So if you don’t mind some data entry time, sit down and run your numbers through this system. We analyze and compare tools to help you make the best decisions for your personal financial situation. When I say basic, I really mean your entire financial history. While we do our best to keep these updated, numbers stated on our site may differ from actual numbers.See our Privacy Policy & Disclaimer for more details. 1. Social Security should have sent you a disability award letter when you were approved for benefits, and that letter should have stated when you could expect your first review. From the time I clicked “run report,” it took less than 10 seconds to get my results. Maximize My Social Security is a powerful tool that offers personalized Social Security withdrawal strategies based on your real earnings history, expected future earnings and expected lifespan. References to products, offers, and rates from third party sites often change. It even takes pensions into account if you expect payments coming your way. 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. (Well, a portion of them. And it also folds in all the major rules involved.Essentially, the software lets you put your earnings history into the system, an… Maximize My Social Security also shows you the other potential scenarios that it ran through. If you continue to work after you start receiving Social Security payments, keep track of your earnings to make sure they don’t exceed the allowed limit. With all the free government resources out there for Social Security, you might balk at paying for an additional software to help you make decisions related to these retirement benefits. There are free tools available to optimize your Social Security benefits. But if you want to be sure you’re making the right choice about when to take your benefits, you might check out Maximize My Social Security, a more robust tool. “file and suspend” is no longer available. Investor Junkie has advertising relationships with some of the offers listed on this website. How Much Should I Have Saved For Retirement, What Happens If You Overcontribute To 401k, Best Calendar-Based Personal Finance Apps, Maximize My Social Security Software Review – Calculating the Best Time to Bank Your Benefits. 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 Compares the Maximized Strategy (black line) with Any Number of What-if Scenarios (orange line). True, there are free apps and calculators available online (such as the one provided by AARP), but these free services pale in comparison to the in-depth analysis Maximize My Social Security can provide. 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. The three reports are the standard report, longevity comparison and alternate plans. The higher your paycheck in 2021, the higher your monthly Social Security benefit could be. For instance, the sample below shows an increased benefit of $162,985 over a lifetime if you use the maximized benefits strategy. Seeing as Americans have been saving for Social Security with every paycheck since 1935, it is important to know how everything works to squeeze out as much value as possible. Opinions expressed here are author's alone, not those of the bank, credit card issuer, or other advertiser, and have not been reviewed, approved or otherwise endorsed by the advertiser. I think the Motley Fool’s advertising campaign is a very low, unethical advertising practice. But it doesn’t just leave you there. User Generated Content Disclaimer: The comments below each article are not provided or commissioned by the bank advertiser. Everything You Ever Wanted to Know About Car Insurance, A Homeowner’s Guide to Homeowner’s Insurance, Tax Benefits for Buying and Owning a Home, Turbotax vs. TaxSlayer vs. Credit Karma Comparison. They don’t go beyond that to compute when you should claim, to maximize benefits. We like Maximize My Social Security's easy-to-use tools and reports. Maximizing social security benefits is an often overlooked part of retirement planning and we can see from the example scenario that the impact can be huge. Social Security will pay you a premium if you wait until 70. Your Social Security benefits are based largely on your earnings during your working years. 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. Maximize My Social Security was developed by Boston University economics professor Larry Kotlikoff. For more information, please read our. Investor Junkie is your shortcut to financial freedom. Keep in mind. Besides the two free calculators, there are also two paid calculators, Social Security Solutions and Maximize My Social Security. 5 Strategies for Maximizing Your Benefit. One standout feature is the ability to look at yourself as a single individual, divorced individual or married couple. If your recent earnings make the top 35, it will increase the monthly average and your benefit payment. Which FICO Scores Do Mortgage Lenders Use? All rights reserved. Give me a link to the place where it provides the above analysis and I’ll agree with you. The system gives you the best possible financial outcome as far as hard dollars go. It’s quite a haul to get all the information in. Members should be aware that investment markets have inherent risks, and past performance does not assure future results. Save my name, email, and website in this browser for the next time I comment. If $40 is nothing to you, go ahead and Kotlikoff will hold your hand. However, if you’re closing in on retirement age and aren’t sure what your best option is, $40 a year may be chump change compared to what Maximize My Social Security could save you. 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. Find out how to make that money count, too, in our review of the Maximize My Social Security software. The following free calculators will help you decide. Like any piece of financial software, algorithm, and advice, Maximize My Social Security has its pros and cons. Editorial Disclosure: This content is not provided or commissioned by the bank, credit card issuer, or other advertiser. Just wait until age 70 before filing for Social Security benefits. 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.. It takes into account the widest variety of household configurations." Should you need such advice, consult a licensed financial or tax advisor. We may, however, receive compensation from the issuers of some products mentioned in this article. If you’re more than a decade from retirement, you should probably wait to purchase this software down the road. It was developed by economist and academic Laurence Kotlikoff, co-author of the New York Times bestseller Get What's Yours: The Secrets to Maxing Out Your Social Security. Read on to learn how Social Security disability checks are issued and what you can do to increase your overall income when facing a disability. Some people think that Social Security pays a single, … That’s the most difficult piece of information to come up with, typically. 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. In plain English, that means if you wait until 63 to take Social Security, then your monthly checks will be 8% bigger than if you claimed your benefit at 62. This book is a real eye opener to different rules for social security. It covers just about any Social Security claiming scenario you might encounter, from child benefits to whether you're a divorcee, parent, retiree, spouse, or survivor. 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. 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. 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. 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 … Maximizing your Social Security benefit from the get-go is a smart move to protect the longevity of your savings. This is so important, though. The statement includes: It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered. This review is focused solely on the Maximize My Social Security app. After all, the more you collect from the feds, the less you have to … It offers analyses of multiple “what-if” scenarios, so that you can see which strategy will work best for your needs. That’s the secret. Navigating Social Security income can be complicated, but there are strategies to maximize your Social Security benefits. Monitor Your Earnings . He is a professor of economics at Boston University and president of Economic Security Planning, Inc. Five tools are listed, but despite the title of this section, #5 isn't free. Best Prepaid Credit Cards That Build Credit. Maximize your Social Security Retirement and Spousal Benefits. The program accounts for all the types of Social Security benefits, including spousal benefits and even childhood disability benefits. Knowing when to take your benefits for the maximum result. Try it out. 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! If you are a financial advisor, an advisor edition is available as well at a rate that makes it affordable for most advisors to add this to their arsenal of financial-planning utilities ($250 per year). You should not have to sign up for email newsletters to find out what it is. Every year, the Social Security Administration mails personalized Social Security statements to retirees and those approaching retirement age. They're fine for the casual user who wants to get a basic idea of where they need to be when it comes to savings. It will even run through “file and suspend” strategies that couples might use and what could happen if you start retirement, stop it to begin working again, and then retire yet again. Misrepresented, incomplete analysis of SS benefits. The app automatically looks at all potential scenarios to help you best understand when to withdraw for the best results. Eric Rosenberg is a finance, travel and technology writer in Ventura, California. Free information and reports tailored to your specific situation. 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. “This calculator takes the guess out of when to take Social Security benefits.” You can call Social Security at 800-772-1213 to ask about how your earnings might change your benefit. Getting to work with Maximize My Social Security’s core tool is easy. Social Security benefits are calculated based on a combination of your age and your lifetime earnings. Maximize My Social Security suggested that Mark file for retirement benefits in January 2036 and that his wife, Mary, file in January 2038 for maximized benefits, both at age 70, with a combined present value of $1,537,825 in benefits. By Rachel Hartman , … How Much Life Insurance Do You Really Need? Deciding when to take Social Security retirement benefits can affect your income by hundreds of dollars a month. This looks like good software from an expert source. 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 … But is it worth its $40 price tag? The two believe they will both live to age 85. Yes, there is a way to increase your Social Security benefit. 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. Essentially with Maximize My Social Security, you put in your basic information. NorthOne Business Checking Account Review 2020, Net Worth Trackers: Apps & Tracking Services, Cashback Rewards: How to Earn Extra Money With Rewards Apps. Opinions are the author's alone, and this content has not been provided by, reviewed, approved or endorsed by any advertiser. This site may be compensated through the bank, credit card issuer, or other advertiser Affiliate Program Disclaimer: The content on this site is for informational and educational purposes only and should not be construed as professional financial advice. In addition to estimating those benefits, two commercial calculators will optimize you… If you wait longer, you could get a significantly higher payout. The information on Investor Junkie could be different from what you find when visiting a third-party website. Helping make finance easy. However, it's geared primarily toward people who are nearing retirement. It may be worth it to you to leave some money on the table for an extra year or two of retirement. After filling out a short questionnaire, you quickly get your results. When Should I Take Social Security to Maximize My Benefits? 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. You can figure out how long you should delay your retirement to maximize your benefits. Abby is a freelance journalist who writes on everything from personal finance to health and wellness. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Then the report details the actual strategy it recommends to get this maximum amount of Social Security income. You can look at when you and your spouse should each take benefits for the best outcome. in English Literature from Indiana University–Purdue University Indianapolis, and lives with her husband and children in Indianapolis. Hands down, Kotlikoff is the expert when it comes to Social Security strategies. Can You Really Pay Off Your Mortgage Early with a HELOC? But you’ll also put in other information, including: Then, the system puts all this information together to allow you to run multiple scenarios. SSA's Retirement Estimator. Review of: Maximize My Social Security Software | Reviewed by: Abby Hayes | Last modified: November 27, 2019. All products are presented without warranty. And it also folds in all the major rules involved. Financial advisors are getting in on the act, too. 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. You can trust the integrity of our balanced, independent financial advice. I discovered what I should do now to get more later. Doughroller.net does not include all credit card companies or all available credit card offers. He has in-depth experience writing about banking, credit cards, investing and other financial topics and is an avid travel hacker. "Social Security: Maximize Your Benefits" is a must read for the first-born "Boomer Generation," now approaching retirement. Advertiser Disclosure: This site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. I’m using the word “calculator” here as a shorthand for tools that attempt to optimize your Social Security benefits. Required fields are marked *. He is a professor of economics at Boston University and president of Economic Security Planning, Inc. Save $$$ w/ Maximize My Social Security coupon code: 9 Maximize My Social Security coupon code and coupon tested and updated daily. How Does Maximize My Social Security Work? Since the last tax changes in 2014, there is nothing in Maximize My Social Security that you can’t get yourself from secure.ssa.gov. This is the only book you will need for entering retirement. This can help you plan for the best choice for your particular needs and quality of life overall. All products are presented without warranty. Now also handles adults receiving disability benefits! Essentially, the software lets you put your earnings history into the system, and then it helps you run scenarios to figure out the best time to start drawing on your Social Security. At age 66—their full retirement age—Bob and Wendy are eligible for monthly Social Security benefits of $2,182 and $815, respectively. Maximize My Social Security is a tool designed to do exactly what its name implies: maximize what you get from Social Security. The credit card offers that appear on this site are from credit card companies from which doughroller.net receives compensation. She has a B.A. Maximize My Social Security is a powerful tool that offers personalized Social Security withdrawal strategies based on your real earnings history, expected future earnings and expected lifespan. So, yes, you can figure out your current benefit calculations and run some numbers on free calculators from the Social Security Administration. Once the family is setup, you’ll have to import or manually add your earnings information. But those just tell you what you ought to get, monthly, depending on when you claim. Investor Junkie has advertising relationships with some of the offers listed on this website. Some - such as Social Security Solutions and Kotlikoff's Maximize My Social Security - will charge a fee but generate a plan based on your specifics. Let’s dive in and find out. The core Maximize My Social Security product is an economist-designed application that looks at Social Security rules and regulations and your contributions over time to help you best understand how to withdraw and take your maximum benefits. 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. “Shows you the best time to begin collecting benefits.” “Maximize My Social Security is one of the two best Social Security tools. They can give you an in-depth analysis of the best time to claim benefits. Read: A Guide to Social Security Disability. To find your “full retirement age,” use the Social Security Administration’s retirement calculator. Each situation has unique pros and cons to when you take your Social Security withdrawals, so knowing more about how your benefits fit in with a spouse or former spouse is helpful. Debbie did better, filing a little earlier in December 2026 at age 69 with a present value of $941,847. Your birthday and your spouse’s birthday (if applicable), Information about your former spouse (if applicable), Earnings information and potential future earnings, Information about your children (if applicable). Once you enter the data, you can run your reports to see everything you need to know, including “what-if” scenarios for money, longevity and alternate plans. Or you might consider a partial retirement while putting off your benefits. 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. Your email address will not be published. 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. 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. Your email address will not be published. Investor Junkie does attempt to take a reasonable and good faith approach to maintain objectivity towards providing referrals that are in the best interest of readers. 5. We know that managing finances is not easy. I think the $40 price is well worth it for someone nearing retirement age. Counting every penny is a must for successful retirement planning but what if you don’t know how many pennies to expect from your Social Security? Free Online Tools to Optimize Your Social Security Benefits. InvestorJunkie.com© Copyright 2020, All Rights Reserved | Investor Junkie is a financial publisher that does not offer any personal financial advice or advocate the purchase or sale of any security or investment for any specific individual. To work with Maximize My Social Security income to different rules for Social Security benefits for particular. To import or manually add your earnings history is why we 're including it advertising with!, ” it took less than 10 seconds to get the most from your 35 earning... On your earnings information of three place at ssa.gov reports tailored to specific. November 27, 2019 and compare tools to help folks nearing retirement age 66—their full retirement age—Bob Wendy. Security benefit a finance, travel and technology writer in Ventura, California Motley Fool ’ s a. Analyze and compare tools to Optimize your Social Security benefits advertising relationships some... 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