Savvy Social Security Planning Calculators
Help clients understand their claiming options and show them the lifetime impact of the various claiming scenarios. Five online calculators are available to members to help analyze clients’ claiming options in a variety of ways.
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Spousal Planning Calculator
Use for married couples. View the suggested scenarios and/or enter proposed claiming ages for retirement benefits and spousal benefits as appropriate. The calculator will show lifetime benefits and survivor benefits after the death of one spouse. Recommend the scenario that will produce the highest lifetime benefits, consistent with the client’s overall goals.
Divorce Planning Calculator
Use the Divorce Planning Calculator to devise scenarios for your divorced clients. The calculator will show lifetime benefits for your divorced client and produce suggested scenarios. To use the Divorce Planning Calculator, you will need an estimate of your client’s ex-spouse’s PIA, as well as the year the marriage ended.
Survivor Planning Calculator
Use the Survivor Planning Calculator to help widows and widowers determine when to claim their survivor benefit as it coordinates with their own retirement benefit. You will need to know the widow’s own PIA as well as the amount of the survivor benefit. For greatest accuracy, have the widow contact SSA and ask for the amount of the survivor benefit if it is claimed at the widow’s FRA. If this is not possible, you can use the deceased spouse’s PIA from a recent statement (if decedent hadn’t started claiming yet) or, if the deceased spouse was receiving benefits at the time of death, use that benefit amount and also enter the age the decedent originally claimed his/her benefit. The calculator will determine the original survivor benefit and adjust it based on the widow’s claiming age.
WEP/GPO Planning Calculator
Use this calculator when one or both spouses worked in a job that was not covered by Social Security and will be receiving a pension from an alternate retirement plan (commonly teachers and government workers in certain states).
Simple Breakeven Calculator
Use this calculator to show the breakeven age if a client is considering taking early reduced benefits versus delaying benefits and receiving a higher amount. This calculator shows the age at which cumulative benefits under the later-claiming scenario begin to exceed cumulative benefits under the early-claiming scenario. If the client expects to live longer than this breakeven age, recommend the later-claiming scenario.
Reinvest Breakeven Calculator
Use this calculator if the client will be investing Social Security benefits and drawing from other sources of income. Enter two proposed claiming ages and a projected rate of return. If the client expects to live longer than the breakeven age, recommend the later-claiming scenario.
Retirement Spending Breakeven Calculator
Use this calculator for clients who are retiring before age 70. Enter two proposed claiming ages and a defined spending need. The calculator shows how much of the spending need will be met by Social Security vs. other personal resources. After the breakeven age, fewer personal resources are required to meet the spending need. If the client expects to live longer than the breakeven age, recommend the later-claiming scenario.