Maximize my social security coupon

Maximize my social security coupon

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How to Maximize Your Social Security Benefits

It was a mystery. I was running my eye down the column of numbers generated by the 2nd well-respected calculator. That seemed reasonable enough. But wait, it was only half what the other calculator reported! How could they be so different? I had entered our data carefully. So why were the two calculators so far apart on our lifetime benefits? To compound matters, when it came to monthly benefits, the situation was the opposite. One calculator was higher in lifetime benefits, the other was higher in monthly benefits.

Our national retirement program, and the financial planning required to use it effectively, are complex. There are several critical variables. And you only need to get one wrong to completely skew the results. Getting them all right requires deep knowledge, superhuman judgement, and probably some luck. And yet, because we all need answers about retirement, we keep trying…. The Social Security Administration SSA offers simple, free benefit calculators on its site, and there are others available across the web.

But those just tell you what you ought to get, monthly, depending on when you claim. In addition to estimating those benefits, two commercial calculators will optimize your Social Security claiming strategy so you get the most to which you are entitled…. Kotlikoff has applied his economics background to create a new flavor of financial planning with the focus on optimizing your living standard.

Social Security Solutions is led in part by William Reichenstein, a professor in Investment Management at Baylor University, and researcher in the areas of investments and taxation. His early work on estimating the value of Social Security retirement benefits was particularly helpful to my own retirement planning. Both companies have just finished updating their algorithms to incorporate new rules from the Bipartisan Budget Act of , specifically the phase-out of the file-and-suspend and restricted application strategies that I covered in my last post.

Both calculators appear to reflect the latest rules in their computations now. However, you will still find discussion of the old strategies scattered throughout their documentation and help. And some aspects of the law are awaiting clarification in new regulations. So there could be corrections to the calculations going forward.

That includes the ability to re-run the program to compare scenarios. The most important input for a Social Security calculation is your earnings history. For a typical working couple this could be 35 to 40 years of data each — 70 to 80 numbers total that must be keyed in correctly for accurate results. MMSS has the best options for entering past earnings. You can type them in manually, infer them based on your estimated monthly retirement benefit at full retirement age from the SSA, or import them directly from the Social Security website, using cut and paste.

This latter feature worked well, thankfully saving me minutes of tedious data entry. With SSS, entering your earnings history is more labor-intensive. And you cannot edit or update your values later. MMSS has easy and powerful options for modeling future or post-retirement income. You can enter detailed projected future earnings by year, or you can select a row in your past earnings, and grow earnings from that year forward using an entered growth rate.

SSS however seems to have more limited capabilities for modeling future or post-retirement income. MMSS has a friendly and efficient user interface. You navigate input sections using a logical list. I also appreciated the clear restatement of Inputs at the end of the results report — essential for checking your input data. But MMSS lags in a couple of areas: Sounds good, in theory, but I suspect it could have used a simple deterministic calculation to bypass many of those scenarios.

The SSS user interface is more visually appealing at first glance, but can be confusing and inconsistent to use. The program seems to have added features haphazardly. Critical functions like editing and reviewing your income history are unavailable or hidden in obscure places. Sometimes multiple terms are bandied about for the same concepts: And its scenario management is notably powerful and flexible….

An essential reason for using a sophisticated Social Security or retirement calculator is to analyze and compare scenarios: What happens if you die early? What happens if your spouse lives to ? For this article, I used the calculators to analyze three scenarios: MMSS offers a limited capability for analyzing scenarios. But not being able to create and manage multiple scenarios at once is a notable shortcoming.

A workaround is to create one scenario initially, calculate and download the report to save those results, then return to edit the scenario and calculate again. You can create, edit, calculate, and compare many different Social Security claiming strategies. For each scenario, you can vary the age when you and your spouse take your benefits. The program computes all scenarios at once, and then you can compare the results. The comparison page is compact and useful.

You must be logged into the web site to review them. Retirement planning requires making a number of economic assumptions to generate results, and Social Security planning is no exception. Each of these Social Security calculators requires two more important inputs: Subtracting the latter from the former gives the real rate of return. That single variable has an enormous impact on any long-term financial simulation. Nobody knows what it will be!

SSS is more conservative, to an extreme. This essentially ignores the time value of money. Both calculators allow editing their economic defaults, though their documentation seems to argue against it. In my opinion, even conservatively-invested retirees are likely to do better than the TIPS rate. MMSS agrees: Both of these sophisticated software tools attempts to get you the most out of your Social Security benefits. But what does that mean , exactly?

There are two important goals here: The question is whether you optimize for more income in the near future, or more in the long-term. If you die early, the first option pays off, if you live long, the second one does. It appears to simply choose maximum lifetime income for your entered life expectancy. Both programs allow you to change your projected maximum age, so you can analyze the payoffs under different scenarios.

Unless you anticipate a reduced life expectancy, most of us are advised to plan for a ripe old age. Protecting against longevity risk by maximizing monthly income seems more important than maximizing lifetime income if you die early. So how did my scenarios turn out? Both programs generate extensive PDF reports of their calculations with detailed results and discussion.

Then we would each claim our own benefits at age After the new rules, both calculators recommended that we each simply wait until age 70 to claim: So, were the new Social Security rules a major financial hit for us? The advantages that both calculators claimed for their complex strategies were really more due to claiming later than to somehow claiming smarter. Your situation might be different though. The two calculators made sense individually, and agreed on overall strategy, but were markedly different in their numerical results.

The mystery remained. But the clues were right before my eyes. But, unfortunately, there is room for interpretation:. SSS is most conservative, and easiest to understand: On your annual Social Security statement, the government is more optimistic: MMSS is also optimistic, in a different way: Recall the dramatically different default assumptions for economic conditions: Those small percentages have a big impact over the long run.

My calculations confirm that the discrepancy in lifetime benefits is due to these differences in assumed real returns. When compounded over 30 and year retirements, investment returns of a few percent can amount to staggering sums. Mystery solved. Each program comes from a respected name in the financial planning business. Each has its pros and cons.

MMSS has a friendlier user interface, in general.

Trial Version of Maxifi Planner

A maximize my social security coupon code is actively embedded in our life. So, already a lot of people use different coupons everywhere and, thus, keep their budget. In modern life, a coupon is a document, paper or electronic, which provides a discount on the payment of any product or service. One of these coupons is the maximize my social security coupon code.

Social Security.

Maximize My Social Security helps you decide when and how to collect retiree, spousal, BU is providing faculty and staff with a coupon equal to the purchase. Social Security: Dear Twitpic Community - thank you for all the wonderful photos you have taken over the years. We have now placed Twitpic in an archived state. A couple of best bets, with prices after coupon: Detailed reports show Year-by-Year benefits.

Maximize Your Social Security

Put your earnings history into the system, and then run scenarios to figure out the best time to start drawing on your Social Security. Find out how to make that money count, too, in our review of the Maximize My Social Security software. W ith 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. But it seems that every time tax laws change, Social Security gets more complicated. And it can be difficult to figure out when is the best time to take your Social Security benefits. This is so important, though. Social Security benefits are calculated based on a combination of your age and your lifetime earnings.

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And we have a free customized report for you! The " Guide to Social Security" is the perfect resource to learn everything you need to know about Social Security and how to get the most out of your benefits. This guide is the 46th edition and includes all updated information for Use Promo Code: The page booklet includes all changes, updated examples, easy-reference benefit tables, eligibility rules and much more. You can purchase the same report and pay the full cost by going HERE. Free by completing the form below and using coupon code: In this report, learn answers to the following questions:. This report is generated by powerful software that analyzes your unique information and tells you how to leverage all the rules of Social Security to your full advantage. Our software recommends the best claiming solution to maximize your benefits with only a few pieces of information you provide.

Maximize My Social Security Software

John Kador May 02, Is there any financial decision more complicated, far-reaching and irrevocable than when to file for Social Security retirement benefits? There is an optimum filing strategy that will maximize lifetime benefits—and reduce longevity risk—for every individual or couple. But analyzing hundreds of scenarios to identify that strategy is dizzying. Take my situation, for example.

Strategies For Maximizing Your Social Security Benefits

We respect your privacy. All email addresses you provide will be used just for sending this story. Maximizing your Social Security benefits isn t easy, especially since there are hundreds of rules governing payments alone. But since most retired Americans depend primarily on Social Security, it s important to get everything you re entitled to. Planning Tip: Create a free, mySocialSecurity account for access to your personalized Social Security statement, which includes estimates of your future benefits. You also can use it to verify earnings history, on which Social Security benefits calculation are based. But about a quarter of those who tapped into Social Security early say they now regret doing so. The amount can be up to half of what the working spouse is entitled to at full retirement age. The amount you receive has no impact on the payment your spouse will receive.

Maximize My Social Security Software Review – Calculating the Best Time to Bank Your Benefits

It was a mystery. I was running my eye down the column of numbers generated by the 2nd well-respected calculator. That seemed reasonable enough. But wait, it was only half what the other calculator reported! How could they be so different? I had entered our data carefully. So why were the two calculators so far apart on our lifetime benefits? To compound matters, when it came to monthly benefits, the situation was the opposite. One calculator was higher in lifetime benefits, the other was higher in monthly benefits. Our national retirement program, and the financial planning required to use it effectively, are complex.

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Free Social Security Tool for Optimal Benefit Claiming Strategy

You used to have a personal advisory service where you would analyze and advise on individual situations. Does that still exist, and can I sign up if so? Yes, we offer an Expert Review option that includes a 1 hour phone consultation. For more information on that service, click on the purchase link at the top of this page. My wife is 61 and receives Native American Benefits. I had been thinking of claiming SS early because of the "break even". However, after reading the book I am re-thinking. My question-does the software account for the misc. Does the calculator include SSDI for disabled child calculations? Will they be based on the higher earning parent only or will the benefit change once both parents retire? Yes, our calculator can compute both Social Security disability benefits SSDI and disabled adult child s DAC benefits, as well as the combined benefit rate if a person qualifies for both types of benefits i.

Comparing the 2 Leading Social Security Calculators

When to start claiming Social Security to maximize your potential benefit can be a complicated question, especially for couples. This amount depends on your future income, so I would first consult this other free Social Security benefit estimator tool to more easily estimate your PIA. I believe the value you see at SSA. Here are our results as a couple, assuming we were the same age we are close and with my expected benefit being slightly higher than hers:. The strategy that maximizes the total dollars you can be expected to spend over your lifetimes is as follows:. Basically, the tool says that my wife should apply as soon as possible, while I should claim as late as possible. The tool might take some time to run the calculations, depending on your browser. You can learn more and provide feedback at Bogleheads and Github. I am not a Social Security expert, and I have not examined the source code or verified the accuracy of the results. I am inclined to trust the results as Mr.

Have you thought about offering a trial period or a money back guarantee? I know some unscrupulous customers - not my relative - would run a few cases then want their money back. However, I believe those who realize how valuable the program can be will recognize that they need to use it every year and will not just try it and walk away. Maybe you have some suggestions. Regards James Mavrogenis. Is there a discount? James, we are certianly good for a day money back promise. Tell them I said I m good for it. If they wait much longer than 30 days to request a refund it can become a problem because of the say PayPal handles refunds. Subscribe to RSS feed.

VIDEO ON THEME: Top 5 Social Security Strategies To Maximize Benefits
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Comments: 2
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