BOSTON--(BUSINESS WIRE)--LifeYield, a transformative software company helping forward-thinking financial firms, advisors and investors make more and keep more money, has announced enhancements to its Social Security Advantage solution, adding Benefit Delay and Benefit Replacement features. LifeYield now helps determine how to supplement income when the optimal strategy calls for delaying filing for benefits and, in the case of a married couple, determining how best to replace benefits lost after the first spouse passes.
Currently used by over 50,000 advisors and investors, LifeYield’s Social Security Advantage was created to simplify the complex process of determining when and how an individual should file for benefits in order to maximize income in retirement.
Every individual situation is different, though many file at the earliest age possible because they need the income. Others file early because they simply may not be aware they can gain up to almost 9% more in payments for each year they delay filing. The Benefit Delay feature helps determine how to fill the income gap if filing is delayed, while the Benefit Replacement feature suggests how to replace income lost when the first of a married couple dies. Each feature describes the types of investment and/or insurance products that can provide income during those years.
"We developed the Benefit Delay and Benefit Replacement features to provide advisors and investors direction on how to fill income gaps during years where Social Security income might be lower as part of a strategy to maximize overall benefits," said Mark Hoffman, CEO of LifeYield. "Our tools analyze and suggest where investment and/or insurance products can provide income during the gap years.”
Delaying Social Security is not the only way to increase benefits. Social Security Advantage considers other options that would allow investors to reap the highest level of income - such as strategies in which married, widowed, or divorced individuals switch between benefit types - all of which are difficult to determine manually.
LifeYield LLC is a transformative software company that helps forward-thinking financial firms, advisors, and investors make and keep more money. LifeYield’s software takes a comprehensive view of investors’ assets and provides simple tools to help improve their financial health. They do so through the LifeYield Advantage Suite™ of asset optimizing software programs including Portfolio Advantage, Social Security Advantage, and Income Advantage. Based in Boston and founded by acclaimed finance, technology, and industry experts, LifeYield is passionate about helping people live the retirement of their dreams. For more information, please visit www.lifeyield.com.