Social Security will pay you a premium if you wait until 70. Maximize your Social Security Retirement and Spousal Benefits. Counting every penny is a must for successful retirement planning but what if you don’t know how many pennies to expect from your Social Security? True, there are free apps and calculators available online (such as the one provided by AARP), but these free services pale in comparison to the in-depth analysis Maximize My Social Security can provide. But is it worth its $40 price tag? Your Social Security benefits are based largely on your earnings during your working years. Now also handles adults receiving disability benefits! With all the free government resources out there for Social Security, you might balk at paying for an additional software to help you make decisions related to these retirement benefits. Editorial Disclosure: This content is not provided or commissioned by the bank, credit card issuer, or other advertiser. When Should I Take Social Security to Maximize My Benefits? The core Maximize My Social Security product is an economist-designed application that looks at Social Security rules and regulations and your contributions over time to help you best understand how to withdraw and take your maximum benefits. Then the report details the actual strategy it recommends to get this maximum amount of Social Security income. Like any piece of financial software, algorithm, and advice, Maximize My Social Security has its pros and cons. While we do our best to keep these updated, numbers stated on our site may differ from actual numbers.See our Privacy Policy & Disclaimer for more details. The program accounts for all the types of Social Security benefits, including spousal benefits and even childhood disability benefits. This program was developed by Social Security guru Laurence Kotlikoff. Kotikoff also licenses an online Social Security advice tool called Maximize My Social Security to households for $40 per year. If you are a financial advisor, an advisor edition is available as well at a rate that makes it affordable for most advisors to add this to their arsenal of financial-planning utilities ($250 per year). If your recent earnings make the top 35, it will increase the monthly average and your benefit payment. Best Student Checking Accounts and Banking Options, Best Robo Advisors For Socially Responsible Investing, Best Free Prepaid Credit Cards With Low or No Fees, Best Credit Cards for Seniors and Retirees, Capital One® Quicksilver® Cash Rewards Review, Capital One Spark Miles for Business Review. Maximize My Social Security is best for folks who are nearing retirement and who are looking for comprehensive answers to their Social Security-related questions. It just needed names and birthdays to set up a family. 1. Maximize My Social Security is a tool designed to do exactly what its name implies: maximize what you get from Social Security. Two calculators, Social Security Choices and Maximize My Social Security (each costs $40 for consumers to use), can help you to analyze the best way to take Social Security payments for a … So, yes, you can figure out your current benefit calculations and run some numbers on free calculators from the Social Security Administration. She spends her spare time bargain hunting and meal planning for her family of three. “Shows you the best time to begin collecting benefits.” “Maximize My Social Security is one of the two best Social Security tools. However, if you’re closing in on retirement age and aren’t sure what your best option is, $40 a year may be chump change compared to what Maximize My Social Security could save you. The credit card offers that appear on this site are from credit card companies from which doughroller.net receives compensation. Doughroller.net does not include all credit card companies or all available credit card offers. This is the only book you will need for entering retirement. But if you want to be sure you’re making the right choice about when to take your benefits, you might check out Maximize My Social Security, a more robust tool. There are free tools available to optimize your Social Security benefits. We know that managing finances is not easy. Some people think that Social Security pays a single, … They're fine for the casual user who wants to get a basic idea of where they need to be when it comes to savings. The reports showed the best date to start taking Social Security benefits with details on why and options to download the report as a PDF for easy access in the future. Everything You Ever Wanted to Know About Car Insurance, A Homeowner’s Guide to Homeowner’s Insurance, Tax Benefits for Buying and Owning a Home, Turbotax vs. TaxSlayer vs. Credit Karma Comparison. 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