Franklin Templeton launches Social Security planning program

Franklin Templeton launched a U.S.-focused program intended to help financial advisers and retirees identify missed Social Security benefits and integrate those benefits into retirement-income plans.

The initiative combines research, a planning tool and adviser education. The software models different claiming ages and benefit combinations, and the program includes analytics to align claiming strategies with withdrawals from taxable and tax-advantaged accounts and with lifetime-income products. The company announced the program will be available to advisers across the United States later this year.

The offering targets gaps advisers and households often leave unaddressed: when to claim benefits, coordination of spousal and survivor benefits, and the tax effects of Social Security over a retiree’s lifetime. The package includes a tool to show how different claiming ages affect projected household income, model portfolios designed to work with a chosen claiming strategy, and research on how coordinated claiming and withdrawals influence long-term cash flow.

Franklin Templeton positioned the program for advisers rather than direct-to-consumer use. Advisers will be able to run individualized scenarios, incorporate results into retirement-income plans and generate client-facing reports showing projected benefits and income under alternative claiming choices.

Additional elements include training modules on Social Security rules and guidance for integrating benefit decisions into broader retirement plans. Client education materials will be written for nontechnical audiences, and the firm said it will publish white papers and scenario analyses. The company plans to update its modeling tool as tax or regulatory rules change and to monitor adviser feedback and client outcomes.

Social Security benefits are available beginning at age 62 and increase through delayed retirement credits up to age 70. Marital and survivor rules affect optimal claiming choices for couples. Social Security benefits can be subject to federal income tax depending on combined income, which can influence the timing of withdrawals from IRAs and 401(k)s and the overall design of retirement income plans.

The program responds to adviser demand for tools that link guaranteed income sources and investment strategies with tax-aware withdrawal sequencing and longevity considerations.