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Social Security's Online Benefits Estimating Tool

The Social Security Administration’s Website offers a variety of useful tools, including the Retirement Estimator. The Estimator is an online calculator that provides benefit estimates to help people plan for their retirement. The calculator is designed for individual use, and personal information including Social Security Number, date of birth, place of birth, and mother’s maiden name need to be entered in order to calculate a personalized retirement savings projection. 
 
The biggest benefit of the calculator is that it automatically links to each person’s actual Social Security earnings over the course of their work history. The initial output gives estimated benefits for:
  • Drawing Social Security at age 62
  • Drawing Social Security at full retirement age
  • Delaying drawing benefits until age 70
     
In addition, the calculator allows the creation of additional scenarios, such as changing one’s retirement age or changing one’s future earnings. The closer to retirement, the more accurate the estimate is going to be.

The Retirement Estimator is useful for people close to retirement, as it allows them to easily model different stop work years to understand the impact on their Social Security benefits. This is also a helpful tool for individuals entering the work force in giving a more realistic depiction of how much money they will need to save. 


The Retirement Estimator can be found at:
http://www.socialsecurity.gov/estimator/

          


This article was written by a professional financial journalist for Legend Financial Advisors, Inc. and is not intended as legal or investment advice.




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