Mary Beth Franklin

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Mary Beth Franklin on what your clients really want when they talk about retirement.

New Social Security tool debuts for advisers

The latest benefits optimizing software is free

Feb 18, 2014 @ 12:07 pm

By Mary Beth Franklin

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A number of Social Security planning tools are available to help financial advisers figure out an optimum claiming strategy for their clients. But the newest software, Omyen's Social Security Maximizer, has something that sets it apart: It's free.

The Social Security Maximizer generates projected monthly Social Security benefits, starting at age 62 for reduced benefits and going through 70 for increased delayed benefits. For couples, it allows advisers to apply advanced strategies such as file and suspend to maximize benefits.

The software also handles any potential earnings cap adjustments to benefits in case an individual works while taking Social Security benefits before full retirement age.

(See also: Social Security software options)

The tool generates an easily understandable analysis report to share with clients.

Spoiler alert: In its current version, the Social Security Maximizer cannot handle claiming strategies for divorced spouses to collect on their ex. So it's not a comprehensive tool. But if you've been thinking about buying Social Security-claiming software, this could be a good chance to get your feet wet without investing anything more than your time.

"This offer is free for all financial advisers without any time limitation, no strings attached," said Dinesh Sharma, chief executive officer of Omyen Corp., a creator of numerous software tools for advisers. The company also will provide free online and e-mail-based support for its new Social Security Maximizer tool.

"Our experience from implementing Omyen's other financial planning tools tells us that more and more people have come to the realization that they need serious retirement planning, including Social Security planning,” Mr. Sharma said.

Social Security Maximizer is a also a good companion to the company's other financial planning programs such as the Personal Financial Index that advisers use for client education and acquisition, Retiree Healthcare Planner, and Wealth Planner, a retirement savings and distribution planning program.

And of course, that's the point of offering a free Social Security planning tool to advisers. Mr. Sharma told me that he hopes advisers will like it and consider buying some of Omyen's other financial planning programs. Like the company's other financial planning technologies, the Social Security Maximizer works on all computing devices, including handhelds.

Financial advisers interested in using Social Security Maximizer tool can signup for free at omyen.com/users/freesocialsecuritysignup or by e-mailing a request to marketing@omyen.com. Existing Omyen users can access the tool directly by going to omyen.com/retirement/socialsecurity.

So what have you got to lose? Give it a try and let me know what you think.

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