10 Social Security Calculators That Can Help You Decide When To Claim Social Security
One of the most important retirement decisions you’ll make is when to apply for Social Security. Several retirement calculators have been developed to help you determine the optimal retirement age for starting Social Security payments.
Here are 10 social security calculators worth trying:
These calculators can help you start thinking about what you can do to maximize the amount you will receive from Social Security in retirement. Here’s how to decide which calculator will best help you make your Social Security claim decision.
the Social security administration The retirement estimator uses your actual Social Security income record to provide an estimate of benefits for three claim ages: 62, your full retirement age, and 70. The estimate is probably the most accurate for people nearing retirement who have a long history of earning.
The tool allows you to adjust your future income and select other ages to stop working and see how that changes the amount you will receive from Social Security. However, the calculator does not make recommendations on the best age to claim. You must also enter some personal information, including your social security number, to use the tool. You can only use the retirement estimator if you have enough credits to qualify for benefits, but you have not yet started your social security payments.
My social security retirement calculator
The My Social Security retirement calculator automatically gives you an estimate of your Social Security benefits if you start paying at 62, full retirement age, and 70, based on your actual income. You can also enter other retirement ages and the average amount you expect to earn in the future to get a more accurate estimate of your future Social Security benefits. You must create a my Social Security account to use this tool.
“The benefits calculator found by logging into your specific My Social Security account is usually the easiest to use because it already contains your information and, instead of entering historical data, you can spend time looking at different scenarios like different filing dates or future income, “says Ashley Coake, Certified Financial Planner and Founder of Cultivate Financial Planning in Radford, Virginia. “They recently updated the information here to show a graphical illustration of how you can expect your benefit to change based on your filing age.”
Online benefit calculator
If you do not wish to create a my Social Security account or enter your social security number online, the Social Security Administration’s online benefit calculator allows you to manually enter your income history, your due date. birth and your preferred retirement age to get an estimate of your future social security benefit. You need a copy of your Social Security statement to use this tool, and entering each year of income may take some time.
The Consumer Financial Protection Bureau’s Planning for Retirement tool provides a rough estimate of your monthly or annual Social Security payments at various claim ages based on your date of birth and the highest annual salary you’ve earned. An interactive graph shows how a claim between age 62 and 70 increases or decreases your monthly or annual payments and the lifetime amount you will receive at age 85.
The site also provides personalized information on the role marital status, desired retirement age, spending expectations, other sources of retirement income, and longevity may play in your decision to apply for retirement. regulation. However, since the tool does not use your actual income, the estimate is likely to be less accurate than the SSA calculators, especially for young people or those with variable incomes.
Social Security Benefits Calculator
The AARP Social Security Benefit Calculator allows you to enter income for you and your spouse at the same time. You can compare the amount you will receive at various claim ages with your likely retirement expenses.
“With the use of a user-friendly interactive slider, the AARP calculator shows the impact of your claiming age, estimates certain living expenses, and shows how much your claim would cover them based on your claiming age,” he said. said Joshua Rosenblum, a communications officer responsible for the Pew Charitable Trusts and former AARP spokesperson for economic security.
Another unique feature of the AARP calculator is a graph showing what happens to your benefits if you are working and claiming Social Security benefits at the same time.
Social security calculator
Bankrate’s Social Security Calculator provides a quick estimate of future social security benefits all on one page. Users can also create a custom report that explains the probable monthly and annual payment at different claim ages and how that income compares to what they earned in their last year on the job.
The tool is best suited for individuals or married couples where only one spouse works. The calculation must be performed twice if each spouse will claim social security on the basis of their own employment record. The calculator also rounds the user’s full retirement age to the nearest full year, even though retirees born in certain years have a more precise retirement age, such as 66 and 6 months, which is likely to produce a slightly less precise estimate.
Retirement age calculator
The age of your full retirement depends on the year of your birth. The Social Security Administration’s simple retirement age calculator lets you enter your year of birth and quickly know the exact age at which you will be eligible for your full Social Security retirement benefit. Your Social Security payments will be reduced if you start payments before your full retirement age, and the retirement age calculator also explains the exact percentage of benefit reduction based on year and year. the month in which you start the payments.
Early or late retirement calculator
Monthly Social Security benefits are reduced if you start paying before you fully retire and increase for each month you are late in claiming up to age 70. The Social Security Administration’s early or late retirement calculator can help you calculate the change in your payment amount depending on the month you plan to start Social Security.
Retirement Income Test Calculator
If you are below your full retirement age and continue to work after you start making social security contributions, part of your social security benefits may be temporarily withheld. You can use the Social Security Administration’s Retirement Income Test Calculator to determine how much of your benefit will be withheld based on how much you expect to earn. Once you reach full retirement age, your benefit will be recalculated to credit any withheld benefits and your continuing earnings.
Life expectancy calculator
Deciding on the optimal age for starting Social Security payments often involves making an educated estimate of how long you will be living. The Social Security Administration’s life expectancy calculator will tell you the average number of additional years a person your age and gender can expect to live. However, this tool does not take into account your current health condition, lifestyle, or family history.
“It doesn’t show your joint life expectancy between you and your spouse,” says John Mason, certified financial planner and president of Mason and Associates in Newport News, Virginia. “A surviving spouse could benefit from your delay in making a claim. “
It is important to note that none of these calculators can provide the exact amount you will receive from Social Security Administration in retirement. Your actual benefit may differ from Social Security calculator estimates for a variety of reasons, including fluctuating income, delayed retirement, adjustments for inflation, legislative changes, withholding taxes, and deduction of premiums. health insurance social security payments. However, these tools can give you an idea of how your payments are going if you delay your Social Security application and coordinate benefits with a spouse.