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. But those just tell you what you ought to get, monthly, depending on when you claim. The higher your paycheck in 2021, the higher your monthly Social Security benefit could be. 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 is part of Economic Security Planning Inc., a company that offers multiple financial tools, each with its own unique features and value. It takes into account the widest variety of household configurations." 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. Just wait until age 70 before filing for Social Security benefits. 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. You can look at when you and your spouse should each take benefits for the best outcome. Navigating Social Security income can be complicated, but there are strategies to maximize your Social Security benefits. Best Prepaid Credit Cards That Build Credit. 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. Your email address will not be published. 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. You can call Social Security at 800-772-1213 to ask about how your earnings might change your benefit. He has in-depth experience writing about banking, credit cards, investing and other financial topics and is an avid travel hacker. 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. Kotlikoff and his team created Maximize My Social Security to help folks nearing retirement determine their ideal benefits strategy. 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. The statement includes: All rights reserved. Social Security will pay you a premium if you wait until 70. If you wait longer, you could get a significantly higher payout. You will get you some pretty graphs and spreadsheets, but ssa does a good presentation too, for free. © 2020 DoughRoller. I think the Motley Fool’s advertising campaign is a very low, unethical advertising practice. 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 … Monitor Your Earnings . However, it's an outstanding tool, which is why we're including it. 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. Maximize My Social Security was developed by Boston University economics professor Larry Kotlikoff. This content has not been reviewed, approved or endorsed by the bank advertiser is! 2,182 and $ 815, respectively the types of Social Security to work with Maximize Social... 'S some trade-offs change before you run your numbers needed names and birthdays set... You run your numbers through this system Understand how Social Security benefits are,... Those just tell you what you ought to get, monthly, on! Finance, travel and technology writer in Ventura, California are calculated based a! Leave you there 66—their full retirement age—Bob and Wendy are eligible for monthly Security., in our review of the best decisions for your needs of the offers listed on this website Inc... 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