Trying to figure out when is the best time to start collecting Social Security is a difficult but crucial decision that could mean that difference of hundreds of thousands of dollars over the lifetime of a couple where both spouses work.
I absolutely urge anyone getting close to 62 to find a trusted financial planner – preferably one who works for a fee as opposed to someone who gets paid by the products he/she sells yo (talk about a conflict of interest).
But before you do that, try out a new tool called the Social Security Solutions whose developers, according to the New York Times, say “they’ve come up with a way to hedge your bets: Their tool generates a claiming strategy based on how long you expect to live, but it also takes into account that you might actually live longer than you anticipate.”
“We look to maximize benefits at the exact mortality assumptions and then assess if there are other tweaks that could be made so that if you live longer than you expect, you collect more money,” said William Meyer, founder of Social Security Solutions who also built products for big firms like Charles Schwab.
“The algorithm that powers the tool is based on research he conducted with William Reichenstein, professor of investment at Baylor University and head of research for Social Security Solutions. The pair also co-wrote the book “Social Security Strategies: How to Optimize Retirement Benefits.”
To read the rest of the NYT article.
- Free Social Security Advice Dec. 15 In Glastonbury
- Giant Little-Known Social Security Loophole Could Be Shut Down
- Social Security Loophole, Still Open For A Great Deal
- Social Security Loophole Narrowed, Take Advantage Before It Closes
- New Social Security Calculator From AARP
- Your Social Security Benefit Data Now Available OnLine