T. Rowe Price today announced its launch of a Social Security tool geared at helping beneficiaries navigate the benefits claiming process.
The Social Security Analyzer tool (SSAnalyzer), free to financial advisors, offers custom strategies and evaluates the spending needs against Social Security income and longevity risk with several life expectancy outlooks. It also examines the potential impact of taxes, cost-of-living adjustments, and inflation factors during retirement.
Along with the SSAnalyzer tool, T. Rowe Price is offering “The Power of Social Security,” a program with resources including continuing education videos, presentations, and white papers for advisors, as well as 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. “T. Rowe Price’s SSAnalyzer and ‘The Power of Social Security’ can be vital resources that will help advisors create customized approaches with their clients, which can lead to better personal outcomes in retirement.”
The launch of SSAnalyzer follows the 2024 launch of Social Security Optimizer, a tool specifically designed for T. Rowe Price individual investors and 401(k) plan participants.
The features come as participants admit they lack understanding on Social Security benefits. Research last month from the investment management firm found notable gaps in knowledge among participants. According to the findings, while nearly all pre-retirees ages 50 and older understood that a reduction in benefits occurs when Social Security is claimed before full retirement age, 62% understood that the benefits increase if they delayed their claim beyond the full age. Further, only 45% of those over the age of 50 knew their approximate Social Security benefit amount.
“The addition of SSAnalyzer and other resources to T. Rowe Price’s suite of retirement solutions underscores our commitment to empowering our advisors and retirement savers with knowledge and tools to make more informed decisions,” said Michael Davis, head of global retirement strategy at T. Rowe Price. “Integrating these tools into their practices will enhance the value-added services advisors offer their clients and give clients more confidence about the future.”
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.
