Social Security tool provides individual investors and plan
participants personalized analysis to better plan for
retirement
BALTIMORE, March 5,
2024 /PRNewswire/ -- T. Rowe
Price, a global investment management firm and a leader in
retirement, today announced the launch of Social Security
Optimizer, a tool designed to help individual investors and plan
participants maximize Social Security benefits given their expected
lifespan. The new tool is an early example of how T. Rowe Price is harnessing powerful tools acquired
through the 2023 purchase of Retiree Inc., along with the firm's
decades of experience as a retirement leader, to deliver
personalized retirement strategies for individuals. This reflects
the firm's broader commitment to innovation that helps retirees
make the most of retirement income.
The new tool, which provides tailored insights through analysis
of an individual's specific circumstances, estimates when to begin
claiming Social Security and how much they should expect to
receive. Social Security Optimizer can also model life expectancy
to see what claiming strategies will yield the most amount of money
over time based on the inputted life expectancy. Individuals are
guided through a short series of questions. The tool will then
estimate the optimal age to take Social Security, the optimal age
for their partner to take Social Security, and the amount of
benefit the individual (and their partner) will receive, given
their assumed life expectancy. The Social Security Optimizer also
pairs broader education and resources to help individual investors
and plan participants make more informed decisions.
"It is crucial for retirees to have a well-thought-out plan in
place to help ensure a comfortable and financially secure future.
By using this personalized data and rethinking how you claim your
Social Security benefits, individuals could maximize their lifetime
benefits," said Bill Meyer, head of
Retiree Inc. at T. Rowe Price. "As a
leader in retirement, we are excited to continue to expand our
offerings and leverage Retiree Inc.'s powerful technology to help
individuals optimize their income in retirement."
For more information on Social Security Optimizer, click
here.
ABOUT T. ROWE PRICE
Founded in 1937, T. Rowe Price (NASDAQ – GS: TROW)
helps individuals and institutions around the world achieve their
long-term investment goals. As a large global asset management
company known for investment excellence, retirement leadership, and
independent proprietary research, the firm is built on a culture of
integrity that puts client interests first. Clients rely on the
award-winning firm for its retirement expertise and active
management of equity, fixed income, alternatives, and multi-asset
investment capabilities. T. Rowe
Price has $1.45 trillion in
assets under management as of January 31,
2024, and serves millions of clients globally. News and
other updates can be found
on Facebook, Instagram, LinkedIn, X, YouTube,
and troweprice.com/newsroom.
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SOURCE T. Rowe Price Associates, Inc.