T. Rowe Price 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.