"People need to understand that the strategy they choose for taking their Social Security benefits needs to be based on their financial goals."
T. Rowe Price has launched the Social Security Benefits Evaluator, a free online Social Security calculator designed to help individuals decide what Social Security strategy may be suitable for their financial goals.
The calculator is available at troweprice.com/socialsecurity
Prompted by the need to consider how Social Security fits into an individual's overall retirement income strategy, T. Rowe Price created the calculator to offer guidance on how an individual's goals can help determine when and how to take Social Security. The calculator not only estimates Social Security income, but also presents potential approaches for taking benefits based on the users' goals and allows them to compare results of different Social Security strategies.
Many Social Security recipients may not realize that they could potentially receive more income or cater that stream of income to their needs by choosing one strategy over another. The calculator aims to help them better understand these choices and think about them in context of their retirement income needs.
Social Security Facts
Christine Fahlund, CFP®, Ph.D., senior financial planner with T. Rowe Price:
"Social Security is more important and complicated than many realize. We give a lot of attention to developing an appropriate investment strategy, but not enough attention is given to formulating an appropriate Social Security strategy. Many Social Security recipients may be leaving money on the table. We hope this tool begins to spark conversations about the choices pre-retirees are faced with when deciding when and how to claim benefits. People need to understand that the strategy they choose for taking their Social Security benefits needs to be based on their financial goals."
Founded in 1937, T. Rowe Price Group, Inc. (troweprice.com) is a global investment management organization with $576.8 billion in assets under management as of December 31, 2012. The organization provides a broad array of mutual funds, sub-advisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers sophisticated investment planning and guidance tools. T. Rowe Price 's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research.
*Social Security Administration
*Greenwald, M., A. Kapteyn, O.S. Mitchell , and L. Schneider (2010). "What Do People Know About Social Security" PRC Working Paper 2010-41. Pension Research Council/ The Financial Literacy Center (pensionresearchcouncil.org/publications/document.phpfile=931)
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