© 2020 DoughRoller. in English Literature from Indiana UniversityâPurdue University Indianapolis, and lives with her husband and children in Indianapolis. Save my name, email, and website in this browser for the next time I comment. For a more detailed explanation of how benefits are calculated, check out this article.). After all, if you’ve been paying for it for your entire life, you want it to come back and work hard for you in return! Archives: You can explore the site through our archives dating back to 2007. Try it out. At age 66—their full retirement age—Bob and Wendy are eligible for monthly Social Security benefits of $2,182 and $815, respectively. Maximize your Social Security Retirement and Spousal Benefits. I think the Motley Fool’s advertising campaign is a very low, unethical advertising practice. For instance, the sample below shows an increased benefit of $162,985 over a lifetime if you use the maximized benefits strategy. All products are presented without warranty. Once the family is setup, you’ll have to import or manually add your earnings information. It may be worth it to you to leave some money on the table for an extra year or two of retirement. When you plug your numbers into this easy-to-use system, you can quickly find the best withdrawal strategy and compare several scenarios to make the most informed decision. Five tools are listed, but despite the title of this section, #5 isn't free. If Social Security found that it was possible, though not necessarily likely, that your medical condition could improve, then your file would have been set for a three-year review. The information on Investor Junkie could be different from what you find when visiting a third-party website. Hands down, Kotlikoff is the expert when it comes to Social Security strategies. Keep in mind. I don’t see any place at ssa.gov that will compare present values of benefit streams, and certainly not any place that will calculate the maximized present value for a married couple with different earnings and retirement ages, taking into account spousal benefits, widow(er) benefits, disabled child benefits, earnings test and reduction factor, restricted applications for those who were born before 1/1/54, different life expectancies for those with family histories of living into their 90s, and the combination of those factors and others that generate the best strategy. Both of my company's two tools — Maximize My Social Security or MaxiFi Planner — are fully programmed to handle cases involving both WEP and GPO, so you may want to … Investor Junkie has advertising relationships with some of the offers listed on this website. I think the $40 price is well worth it for someone nearing retirement age. The program accounts for all the types of Social Security benefits, including spousal benefits and even childhood disability benefits. The formula includes only income subject to Social Security taxes, so any investment or interest income — or earned income in excess of the Social Security wage base — doesn’t count. I’m using the word “calculator” here as a shorthand for tools that attempt to optimize your Social Security benefits. This is so important, though. Editorial Disclosure: This content is not provided or commissioned by the bank, credit card issuer, or other advertiser. Investor Junkie does attempt to take a reasonable and good faith approach to maintaining objectivity towards providing referrals that are in the best interest of readers. This is the only book you will need for entering retirement. This looks like good software from an expert source. There are free tools available to optimize your Social Security benefits. knowing more about how your benefits fit in with a spouse or former spouse is helpful. Maximize My Social Security is best for folks who are nearing retirement and who are looking for comprehensive answers to their Social Security-related questions. The reports showed the best date to start taking Social Security benefits with details on why and options to download the report as a PDF for easy access in the future. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered. If $40 is nothing to you, go ahead and Kotlikoff will hold your hand. Free information and reports tailored to your specific situation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Can You Really Pay Off Your Mortgage Early with a HELOC? But it doesn’t just leave you there. He is a professor of economics at Boston University and president of Economic Security Planning, Inc. Get this book now. This review is focused solely on the Maximize My Social Security app. The Social Security Administration (SSA) is required by law to perform regular reviews of disability recipients to see if they continue to be eligible for disability benefits. Social Security Basics: 12 Things You Must Know About Claiming and Maximizing Your Social Security Benefits Basics Claiming Social Security benefits at the right time means more money in your … Some people think that Social Security pays a single, … Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. When away from the keyboard, Eric enjoys exploring the world, flying small airplanes, discovering new craft beers and spending time with his wife and little girls. Working for 35 years or more … Kotikoff also licenses an online Social Security advice tool called Maximize My Social Security to households for $40 per year. If you’re more than a decade from retirement, you should probably wait to purchase this software down the road. Members should be aware that investment markets have inherent risks, and past performance does not assure future results. Read: A Guide to Social Security Disability. Understanding the strategies for maximizing your Social Security retirement income benefits should be prefaced with a review of the three basic forms of retirement benefits: The Worker Benefit: This is the benefit you receive based on your own personal earnings history, and for which you become eligible after 40 quarters of work. Review of: Maximize My Social Security Software | Reviewed by: Abby Hayes | Last modified: November 27, 2019. He is a former bank manager and corporate finance and accounting professional who left his day job in 2016 to take his online side hustle full-time. Here are some to consider: Keeping in mind that people further from retirement are likely to have more variable outcomes, Maximize My Social Security is best for those who are on the cusp of making retirement decisions. Read Your Social Security Statements. To find your “full retirement age,” use the Social Security Administration’s retirement calculator. The information on Investor Junkie could be different from what you find when visiting a third-party website. But it seems that every time tax laws change, Social Security gets more complicated. Essentially with Maximize My Social Security, you put in your basic information. You can call Social Security at 800-772-1213 to ask about how your earnings might change your benefit. By Rachel Hartman , … This book is a real eye opener to different rules for social security. "Social Security: Maximize Your Benefits" is a must read for the first-born "Boomer Generation," now approaching retirement. When I say basic, I really mean your entire financial history. I said that both Debbie and Mark earned about $40,000 per year for much of their career, but you would want to use accurate data to ensure you get the right results. But if you wait too long, you might actually leave money on the table. Yes, there is a way to increase your Social Security benefit. It’s quite a haul to get all the information in. Eric Rosenberg is a finance, travel and technology writer in Ventura, California. Opinions are the author's alone, and this content has not been provided by, reviewed, approved or endorsed by any advertiser. (Well, a portion of them. We like Maximize My Social Security's easy-to-use tools and reports. Maximize My Social Security offers a range of tools to help you take your Social Security benefits at the right time for the best possible financial outcome. Two calculators, Social Security Choices and Maximize My Social Security (each costs $40 for consumers to use), can help you to analyze the best way to take Social Security payments for a … Helping make finance easy. If you wait longer, you could get a significantly higher payout. Though it may be tempting to toss these papers out if retirement still feels far away, this information can help you plan for your future. If you start taking Social Security at the wrong time, it could easily cost you tens of thousands of dollars, so this is an important consideration. Deciding when to take Social Security retirement benefits can affect your income by hundreds of dollars a month. When Should I Take Social Security to Maximize My Benefits? It offers analyses of multiple “what-if” scenarios, so that you can see which strategy will work best for your needs. Maximize My Social Security was developed by Boston University economics professor Larry Kotlikoff. 5 Strategies for Maximizing Your Benefit. But you’ll also put in other information, including: Then, the system puts all this information together to allow you to run multiple scenarios. The app automatically looks at all potential scenarios to help you best understand when to withdraw for the best results. But those just tell you what you ought to get, monthly, depending on when you claim. The following free calculators will help you decide. You can figure out how long you should delay your retirement to maximize your benefits. I ran two test scenarios, one for “Divorced Debbie” and one for “Married Mark.” Both offered a quick and easy setup process that took me less than five minutes to complete. Like any piece of financial software, algorithm, and advice, Maximize My Social Security has its pros and cons. The Social Security Administration (SSA) offers simple, free benefit calculators on its site, and there are others available across the web. Maximize My Social Security is part of Economic Security Planning Inc., a company that offers multiple financial tools, each with its own unique features and value. The statement includes: User Generated Content Disclaimer: The comments below each article are not provided or commissioned by the bank advertiser. Yet, only 23% of workers actually try to maximize their benefits by planning when and how best to claim Social Security, according to Employee Benefit Research Institute’s 2018 Retirement Confidence Survey.. Misrepresented, incomplete analysis of SS benefits. Required fields are marked *. Maximize My Social Security helps single or married persons decide when to collect retirement, spousal, widow(er), divorcee spousal, divorcee widow(er), child-in-care spousal, mother (father), young child, and disabled child benefits. 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