Advisors Used LifeYield Social Security+ to Uncover $10 Billion in Added Client Retirement Income in 2021

• People are retiring in record numbers, a trend created by the pandemic and the demographics of the baby boom generation.
• Social Security filing is one of the pivotal decisions for anyone considering retirement – but to make the best choice, individuals need the support of technology and a financial advisor.
• Advisors who use LifeYield Social Security+ help clients realize significantly more retirement income than when they decide themselves on when to file for benefits.

BOSTON – Nov. 30, 2021 – As retirements swelled in 2021, financial advisors using LifeYield Social Security+ have uncovered more than $10 billion in additional, unanticipated income for their clients, or an average of $151,129 per client household over their benefit lifetimes.

Financial advisors accelerated their use of Social Security+ in 2021 to help clients maximize retirement income. The number of client evaluations advisors generated using Social Security+ increased by 10% when compared with the same period in 2020.

“Filing for Social Security is a decision too many people make in haste and without consulting an advisor,” said Mark Hoffman, chairman, chief executive officer, and co-founder of LifeYield. “Failing to pause and evaluate filing options – and the associated income – means people potentially miss out on thousands of dollars in benefits over their retirement years.”

Analysis of 66,969 anonymized reports created by advisors of LifeYield’s largest partners between Jan. 1, 2021 and Oct. 31, 2021 showed that projected income from the best Social Security filing strategies for clients was $95,692,189,597. That was $10,120,945,712 more than the total of $85,571,243,885 that clients would have collected in aggregate by filing when they had planned before consulting advisors.

So, an average client household discovered $151,129 more in available retirement income with the help of advisors using Social Security+.  Individual client results vary and depend on the salary history of household members and what they’ve paid in payroll taxes.

Retirement Surge is Propelling Clients to Ask About Social Security Filing

The aging baby boomer generation combined with the Covid-19 pandemic have led to a surge in retirements. The Schwartz Center for Policy Analysis at The New School released in June 2021 a report that estimated there were 1.7 million more retirements than anticipated since March 2020.

Meanwhile, the number of people turning 65 each day was about 10,000 in 2019 and projected to reach 12,000 within this decade. By 2030, all boomers will be at least 65.

Social Security+ is part of the LifeYield integrated technology suite that supports financial advisors and improves clients’ financial positions through the unified managed household (UMH) approach. UMH describes how advisors, enabled by technology, can manage all tax-qualified and taxable accounts owned by members of a client household for optimal tax efficiency and maximum income.

Leading financial institutions use LifeYield technology, including Merrill, New York Life, Franklin Templeton, Allianz, and Northwestern Mutual. More than 70,000 financial advisors have access to Social Security+.

Jeff Quigley, vice president, enterprise sales and relationships at LifeYield, said that the first question clients nearing retirement ask is, “What should I do about Social Security?”

“With more than 2,700 rules, Social Security is a minefield unless advisors turn to technology to customize answers to that question for every family,” said Quigley. “Using Social Security+, advisors can demonstrate the benefits of a custom strategy for Social Security and then proceed to in-depth conversations on strategies for accumulation and retirement income.”

Learn more about LifeYield Social Security+.

About LifeYield

LifeYield is the wealthtech leader in powering unified managed household (UMH) platforms to help advisors and firms maximize retirement income for clients from accumulation through withdrawal. LifeYield’s dynamic algorithms and comprehensive API library enable advisory firms to coordinate and optimize the levers of cost, risk, taxes, and Social Security to produce better financial outcomes. For more information, visit www.lifeyield.com.