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Wednesday, August 03, 2011
Law - New Social Security calculators can help figure out when to begin collecting benefits
Tara Siegel Bernard of the NY Times business column, "Your Money," has had a series of columns on the new, sophisticated calculators. Here is the most recent, from Aug. 2, 22011. A quote:
We can’t predict precisely how long we’ll live, which is why figuring out the optimal time to take Social Security is so difficult.But the creators of a new tool called Social Security Solutions said that they’ve come up with a way to hedge your bets: Their tool generates a claiming strategy based on how long you expect to live, but it also takes into account that you might actually live longer than you anticipate.
“We look to maximize benefits at the exact mortality assumptions and then assess if there are other tweaks that could be made so that if you live longer than you expect, you collect more money,” said William Meyer, founder of Social Security Solutions who also built products for big firms like Charles Schwab.
The algorithm that powers the tool is based on research he conducted with William Reichenstein, professor of investment at Baylor University and head of research for Social Security Solutions. The pair also co-wrote the book “Social Security Strategies: How to Optimize Retirement Benefits.”
Posted by Marcia Oddi on August 3, 2011 08:48 AM
Posted to General Law Related