LifeYield, a software company known mainly for helping financial advisers create tax-efficient retirement strategies for their clients, is now offering its
Social Security Optimizer tool directly to consumers through an alliance with Quicken.
The new Quicken
Social Security Optimizer makes it easier for consumers to understand and maximize their
Social Security benefits. Previously licensed only to financial advisers, the optimizer is now available to consumers for $49.99 with discounts for annual renewals.
“
Social Security benefits are an important part of an individual's financial portfolio,” said Mark Hoffman, CEO of LifeYield.
What does that mean for advisers? For those who don't use
Social Security claiming software, you now may be able to ask your clients to use the
Social Security Optimizer and bring the recommended claiming strategy report with them during their next review so you can discuss it with them.
For those advisers who already utilize
Social Security claiming software, this may serve as a second opinion for your recommendation on when and how your clients should claim
Social Security benefits.
“Determining how and when is the best way to file for
Social Security benefits can be a very complicated process and so many people unwittingly lose out on maximizing the benefits they have earned,” said Stoyan Kenderov, head of business development for Intuit Inc.'s Consumer Ecosystem Group. “Together, Intuit and LifeYield are providing people with an easy-to-use tool so they can help determine the filing strategy that is most beneficial for them.”
Intuit owns Quicken.
While the Quicken Optimizer is the latest
Social Security claiming tool available for consumers, it's certainly not the only one. Other options for consumers include
Social Security Solutions ($20-$250), Maximize My
Social Security ($40),
Social Security Income Planner ($9.99 per person) and
Social Security Choices ($39.99). There are also free consumer tools available from AARP, T.Rowe Price and a variety of financial services websites.
(Questions about Social Security? Find the answers in my ebook.)
