PRINCETON, N.J., April 11, 2018 /PRNewswire/ -- As the peak of baby boomers retire, they are coming to realize that there are many components in their personal finances and retirement objectives that may have as much an impact on their decision on when to start collecting Social Security benefits as simply knowing the total benefits collected over time. However, they are also discovering that there are few options outside of expensive and complex planning software that can help them evaluate when is the best time for them to start collecting their benefits in their own unique circumstances.
Sawhney Systems, the developer of professional financial planning software as well as a suite of personal financial planning apps like TaxMode and PlanMode, has put years of software development and financial planning experience to developing Benefits Optimizer for Social Security: BOSS, a mobile app that combines the ease of use inherited with mobile apps, but with the power and the flexibility of a traditional desktop software tool. With an easy-to-use "calculator" format interface, you can enter a few basic items to get your total Social Security benefits both numerically and graphically. You can also compare taking Social Security benefits early or later, or analyze different starting date and its impact on surviving spouse. Additionally, financial advisors who understand the concepts of time value of money and taxation can model more complex planning scenarios that incorporate tax, personal cash flow and lost investment opportunity into their Social Security benefit evaluation. Social Security benefits are generally available at age 62. The monthly benefit amount is based on your FRA and the age you actually start drawing these benefits. This app can help you gauge the suitability of starting your and your spouse's Social Security payments at times other than the Full Retirement Age (FRA) as defined by Social Security Administration and analyze break-even age options.
Users will discover that there are no tools available for consumers on any platform like BOSS that can potentially save them thousands of dollars in their retirement. "This app is simply unique," Jai Sawhney CEO of Sawhney Systems explains. "The market for personal financial tools have been slow to react to consumer needs. Part of that lies with consumers who are just starting to realize how financial apps like our PlanMode and BOSS can answer their questions simply and easily. There just hasn't been demand, but over the past couple of years we have seen a growing interest by consumers who need to know answers like when is the right time to collect Social Security especially since there are many options but they have only one chance to get it right. And we have a unique combination of knowledge and expertise to fill that need."
BOSS will quickly become the most profitable app on any retiree's phone or tablet who is not yet committed for Social Security benefits. Search "social security optimizer boss" at the App Store or Google Play or use direct links shown below to download a free copy. To learn more about BOSS or Sawhney Systems other apps and desktop applications visit www.sawhney.com
Direct links to BOSS app-
SOURCE Sawhney Systems