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Social Security in a diversified portfolio.

Why do most financial planners not count social security as part of your diversified portfolio? (60% cash, bonds, 40% stocks. Social security should count in this 60% example)
I don't have an answer to your question, except to opine that it is lack of competence or ability. Don't really know. However,
I'd like to make some suggestions for how to do it yourself. Of course, the correct way is to take the present value of all future payments by discounting them back to the present. You have to plug in numbers for expected lifespan and the always troubling "correct" discount rate, but it is doable. If you have inflation adjustments, then you have a "growing annuity," which is a little trickier to calculate PVs for.
My traditional rough rule of thumb has always been--for a 65-year old--to take the annual income and multiply by 10 to get a round number present value. With very low interest rates of recent years, though, that multiplication factor could easily be raised to 12-13 or even as high as 14 or 15(?).
Another way of getting the answer is to go to an online annuity calculator and see how much it costs to buy an annuity generating any given annual income.
Using my "rule/s of thumb," a couple age 65 with combined Social Security payments and/or a modest pension totaling $75,000 annually could and should treat that as a (nearly, depending on your views) risk-free bond of $1,000,000. Not approaching the problem in this way might cause people to under invest in equities. Sorry I didn't exactly answer your question.

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