Increasingly, financial advisers are interested in incorporating
Social Security claiming strategies into their clients' retirement income plans. But as most of you know from reading my InvestmentNews columns,
Social Security rules can be downright confounding.
To get an accurate estimate of your clients' potential retirement benefits, forecast their lifetime income and figure out the most advantageous claiming strategies, you need good
Social Security claiming software. One of the best programs, in my opinion, is
Social Security Analyzer (SSanalyzer.com).
But up until now, only the most dedicated retirement income specialists have been willing to fork over $1,200 per year for the robust SSanalyzer program that covers all types of households from singles and married couples to divorced spouses and widows and allows side-by-side comparisons of various claiming strategies. It can factor in the impact of the earnings test restrictions on benefits claimed before full retirement age, calculate the tax bite on
Social Security benefits and tie it together nicely with custom-branded client reports.
There are several other good and cheaper alternatives, ranging from $200 to $500 per year, for advisers who want to dip their toe into the
Social Security software pool including
Social Security Explorer (SocialSecurityExplorer.com), Maximize My
Social Security (MaximizeMySocialSecurity.com) and
Social Security Timing (SocialSecurityTiming.com) to name a few.
Bowing to the market demands for a less-expensive alternative,
Social Security Solutions founder Bill Meyer told me
Social Security Analyzer will unveil three levels of service and new pricing schedules this week on May 1.
For $300 per year, advisers can now buy a basic
Social Security Analyzer program that includes all household types, including public service employees whose
Social Security benefits might be reduced due to Windfall Elimination or Government Pension Offset rules. The basic Analyzer program creates a 16-page client report that details an optimal claiming strategy and compares it to benefits amounts if claimed early, at full retirement age, or at age 70 to take advantage of maximum delayed retirement credits.
In addition to the basic features, the new Analyzer Plus version allows advisers to create custom claiming strategies, evaluate voluntary suspension options as a way to mitigate an early claiming decisions and includes a tax calculator. The Anlayzer Plus version, which enables advisers to issue customized reports with their firm's logo, ultimately will sell for $850, but for the next few months will be available at an introductory price of $650, Mr. Meyer said.
The Premier Analyzer version, which currently sells from $1,200 per year, will be temporarily priced at $1,000. It includes all the components of the other two versions plus detailed tax and earnings test features. Its download and exporting capabilities easily integrate with existing retirement income software. And, most importantly, the premier version offers telephone support to answer questions about your toughest cases. The
Social Security Analyzer case support hotline is staffed by 15 Certified Financial Planners, all experts in
Social Security claiming strategies.
If you want to give one of the basic programs a try and later decide to trade up to a more robust version later, Mr. Meyer says he'll credit your initial purchase price toward the more expensive version.
Why invest in
Social Security claiming software? “When you can deliver proven advice that helps clients make financial decisions that impact the rest of their lives, it's easy to acquire more clients and earn introductions to their friends,” Mr. Meyer said.
In the meantime, keep sending me your questions about
Social Security. No matter how much I think I know about
Social Security rules, I'm continually learning new nuances thanks to your questions and I'm happy to share them with all of my InvestmentNews readers.
I'll be discussing
Social Security claiming strategies and the importance of factoring healthcare costs into retirement income plans during the InvestmentNews Retirement Income Summit that will be held in Chicago May 13-14. I hope to see many of you there.
