It is not uncommon to see cases where the difference between the best and worst election strategy for a couple is more than $100,000 in lifetime income.
Omaha, NE (PRWEB) July 31, 2012
Social Security Timing®, the software that helps retirees maximize their Social Security benefits, is excited to announce new enhancements aimed helping people who have already started receiving Social Security find and fix mistakes that could be costing them thousands in unclaimed benefits.
Though nearly 75% of Americans elect to start receiving benefits before full retirement age (66), this is almost never the best strategy, according to Joe Elsasser, the creator of Social Security Timing®. Not only does it permanently reduce that individual’s benefit, but it also reduces any survivor benefits for which their spouse might be eligible. Many also leave spousal benefits on the table when they claim early.
“It is not uncommon to see cases where the difference between the best and worst election strategy for a couple is more than $100,000 in lifetime income,” Elsasser said. “Imagine finding out two years into your retirement that you made a big mistake when you elected Social Security early—a mistake that could cost you and your spouse more than $100,000 in benefits.”
A financial advisor using Social Security Timing® can now help minimize the damage from that $100,000 mistake by analyzing a couple’s unique situation and offering a plan that will help them ‘reclaim’ some of their lost benefits. Social Security Timing® is the first software to crack the code on fixing a mistake.
“When Social Security Timing® launched in 2011, it was the first software to analyze every possible Social Security election option in order to help a married couple avoid making a mistake when they elected Social Security,” Elsasser said. “Now it is the first software that can help people fix a mistake once they’ve already elected.”
Financial advisors who want to use Social Security Timing® to run scenarios for their clients can start a free trial at http://www.SocialSecurityTiming.com. Elsasser has identified 4 techniques for fixing a Social Security mistake that retirees can use to reclaim some of their benefits if they elect early:
Option 1: Pay it Back – Within the first year after electing, retirees can elect to pay back their benefits and their record will reset as though they never elected.
Option 2: Go Back to Work – Retirees can return to work, which will cause Social Security withhold their benefits due to the earnings test. Once they stop working or reach Full Retirement Age (FRA), their benefits will be increased to reflect the value of prior deductions.
Option 3: Voluntarily Suspend – Once a person reaches FRA, they can voluntarily suspend benefits and get an 8% per year pay raise (plus cost of living adjustments) until age 70.
Option 4: Maximize Spousal Benefits – In a case where one spouse has already elected benefits and the other has not, Social Security Timing® will identify the best of the remaining strategies for the spouse who has not yet elected.
People who are retired or are considering retirement can go to http://www.SocialSecurityTiming.com to find out what’s at stake for them and search the advisor directory to find advisors in their area who use Social Security Timing®.
About Social Security Timing®
Social Security Timing® is a patent-pending online software application used by financial advisors all over the country to help their married clients maximize their Social Security benefits. Social Security Timing®, arrives at its recommendations after looking a couple’s age and income record and running complex calculations to find the election strategy that offers the highest expected lifetime benefit. Advisors can run reports and get training at http://www.socialsecuritytiming.com.