T Rowe Price recently rolled out a new Social Security benefit calculator. Unfortunately, their calculator is not ready for prime time. In fact, in its current state, it is not ready for any time. It gives incomplete and misleading advice that, if followed, could cost some married couples $100,000 or more. I will illustrate some [...]
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Archive for the 'Tips for Financial Planners' Category
Getting the Most Out of Social Security while Meeting your Needs
For many retirees, Social Security benefits make up a large portion of retirement savings. Often, these people can only follow a limited set of strategies to optimize their benefits because they may not have the financial resources to wait as long as the mathematics of their situation would suggest. This is why our custom reports [...]
How to Calculate the Social Security Supplemental Spouse Benefit
A client recently asked me: “Should I claim my modest Social Security retirement benefit early, say at 62, and then switch to my larger spousal benefit later on?” This question shows a serious misunderstanding of the relationship between retirement benefits and spousal benefits. One can never switch from retirement benefits to spousal benefits. If a [...]