The maximize my social security software allows you to put your. By larry kotlikoff not understanding what youre inputting to an online social security benefit calculator could result in a wildly inaccurate benefit estimate. Fortunately, there are free tools and websites to optimize your social security benefits, and you should add this search to your other retirement planning efforts. While kotlikoff s software is perhaps the least visually appealing in its output for clients, it is arguably the most analytically robust, especially regarding some of the more esoteric social security situations, like calculating the windfall elimination provision wep and government pension offset gpo rules, the social security earnings test, social security. Benefit estimates depend on your date of birth and on your earnings history. Kotlikoff estimates that up to 70 percent of people should wait until 70 to file, although less than 5 percent of people do. Kotlikoff is william fairfield warren distinguished professor and a professor of economics at boston university. Although open social security suggested a slightly different starting date, it also shows if she starts at age 70 as suggested by the financial engines calculator. I give the maximize my social security software an overall user interface rating of 8. Free social security calculator to find the best age to start ss benefits, or to compare the financial differences between starting ss at different ages in the u. You can also call the ssa to request that they calculate your pia, or you can calculate it yourself with the calculator at ols or the ssas any pia calculator. This calculator takes the guess out of when to take social security benefits.
Social security calculators aim to take the complexity out. Larry kotlikoff is a professor of economics at boston university and the founder and president of economic security planning, inc, which markets. He is also president of economic security planning, inc. Can i get both social security retirement and spousal. Kotlikoff provides a social security tool for both consumers and financial advisors through his company that he hopes will help steer them in the right direction. My social security was developed by boston economics professor larry kotlikoff. Developed by boston university economist, laurence kotlikoff, esplanner eliminates the guess work in financial planning. Covisums social security timing calculator offers strong customer support and rapid updates to ensure that users have the most accurate data. Get kiplinger s trusted advice on social security, benefits, claiming strategies, spousal benefits, survivor benefits, file and suspend strategy, restrict an application strategy, earnings test. His columns, articles, and books cover personal finance, generational policy, climate policy, inequality, tax reform, social security, banking, robotization, growth, and much more. Social security calculators on the market aim to help consumers and. How a book led to the end of some social security claiming. Social security will pay you a premium if you wait until 70. This program was developed by social security guru laurence kotlikoff.
This software typically has you delay ss benefits in order to maximize benefits over a statistical lifetime. The tool will tell you which claiming strategy will result in the highest lifetime benefits. But not everyone can wait most take it early so theres some tradeoffs. Its also introduced a new breakeven chart that can be particularly. Laurence kotlikoff is a professor of economics at boston university, fellow of the american academy of arts and sciences, fellow of the econometric society, research associate of the national bureau of economic research, president of economic security planning, inc. The retirement estimator gives estimates based on your actual social security earnings record. But the same doesnt hold true for social security calculators, tools that have been. I tested 2 free social security retirement calculators. A very limited number of paper statements that showed estimated benefits in retirement ended up. Larry kotlikoff is a professor of economics at boston university and the founder.
It is really slick software and i have the greatest regard for the author. Try a social security calculator before claiming the balance. Social security calculators provided by other companies or. The best social security calculator there is the motley fool. Many investors get so caught up in retirement investing they overlook an entirely obvious retirement factor social security benefits. Entering basic information into the software is intuitive and painless. Kotlikoff, an economics professor at boston university, who also created the more comprehensive esplanner financial planning software.
Here are the best places to answer your social security. An allpurpose calculator, though not specifically targeted to advisers, offered by economist laurence kotlikoff, also the author of the social security guide get. Kotlikoff has applied his economics background to create a new flavor of financial planning with the focus on optimizing your living standard. Why social security lowballs benefit estimates pbs newshour.
Developed by social security expert laurence kotlikoff deciding which social security benefits to take and when to take them is one of the most important and complex decisions you must make. Its the only software powerful and accurate enough to calculate your highest. Social securitys rules ripping off recipients laurence kotlikoff talks to thinkadvisor about some of the most devious among social security s 1,728 rules and why highincome. The tool will tell you which claiming strategy will result in the highest lifetime. In just minutes, this calculator will give you an accurate estimate. Retirement estimator social security administration.
For security, the quick calculator does not access your earnings record. Maximizing social security benefits special report. The social security benefit estimates produced by esplanner are just that estimates. Comparing the 2 leading social security calculators can i retire. In his recent blog, the trouble with retirement planning calculators, mark miller references a report by the society of actuaries john turner is the author on 12 calculators that had a host of problems. Social security s online calculators intentionally underestimate your benefits to encourage people to save more on their own, explains social security expert larry kotlikoff. Kotlikoff is the president of economic security planning, inc. My colleagues and i have developed pathbreaking and widely acclaimed software tools to dramatically improve personal financial planning. Maxifi planner and its derivative products provide neither economic, financial nor tax advice, which can only be delivered to you by authorized professionals. You can get an estimate of your pia from your social security statement.
Social security calculators aim to take the complexity out of deciding. Maximize my social security when should i take social. Esplanner fully integrates retirement, tax, college, insurance, housing, social. Larry kotlikoff is a professor of economics at boston university and the founder and president of economic security planning, inc, which markets maximize my social security and maxifi planner. Maxifi planner smarter personal financial and retirement. This was demonstrated in 2015 when the software quickly updated to take into account the changed social security laws at that time. Also, experiment with other retirement calculators, or explore hundreds of individual calculators addressing other topics such as math, fitness, health, and many more. Social security benefits and retirement account withdrawals affect income, which affects taxes, and on and on. Like any software products, economic security planning, inc. Will i forfeit years of colas if i delay my social security. Esplanner and its derivative products provide neither economic, financial nor tax advice, which can only be delivered to you by authorized professionals.
Your primary insurance amount pia is the amount of your monthly retirement benefit, if you file for it at your full retirement age. In my test drive of the software, for instance, the calculator suggested by waiting to claim social security at. Only the social security administration can tell you precisely the benefits to which you will be eligible or are eligible and the amounts you will receive. Kotlikoff, an economics professor at boston university, says hes been told by senior officials at the social security administration.
Social security tools can help maximize benefits marketwatch. Depending on your other income and taxfiling status, your social security benefits may be subject to income tax. We cant provide your actual benefit amount until you apply for benefits. And the assumptions about the future that it makes and that users input may prove false. Maximize my social security helps you decide when and how to collect retiree, spousal, survivor, divorcee, parent, and child benefits to achieve the highest lifetime benefits.
Five free social security claiming calculators wealth. It can correctly calculate the highest spending level your households income and assets can support and provide a plan to sustain and. The social security benefit estimates produced by maxifi planner are just that estimates. Social security breakeven calculator aarp online community. One of these calculators is esplanner economic security planner, which provides economicsbased planning.
Maximize my social security is a tool designed to do exactly what its name implies. The social security retirement calculator offered by financial engines does the best job of the free calculators because it actually considers a number of claiming strategies and clearly. It was developed by economist and academic laurence kotlikoff, coauthor of the new york times bestseller get whats yours. These online social security calculators show you what your choices are and. The best social security calculator there is dont just guess how much social security will help you in retirement. Laurence kotlikoff is a professor of economics at boston university, president of economic security planning, and a new york times bestselling author.
1676 1360 138 371 610 214 360 217 648 72 237 130 1590 1463 1261 1203 1554 318 417 25 780 689 189 49 488 1214 975 1413 466 815 520 522 1221 976 232 1090 1470 712 344 969