Increasingly, financial advisers are interested in incorporating
Social Security-claiming strategies into their clients' retirement income plans.
But
Social Security rules can be downright confounding.
To get an accurate estimate of clients' potential retirement benefits, forecast their lifetime income and figure out the most advantageous claiming strategies, good
Social Security-claiming software is a must. One of the best programs, in my opinion, is
Social Security Analyzer (ssanalyzer.com).
But until now, only the most dedicated retirement income specialists have been willing to fork over $1,200 per year for the robust SSanalyzer program, which 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 all 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 market demands for a less expensive alternative,
Social Security Solutions founder Bill Meyer told me that
Social Security Analyzer is unveiling three levels of service and new pricing schedules.
CLIENT REPORT
For $300 per year, advisers now can 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 with benefits amounts if claimed early, at full retirement age, or at 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 and evaluate voluntary-suspension options as a way to mitigate early claiming decisions, and includes a tax calculator.
The Analyzer Plus version, which allows advisers to issue customized reports with their firm's logo, ultimately will sell for $850, but for the next few months, it will be available at an introductory price of $650, Mr. Meyer said.
The Premier Analyzer version, which sells from $1,200 per year, is 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 integrate easily with retirement income software.
And most importantly, the premier version offers telephone support to answer questions about the toughest cases. The Social Security Analyzer case support hotline is staffed by 15 certified financial planners, all experts in Social Security-claiming strategies.
For those who want to give one of the basic programs a try and decide later whether to trade up to a more robust version, Mr. Meyer said that he will credit the 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 am continually learning new nuances, thanks to your questions, and I am happy to share them with readers.
I will be discussing Social Security-claiming strategies and the importance of factoring health care costs into retirement income plans during the
InvestmentNews Retirement Income Summit in Chicago May 13-14. I hope to see you there.
