T. Rowe Price has unveiled a Social Security analyzer tool for financial advisors, as well as a training curriculum dubbed the “The Power of Social Security.”
The tool allows advisors to conduct in-depth analysis and provide side-by-side comparisons among various claiming strategies. The training program, in turn, aims to provide advisors with foundational knowledge about Social Security and retirement income planning via educational videos, presentations and white papers. It also includes a library of presentations, workbooks and articles for clients.
“We know anecdotally and from our recent survey that there is meaningful confusion around Social Security benefits and claiming strategies,” said Kevin Collins, head of U.S. intermediaries at T. Rowe Price. “[The analyzer and training] can be vital resources that will help advisors create customized approaches with their clients, which can lead to better personal outcomes in retirement.”
The analysis tool, free to use for advisors, is designed to factor in complex life scenarios. This includes evaluating spending needs against Social Security income; viewing lifetime, annual and monthly income; evaluating longevity risk with several life expectancy outlooks; and analyzing the potential effects of taxes, cost of living adjustments and inflation.
Last year, the firm launched a Social Security optimizer tool designed for T. Rowe Price individual investors and 401(k) plan participants.
“Integrating these tools into their practices will enhance the value-added services advisors offer their clients, while giving clients more confidence about the future,” said Michael Davis, head of global retirement strategy at T. Rowe Price.
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