SSA Makes Benefit Data Available for Advice Tool

Betterment will use newly available Social Security benefit data in its RetireGuide advice engine.

During the White House Conference on Aging, automated investing provider Betterment, said it will update its advice engine to utilize newly available Social Security data.

To assist Americans in their financial planning, the Social Security Administration (SSA) will be providing individuals with an easily transferrable data file with the information contained in their monthly Social Security benefit statement. Betterment will be integrating these data files into RetireGuide, an advice engine that informs customers whether or not they are invested correctly for a comfortable retirement.                                           

Betterment notes that RetireGuide builds a customized savings and investing plan that takes into account all of an individuals’ investment accounts, including those with other providers, and spouse holdings. Using the information from the Social Security Administration, Betterment will be able to provide their customers with an even more accurate plan to better prepare for retirement, the firm said.