While almost all of us know we are going to receive Social Security benefits, the process of actually claiming remains virtually unknown.
(PRWEB) July 14, 2014
LifeYield, LLC a provider of tax-smart goals based investing software, announced the release of the LifeYield Social Security Optimizer, which allows advisors to help clients determine when and how to claim Social Security so they can enjoy more income in retirement. With 10,000 Baby Boomers retiring every day, answering the question of the best way to claim benefits is occupying a growing share of a financial advisor’s day. LifeYield’s Social Security Optimizer is available in both Web and iPad versions and LifeYield has won the business of several of the world’s largest financial institutions.
“Financial advisors and their firms told us that one of the first things their clients are now asking about is Social Security, but that the available tools were too complicated and hard to explain,” said Mark Hoffman, LifeYield’s CEO. “As we have with our other decision-support tools, we focused on delivering software high in utility but simple to use so that advisors could provide answers in the moment to their clients’ questions about Social Security.”
Determining the optimal time to claim Social Security is a complicated process. For example, deciding whether to claim one’s own or spousal benefits, and whether to switch at some point from one to the other can have a substantial impact on lifetime benefits. The process is further complicated because decisions on when to file are dependent on what other assets a claimant might have to support living expenses if filing for Social Security is delayed. LifeYield’s Social Security Optimizer coordinates the various factors, which can result in higher benefits over time.
“LifeYield’s Social Security Optimizer allows for easy 'what-if' analysis to let people see the varying benefits of claiming Social Security at different times and in different ways,” Mr. Hoffman continued. “While LifeYield’s tool suggests the best way on how and when to claim benefits, it is important to see multiple scenarios as there is no such thing as a one-size-fits-all answer.”
“While almost all of us know we are going to receive Social Security benefits, the process of actually claiming remains virtually unknown,” said Mr. Hoffman. “Having a simple way to let advisors determine the best ways for their clients to do so was the driver behind the development of our tool.”
About LifeYield, LLC:
Coordinated Account and Income Management Software. LifeYield’s mission is to provide advisors and their clients with tools to maximize their assets. By managing a client’s various assets –including investment accounts, Social Security benefits, and other income sources, together in a holistic and tax-optimal way, advisors can deliver better investor results during accumulation, in transition, and throughout retirement. LifeYield’s software helps achieve better results for investors and helps demonstrate the added value the advisor brings. LifeYield was founded by successful financial technology industry veterans and is based in Boston, Massachusetts. For more information, please visit http://www.lifeyield.com.