The results of the 2023 T3/Inside Information Software Survey are in, and the Horsesmouth Savvy Social Security Planning Calculators received the highest rating in user satisfaction, coming in at 8.70, with the next-closest competitor garnering a score of 8.29.
Since 2008, Horsesmouth has recognized the importance of having a dedicated Social Security planning tool to help clients determine the optimal time to claim benefits. Over the years our calculators have helped thousands of clients maximize their Social Security benefits while helping to shift the general thinking about when to claim. The later-is-usually-better advice targeted to higher-earning spouses can now, thanks to the calculators, be backed up by actual numbers and will result in a generation of widows enjoying higher income in their later years than if those higher-earning spouses had relied on instinct and claimed early.
The other critical group, young widows who qualify for two benefits—a survivor benefit and their own retirement benefit—and who may be inappropriately advised by SSA to take the higher benefit first, can see via their Savvy Survivor Planning Calculator report that they should do the exact opposite. The numbers show that taking the higher benefit last will usually generate the most benefits over a lifetime. This nonintuitive approach, which will contribute greatly to young widows’ future financial security, can only be revealed by software comparing lifetime benefits under the various options.
While we recognize that Social Security planning does not happen in isolation—indeed, the Savvy Social Security claiming analysis usually reveals income shortfalls that lead to further planning opportunities—having a tool dedicated to Social Security alone helps clients isolate this important retirement resource in order to maximize it to the extent possible. Some of the traditional planning software makers have added a Social Security module, but these may not be the most robust solutions, according to the T3 report. Ratings for these integrated modules were in the 7s.
We’d like to extend a big thank you to all of our members who love and use our Savvy Social Security Planning Calculators and who expressed their opinions in the T3 survey. Compared to last year our satisfaction rating has improved and our market share has grown. We continue to look for ways to improve our calculators and depend on your feedback to make them the best that they can be.
See the whole survey here.