Franklin Templeton Introduces Social Security Optimizer Tool to Choose Best Retirement Plan

By CIOReview | Thursday, November 20, 2014
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SAN MATEO, CA: For the retirement plan, many people make the decision, in confusion and lack of understanding about Social Security that may cause the permanent reduction of their monthly income during retirement. Franklin Templeton Investments, an investment management organization, introduces an online Social Security Optimizer tool to help financial advisors make important decisions and plan for future for their clients.

The Social Security Optimizer, developed by LifeYield, to assist customers to review Social Security benefits options. The tool helps users understand each client’s overall retirement situation and income plan. After taking all the inputs from customers, the tool defines the range of variables and produces benefit filing options that leads to prominent total lifetime benefits. Then advisors can customize the proposed strategy to align more closely with a client's particular retirement resources and goals. The Social Security Optimizer also gives suggestion on ‘next steps’ with program ‘Income For What's Next’ for the chosen Social Security benefits claiming strategy.

Additionally the tool features other benefits such as: Providing information for filing a benefits claim based on selected Social Security benefits strategy on the month and year; a full analysis of customer’s potential benefits claiming choices in monthly and cumulative dollar amounts; and a printable hypothetical illustration for advisors during client discussion.

Gail Buckner, CFP, Franklin Templeton's financial planning spokesperson, states that the Social Security Optimizer tool allows advisors to deal with complicated and often misunderstood options for collecting Social Security to guide their customers through retirement planning process.