T. Rowe Price announced the launch of Social Security Optimizer, which is a tool designed to help individual investors and plan participants maximize Social Security benefits given their expected lifespan.
This new tool is an example of how T. Rowe Price is harnessing powerful tools acquired through its acquisition of Retiree, along with the firm’s decades of experience as a retirement leader, to deliver personalized retirement strategies for individuals.
This new tool – which provides tailored insights through analysis of an individual’s specific circumstances – estimates when to begin claiming Social Security and how much they should expect to receive. And Social Security Optimizer can model life expectancy to see what claiming strategies will yield the most amount of money over time based on the inputted life expectancy.
Individuals are guided with a short series of questions. And the tool will then estimate the optimal age to take Social Security, the optimal age for their partner to take Social Security, and the amount of benefit the individual (and their partner) will receive, given their assumed life expectancy. The Social Security Optimizer also pairs broader education and resources to help individual investors and plan participants make more informed decisions.
KEY QUOTE:
“It is crucial for retirees to have a well-thought-out plan in place to help ensure a comfortable and financially secure future. By using this personalized data and rethinking how you claim your Social Security benefits, individuals could maximize their lifetime benefits. As a leader in retirement, we are excited to continue to expand our offerings and leverage Retiree Inc.’s powerful technology to help individuals optimize their income in retirement.”
- Bill Meyer, head of Retiree at T. Rowe Price
