstanding tool, which is why were including it.
Nonprofessionals can leave a message on the site requesting personal assistance. The maximize my social security software allows you to put your earnings history into the system, and then run scenarios to figure out the best time to start drawing on your social security. Maximize my social security is a tool specially developed by economic security planning, inc. Five free social security claiming calculators wealth management. At social security solutions, we are experts in social security. Maximizing the benefits that you receive from social security has never been more important. Using a typical social security maximization software program such as social security pro, the best way to maximize their benefit in this scenario is to have joan claim her slightly reduced social. The core maximize my social security product is an economistdesigned application that looks at social security rules and regulations and your contributions over time to help you best. I tested 2 free social security retirement calculators, and. If you have complex situations such as previous marriages. Smarter personal financial and retirement planning software.
Jul 23, 2015 while kotlikoffs software is perhaps the least visually appealing in its output for clients, it is arguably the most analytically robust, especially regarding some of the more esoteric social security situations, like calculating the windfall elimination provision wep and government pension offset gpo rules, the social security. 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. The report will provide answers to the following keys to social security maximization. I tested 2 free social security retirement calculators, and heres what. Use the social security calculator to estimate your preretirement earnings and when you can collect benefits to maintain your standard of living. Ssanalyzer get more social security benefits for you. This social security app will help advise you on the optimal time to begin collecting ss benefits. Social security maximization there is a huge gap between what most americans think they know about social security and the actual rules governing the nations primary retirement program. The most frequently asked question when it comes to social security is how to maximize social security. For a typical working couple this could be 35 to 40 years of data each 70 to 80 numbers total that must be keyed in correctly for accurate results. Without the right strategy, you could lose a significant amount of social security income.
Social security maximization south jersey estate planning. But not everyone can wait most take it early so theres some tradeoffs. Thats a big deal, as social security income is critical to most. A social security analysis tool to maximize benefits.
Dec 06, 2016 doityourself types may want to use more sophisticated calculators, such as those from maximize my social security and social security solutions. Social security tools can help maximize benefits marketwatch. This software allows financial advisors to maximize the social security benefits for their clients. Purchase a maximize my social security gift certificate for a friend or family member. Get more social security benefits with social security. The social security administration ssa provides a variety of online tools to inform individuals about the claiming decision and the program rules that may. Its the milliondollar retirement question, but its far from the only factor involved in making the most. For a few years though, there was a decent basic free option as well. Strategies for maximizing your social security benefits. Free tools for optimizing social security benefits wsj. An easytouse and highly interactive social security maximization tool for financial advisors.
Software evolving beyond social security maximization. The social security benefit estimates produced by maxifi planner are just that estimates. A few simple questions on your profile, inputting relevant information, producing the automatic maximization. How to maximize your social security benefits the motley. Mar 09, 2020 besides the two free calculators, there are also two paid calculators, social security solutions and maximize my social security. Maximizing your social security benefits isnt easy, especially since there are hundreds of rules governing payments alone. The proprietary software that generated this report is designed to provide you the optimal filing strategy with your life in mind. A comparison of free online tools for individuals deciding. One of their longterm employees is a fulltime former social security technical expert who understands the context of social security. En espanol let the social security calculator help you figure out how much retirement income youll receive at different claiming ages so you can determine when you should claim social security. It is hands down the most accurate and easy to use tool for determining when the best age to. The premium version that gives unlimited access and customized client reports is available for a nominal fee.
Backed by impacts 38 years experience creating financial planning software. A free demo is provided to help you decide if the program is what you need before you commit. Free online tools to optimize your social security benefits. The social security maximizer standard version is free for all financial advisors. There are free tools available to optimize your social security benefits. Social security promaximization software for financial. Five free social security claiming calculators wealth. Good software does the hard work behind the scenes and creates a presentation your client can understand easily social security. How to maximize your social security benefits the motley fool.
Social security promaximization software for financial advisors. 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. They can give you an indepth analysis of the best time to claim benefits. The little black book on social security maximization.