T. Rowe Price has launched the Social Security Benefits Evaluator, a free online calculator to help individuals decide what Social Security strategy may be suitable for their financial goals. Advisors may want to link to it from their website or post a blog about it, pointing out that it's really useful for illustrations but not a tool you'd want to stake your retirement income on.
T Rowe Price's calculator could not be easier to use. The three-step calculation requires filling in your gender, marital status, age, and salary. Then, just select your desired retrement age and whether you want to get Social Security benefits starting then or delay them to get the maximum benefit. The calculator then gives you a year by year projection based on today's dolalrs of your benefits.
Since this calculator app is not nearly as in-depth as advice and analysis a financial planner would provide in designing a retirement income strategy, linking to it and telling people about the advice they will get from you is good marketing. And the tool does let people see that making a change in their Social Security benefit strategy can have a big impact on their retirement income.