When to start taking your Social Security benefits?
This is a critical retirement decision. You may start as early as 62 but the payment reaches full potential at your Full Retirement Age as set by the Social Security Administration. The monthly payment can grow even further if you decide to wait till age 70. It is nice start getting the funds sooner than later but does it really work out better?
The answer depends on how long you plan on working, marital status, life expectancy, inflation and other factors. A careful analysis is needed to make an informed once-in-a-lifetime decision. This app, Benefit Optimizer for Social Security (Boss) is developed to help you evaluate such important factors and analyze your options.
Boss is designed by financial planning specialists who have been serving professional planners with comprehensive solutions for decades. The essential elements needed to analyze the benefit options are packed in a simple app that can be used by all potential retirees.
Please see below how projected social security benefit amounts are calculated.
Some of the key features of this app include-
• Benefit profile of Singles
• Benefit profile of Married couples
• Compare options
• Minimal data needs
• Condensed and detailed results
• Tabular or graphic reports
• Break-even analysis
• Cash needs fulfillment analysis
• Income tax impact analysis
• Future value analysis
• Fully documented operation

· Boss displays full-span reports & Graphs that can also be printed:
• Monthly Benefits
• Annual Benefits
• Cumulative Benefits
• First Full Year
• Monthly Payment Graph
• Option Comparing Graph
• Cash Needs Fulfillment Pie Chart

Quick & Easy
Analysis with Boss is quick and simple. All you need for an essential analysis is a birth date and the benefit amount at full retirement age (FRA). The Social Security Administration provides the FRA amount to social security payers periodically. With these two data items entered you are ready to analyze. Pick an eligible month and year to view benefit details. Enter different option and view the comparative results and line graphs for an easier grasp of projected results. This simple exercise can now be expanded with other factors such as the inflation rate, life expectancy, rate-of-return, expenses and tax related information.

COMPUTATIONS
This app uses three key items in projecting the Social Security benefit amounts-
1. Date of birth
2. Benefit claiming age
3. Benefit at full retirement age
This benefit can be claimed at age 62 and onwards. The monthly amount of benefit increases when you delay claiming this benefit. This benefit must be claimed by age 70. The benefit depends on your full retirement age (FRA) benefit – this is the amount you will get monthly if you claim the social security benefit at your full retirement age. The value of this amount is provided to you periodically by Social Security Administration (SSA). SSA publishes a data grid that shows the percentage of FRA benefit is available at ages between 62 and 70 based on your birth year. For details please visit (https://www.ssa.gov/benefits/retirement/planner/agereduction.html).
SSA also provides the source code of social security benefit calculator which we use periodically to verify computation results. For further details and more information about SSA provided please visit (https://www.ssa.gov/OACT/anypia/download.html).

DISCLAIMER
This app provides financial calculations and projections of current values for illustrative and educational purposes only. This app is not a substitute for professional advice. By using this app, you acknowledge and agree that Sawhney Systems is not liable for any errors or omissions in the calculations or any consequences arising from their use. You assume full responsibility for any decisions made based on the information provided herein
Sawhney Systems is a private organization and is not affiliated to any US Government agency.