Social Security can be a complex and often confusing topic for your clients. Utilizing software programs can make benefits planning easier to navigate, for both you and them. If you’re looking for Social Security software for financial advisors, there are several options to choose from. Comparing the benefits and the costs is a good place to start in choosing a program to use.
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What Can Social Security Software Do for Financial Advisors?
Social Security software programs are designed to assist financial advisors and other financial professionals with benefits planning. The exact range of features included varies, but in general, these programs can advisors to:
- Calculate Social Security benefit outcomes, based on the client’s work history and age at which benefits begin
- Assist clients in determining when to begin taking benefits based on life expectancy and overall financial need
- Run different scenarios for married couples to help them choose the most appropriate filing strategy
- Create visualizations that allow clients to see potential outcomes side by side
- Maximize tax efficiency when claiming Social Security alongside other retirement account withdrawals
Social Security benefits represent about 30% of income for people over 65 in the U.S. Using Social Security software programs can help you ensure that your clients are maximizing their benefits to the fullest for a financially secure retirement.
Social Security Software for Financial Advisors
Advisors who are interested in using software to assist with Social Security planning have numerous options to choose from. We’ve selected a handful that you might consider using if you’re looking for ways to simplify this aspect of your business.
- Highlights: Benefits planning for a wide range of situations, branded reports, 10-day free trial
- Pricing plans: Single, firm/group, enterprise
SSAnalyzer is a top-rated Social Security software program for financial advisors. This software tool allows you to:
- Estimate the impact of future earnings and taxes on Social Security benefits
- See how anticipated cost of living adjustments might affect benefits
- Create personalized reports for clients that reflect your firm’s branding
SSAnalyzer considers every situation, including single claimants, married couples, widows/widowers and divorced clients. The software includes strategies for Social Security disability benefits, family benefits and non-covered pensions so you can create a comprehensive plan.
- Highlights: Interactive sliders, detailed graphs and ledgers, free trial
- Pricing plans: Monthly, annually
Social Security Pro offers an easy-to-use interface for advisors who want to be able to quickly calculate benefits scenarios. The software allows for easy adjustments to see how a change in your client’s situation or timing might impact outcomes. You can view benefits by year or taxation details and run a break-even analysis.
It’s possible to create a client presentation in just five minutes and the software’s interface lends itself to virtual client meetings. Social Security Pro is available as a standalone product, but it can also be bundled with lead generation, estate planning and business succession tools if you’re looking for additional software solutions.
- Highlights: Visualizer tools, compliant reporting,
- Pricing plans: Monthly, annually
LifeYield goes beyond simple calculations and allows you to optimize outcomes for your clients. Advisors can use this software to:
- Run multiple scenarios in real-time settings so clients can compare outcomes side by side
- Visualize how Social Security income coordinates with your client’s other retirement income sources
- Anticipate and plan for retirement income gaps
- Generate easy-to-read reports and share them compliantly with clients
- Uncover held-away assets and potentially generate leads through referrals
Advisors can schedule a demo to test LifeYield’s capabilities in optimizing Social Security benefits.
- Highlights: Break-even charts, alternate strategies, marketing materials
- Pricing plans: Individual, bundled, suite, enterprise
Social Security Timing is designed to help you guide your clients in choosing a claiming strategy. You can use the software to explore different strategies for easy comparison while conducting a break-even analysis for each one.
You may find it especially helpful if your clients are primarily married couples. Social Security Timing allows you to automatically generate outcomes for four claiming scenarios:
- Widest split
- Both at full retirement age
- Both in January of their full retirement age
- Both at age 70
You can choose from multiple pricing plans based on your firm’s size and needs. A demo is available if you’d like to try it before you buy.
What to Look for in Social Security Software for Financial Advisors
If you’re interested in finding a software solution for Social Security benefits planning, it helps to know what to look for. Some of the key considerations include:
- Features. What is the software designed to do? Are there interactive tools? How easy is it to generate reports or visualizations for clients?
- User experience. How easy is it to navigate the software on the advisor side? Is there a user-friendly dashboard that your clients can access?
- Cost. How are pricing plans structured? What will you pay for different plans? How are plans billed?
- Compliance and integration. Is the software compliant concerning reporting and data collection? How does it integrate with other financial planning software programs you use?
- Service. Is training available to walk you through software setup? When is customer service available? Is separate support offered to your clients?
- Reputation. Is the software program highly rated? What do other advisors have to say about it?
Asking these kinds of questions can help you narrow down the options to find Social Security software that aligns with your needs.
Frequently Asked Questions (FAQs)
What Is Social Security Software?
Social Security software is a tool that’s designed for benefits planning. Advisors can use Social Security software programs to help clients decide when to take benefits and how to maximize them. Programs can take different claims scenarios into account to analyze outcomes and create visualizations.
What Does a Social Security Advisor Do?
Financial advisors who offer Social Security planning services assist clients with determining when to take benefits based on their age, marital status, tax filing and overall financial situation. Advisors can help clients incorporate Social Security benefits into their broader retirement income picture, which may include a 401(k) plan, IRAs, pensions or annuities.
Do Advisors Need Social Security Software?
You don’t need a separate software program to run Social Security planning scenarios. However, there are benefits to using a software solution to calculate client outcomes. These programs can help you increase tax efficiency, optimize benefits and reduce room for error. They can also save you time since you don’t need to run calculations manually.
Bottom Line
Social Security planning may be central to what you do as an advisor, and it’s important to make sure your clients are getting all of the benefits they’re entitled to. Using Social Security software can help you and your clients view outcomes from every angle to make the most informed decision possible.
Tips for Growing Your Advisory Business
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- Social Security software is just one tech solution you might consider for your advisory business. Compliance software can also be a wise investment if you’re concerned about possible violations of SEC rules. When comparing RIA compliance software options consider the range of features, integrations with other software tools you use and cost.
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