Franklin Templeton Investments has enhanced its Social Security Optimizer tool with Benefit Delay and Benefit Replacement calculators.
These tools gauge and display the amount of income from assets needed to delay benefits past full retirement age, as well as assets needed to replace income lost after the passing of a spouse.
The optimizer comes with a step-by-step guide that considers certain assumptions in order to help advisers customize a benefits-filing strategy based on data inputs outlining clients’ specific situations. This data can then be compared with a framework seeking to maximize benefits paid. This can be presented in a hypothetical illustration report indicating how and when to consider filing for benefits according to the chosen strategy.