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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.
I assume that many would need to treat Social Security as at best an income stream that has no inflation protection because the Medicare premium increases will always negate the Social Security increase; many will need to treat the income as 85% taxable plus whatever one's home state requires; and many will have Medicare income-related premium increases which if regular and unending, might justifiably be deemed to be Social Security decreases.
Believe you are asking for too much. How is any puter program going to know what you are going to with your social security check? Spend it, invest it, etc.. If you spend it, it is gone. If you invest it, then it does join the mix. If you just sit on it, by rote it becomes part of your cash position.

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