Mountain View, CA and Boston MA, Jan. 13, 2015 – Do you have questions about getting the most out of your Social Security benefits? Quicken has answers.
The new Quicken Social Security Optimizer, powered by LifeYield, helps make it easier for people to understand and determine how to maximize their estimated Social Security benefits. Previously available only to retirement planners, the optimizer is now offered through “Quicken“, the nation’s leading personal software from Intuit Inc. (Nasdaq: INTU) and LifeYield LLC. The Quicken Social Security Optimizer, available for $49.99 for Windows and Mac operating systems, easily shows people how to:
- File for Social Security to maximize estimated lifetime benefits.
- Determine the most advantageous way to file for Social Security benefits and the dollar value those advantages might yield.
- Compare different retirement scenarios to evaluate those best suited for themselves and their family.
Simplifies the Process
“Determining how and when is the best way to file for Social Security benefits can be a very complicated process and so many people unwittingly lose out on maximizing the benefits they have earned,” said Stoyan Kenderov, head of business development for Intuit’s Consumer Ecosystem Group. “Together, Intuit and LifeYield are providing people with an easy-to-use tool so they can help determine the filing strategy that is most beneficial for them.”
According to a 2014 report by the Social Security Administration, more than 59 million Americans received almost $863 billion in Social Security benefits. The report also cited that among elderly Social Security beneficiaries, 52 percent of married couples and 74 percent of unmarried persons receive 50 percent or more of their income from Social Security. Yet, many consumers don’t think of Social Security as a financial asset they can control.
“Social Security benefits are an important part of an individual’s financial portfolio,” said Mark Hoffman, CEO of LifeYield. “We’re thrilled to bring the Quicken Social Security Optimizer directly to consumers and put the power of retirement planning in their hands.”
Many Factors Affect Benefits
While many think that delaying filing for Social Security is the only way to increase benefits, numerous other factors can also come into play. These include the option to file for benefits but delay receiving payments, which is known as file and suspend, or to file for your own, a spouse’s or former spouse’s benefits, which are difficult to determine manually. Many people file at the earliest age possible often because they need the income, but they are not fully aware of the significant advantages of delaying by even a few years.
“When people think of Social Security they often think of something, sometime way off in the distance, but it’s never too early to plan ahead,” said Hoffman. “Instead of waiting until it’s actually time to file, if people start thinking about Social Security in their early 50s, and revisit it as their circumstances change, they can make better informed decisions. The Quicken Social Security Optimizer can help people make these better choices so they can get more during retirement.”
Pricing and Availability
The Quicken Social Security Optimizer does not constitute financial, investment or legal advice and is available for $49.99 for the first year, and as low as $9.99 for each subsequent year if customers auto-renew at www.quickensso.com. It can be accessed through any browser on any desktop, laptop or mobile device.