Is your client curious on what would be the optimal age for them to start to claim Social Security benefits? Or maybe you just want to be proactive in helping your client achieve the best case scenario in their retirement.
Under the Retirement Calculators section you will find the Social Security Optimizer calculator. Click Add a Calculator.
Note: If the client is under 21 or over 70, the optimizer will not be able to run for your clients.
Enter the name of the Social Security Calculator and click Add.
After naming your new Social Security Calculator, your clients’ date of birth and gender will import automatically. You will need to enter the Desired Claiming Age and Full Retirement Age Monthly Benefit. If you are unsure about the monthly benefit at their full retirement age, you can estimate the amount using our Social Security Estimator Calculator. You can change the Life Expectancy although it is defaulted to be automatically calculated from the Annuity 2000 Mortality table from the Society of Actuaries.
Note: If your client is married, you can enter the same pertinent information for that spouse.
Once you have all the inputs in, click Calculate.
The calculation will calculate two different benefit amounts. The first is the monthly benefit at the Desired Claiming Age for the clients. The second is the Optimal Claiming Age for your client and the monthly benefit they would receive at that age.
By clicking View Output, you can select Download PDF to view a summary of the calculation and share it with your client.