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Retirement Planning > Social Security > Claiming Strategies

5 Social Security Calculators to Share With Your Retirement Clients

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Though he has been a practicing financial planner since 2003 with a focus on retirement issues, Devin Carroll remains humble about the challenge that comes along with navigating the Social Security system.

“Some call me a Social Security expert,” Carroll explains in the bio section of his blog Social Security Intelligence, “but I’ve studied it long enough to know I’m still just a student.”

That said, Carroll enthusiastically shares what he has learned with others via his blog and YouTube channel, and he is a frequent guest on retirement industry podcasts and often featured in financial media articles about the challenges of planning for retirement.

Recently, Carroll published a blog post that identifies and details what he sees as some of the most useful Social Security benefits calculators that are (mostly) freely available on the internet.

“With numerous factors such as earnings history, age and marital status influencing the amount of Social Security benefits one can receive, using a reliable calculator becomes essential in making informed decisions for a secure financial future,” Carroll says.

In the article, Carroll spotlights the best calculators for Social Security retirement planning and discusses their key features in order to help advisors and their clients find the right tool for their unique needs.

Here are the top Social Security calculators highlighted by Carroll. Each has its own unique features, advantages and drawbacks, Carroll emphasizes, and the best outcomes will most likely be derived by using multiple calculators and engaging in a holistic planning process.

1. The Social Security Administration’s Retirement Estimator

Carroll writes that the official Retirement Estimator provided by the Social Security Administration represents an “excellent starting point” for individuals looking for an accurate and reliable calculator.

As Carroll explains, it provides personalized estimates based on an individual’s or couple’s actual Social Security earnings record, making it one of the most accurate estimators available.

The calculator also allows clients to input various retirement age scenarios and takes into account potential of future cost-of-living adjustments, he says.

2. AARP Social Security Calculator

According to Carroll, the AARP’s Social Security Calculator is another user-friendly tool designed to help individuals estimate their benefit.

The calculator, he points out, allows users to input their personal information to generate more accurate benefit estimates.

Carroll says the key features of the AARP tool are its ability to be customized and the fact that it provides a detailed breakdown of benefits at different claiming ages — all while offering suggestions for maximizing Social Security benefits based on input data.

3. Bankrate Social Security Calculator

Next on Carroll’s list is Bankrate’s Social Security benefit calculator.

According to Carroll, the Bankrate calculator is meant to be an easy-to-use tool that provides users with a basic estimate of their monthly Social Security benefits at different claiming ages.

While it does not offer the same level of customization as the SSA’s Retirement Estimator or the AARP calculator, Carroll says, it serves as a quick tool for general estimations.

As Carroll points out, sometimes simpler tools make for the best jumping-off point when it comes to a complex decision like Social Security claiming.

4. Laurence Kotlikoff’s Maximize My Social Security Calculator

Another tool highlighted in Carroll’s blog is the Maximize My Social Security calculator.

This tool was developed by economist Laurence Kotlikoff. Unlike some others on Carroll’s list, Kotlikoff’s tool is a paid calculator that focuses on providing personalized strategies to optimize Social Security benefits.

With a comprehensive approach and sophisticated algorithms, Carroll says, this tool can help users maximize their lifetime benefits. It offers in-depth analysis and personalized strategies for maximizing benefits, he notes, and it considers various scenarios across claiming ages, marital status and life expectancy.

5. The RSSA Roadmap

Last on Carroll’s list is the RSSA Roadmap operated by the Registered Social Security Analysts certification organization, available online here.

According to Carroll, the RSSA Roadmap is “the essential Social Security planning tool” that will calculate the best filing strategy for a person’s unique set of circumstances.

“Designed by Social Security educators, RSSA Roadmap presents all filing options in an easy-to-read heatmap showing you monthly, annual and lifetime benefits based on when you choose to file,” Carroll says.

According to Carroll, the RSSA Roadmap provides the maximum and all other filing options at one time. Data entry is easy, he suggests, and results are presented through a heatmap, breakeven report and a comprehensive strategy comparison report.

The RSSA Roadmap client version is a one-time purchase, Carroll points out, but it is continuously updated and includes help from Social Security experts.


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