Methods and apparatus for calculating optimal social security election decisions

Abstract

In some embodiments, a non-transitory processor-readable medium stores code representing instructions to cause a processor to receive, from a user, an input of at least one value associated with financial information of a married couple, and calculate, using the at least one value, an average indexed monthly earnings (AIME) value and a primary insurance amount (PIA) value for each individual from the married couple. The code represents instructions to cause the processor to calculate, using the AIME value or the PIA value for each individual from the married couple, a set of Social Security election outcomes using each election strategy from a set of election strategies for each age combination from a set of age combinations for the married couple. The code further represents instructions to cause the processor to present the set of Social Security election outcomes to the user.

What is claimed is: 
     
         1 . A non-transitory processor-readable medium storing code representing instructions to be executed by a processor, the code comprising code to cause the processor to:
 receive, from a user, an input of at least one value associated with financial information of a married couple;   calculate, using the at least one value, each component from a plurality of components of a total family benefit for each Social Security election outcome from a plurality of Social Security election outcomes for the married couple using a present value function;   sum the plurality of components of the total family benefit for each Social Security election outcome from the plurality of Social Security election outcomes to determine the total family benefit for each Social Security election outcome from the plurality of Social Security election outcomes; and   present the total family benefit for at least one Social Security election outcome from the plurality of Social Security election outcomes to the user.   
     
     
         2 . The non-transitory processor-readable medium of  claim 1 , further comprising code to cause the processor to:
 calculate, using the at least one value, an average indexed monthly earnings (AIME) value and at least one primary insurance amount (PIA) value for each individual from the married couple,   the code to cause the processor to calculate each component from the plurality of components including code to cause the processor to calculate each component from the plurality of components using the at least one value, the AIME value for each individual from the married couple or the at least one PIA value for each individual from the married couple.   
     
     
         3 . The non-transitory processor-readable medium of  claim 1 , wherein the at least one value includes at least one of historical Social Security covered earnings, an expected inflation rate, an average indexed monthly earnings (AIME) value, or a primary insurance amount (PIA) value. 
     
     
         4 . The non-transitory processor-readable medium of  claim 1 , wherein the plurality of Social Security election outcomes includes a Social Security election outcome for each election strategy from a plurality of election strategies for each age combination from a plurality of age combinations for the married couple. 
     
     
         5 . The non-transitory processor-readable medium of  claim 1 , wherein the plurality of Social Security election outcomes includes a Social Security election outcome for each election strategy from a plurality of election strategies for each age combination from a plurality of age combinations for the married couple, the code further comprising code to cause the processor to:
 select an optimal result for each election strategy from the plurality of election strategies,   the code to cause the processor to present includes code to cause the processor to present the optimal result for at least one election strategy from the plurality of election strategies to the user.   
     
     
         6 . The non-transitory processor-readable medium of  claim 1 , further comprising code to cause the processor to:
 calculate a monetary difference between a present value of a first Social Security election outcome from the plurality of Social Security election outcomes and a present value of a second Social Security election outcome from the plurality of Social Security election outcomes; and   present the monetary difference to the user.   
     
     
         7 . The non-transitory processor-readable medium of  claim 1 , wherein the present value function is one of a present value of an annuity (PVA) function or a net present value (NPV) function.