How Artificial Intelligence (AI) Can Help Maximize Your Social Security Benefit

Can Artificial Intelligence (AI) Maximize Your Social Security Benefit?

The answer of whether or not artificial intelligence (AI) can beef up your Social Security check isn't as cut-and-dried as you might think. In April, the average retired-worker beneficiary brought home $1,915.26 from Social Security, which works out to nearly $23,000 on an annualized basis. While this might not sound like much, Social Security plays a key role in forging a financial foundation during retirement for most Americans.

Understanding the Calculation Parameters

Before digging into the specifics of what AI can bring to the table for retired workers, it's important to understand how the Social Security Administration (SSA) calculates your monthly benefit. The four parameters the SSA uses are earnings history, work history, full retirement age, and claiming age. These factors determine your monthly payout, with certain conditions affecting the final amount.

AI's Role in Optimizing Claiming Decisions

Artificial intelligence can assist in your Social Security claiming decision by providing valuable historical data. AI solutions can analyze past claiming decisions to determine optimal strategies moving forward. While AI can offer insights, the final decision on when to claim your Social Security benefit remains yours.