Helping a client decide when and how to claim social security benefits is an instrumental part of any successful retirement plan. There are a myriad of tools available—both free and paid—to help determine the most appropriate strategy.
In Assessing Clients’ Social Security Options: A Review of Several Popular Tools, we look at five calculators and software planning options that can help you weigh the advantages and disadvantages of different strategies. We break down the pros and cons of each so you can choose the tool that works best for your clients based on what it offers. Certain features allow you to:
- View different social security claiming scenarios side by side
- Display various breakeven points on a chart
- Take “file and suspend” strategies into account
- Illustrate monthly benefit amounts
- Create a monthly expense worksheet