When to take social security retirement benefits spreadsheet. Social security offers plenty of online calculators to help you estimate benefits. If you dont yet have an account, you can easily create one. For example, if i assume a 3% growth rate which doesnt seem realistic in terms of interest rates in todays environment but could be possible. Have you wondered how social security benefits are calculated. Social security calculator 2020 update estimate your. Your estimate will initially use the earliest dates you are. Free social security calculator to find the best age to start ss benefits, or to compare the financial differences between starting ss at different ages in the u. The ssa warns that its not easy to use, and you have to download and install it. Social security benefits estimator calculator investors bank. The retirement estimator gives estimates based on your actual social security earnings record. Retirement estimator social security matters page 2. You can also call the ssa to request that they calculate your pia, or you can calculate it yourself with the calculator at ols or the ssas any pia calculator.
National social security month is celebrated in april and is dedicated to educating you about social security programs and services. You can download the macos calculation and windowing code subdirectories oactobjs and anypiamacosxproj, andor the windows calculation and windowing. The aarp social security benefits estimator offers a calculator that lets you do what if planning for different claiming ages and estimate the percentage of your living expenses that will be. Enter your birth date, current years earnings, and estimated. If you have trouble using one of the links below to download the files to a windows. Retirement estimator uses a persons actual earnings history by incorporating information from the social security earnings record in its calculations. Navigate your personal benefit data and ask what if. Your online statement gives you secure and convenient access to your earnings records. Based on your projected tax withholding for the year, we can also estimate your tax refund or amount you may owe the irs next april.
Would you like to estimate the amount your clients social security benefits might be. However, many factors will impact the benefit you may receive. Your primary insurance amount pia is the amount of your monthly retirement benefit, if you file for it at your full retirement age. It then delivers an estimate of your social security retirement benefits. Open social security is a free, opensource social security strategy calculator. Average life expectancy based on average mortality used by the social security administration as of march, 2016 to estimate an end date for social security monthly benefits. The first social security calculator up on our list is the aarp. The best countries for retirement in 2020, according to expats. And that amount may differ from the estimates provided because. How can i get a social security statement that shows a. Our retirement estimator generates employee and spouse annuity estimates based on the employees railroad service and compensation, and any social security wages on file at the rrb. This will allow you to download the file to your computer. Use this calculator to approximate your social security benefit. Why you shouldnt trust social securitys lowball estimate.
Get precise instructions about how to optimize your payout whether you are married, divorced or widowed. Deciding when and how to take social security is an important part of retirement income planning. The best place to start is with the social security administrations retirement estimator this will enable you to see an approximation of your benefits at three ages. The last sheet gives me an overview of breakeven points. If you prefer, you can download the new version of the calculator with the new amounts built in normally available in november. If youre age 62 or older, learning more about the social security administration ssa calculator can help you estimate future retirement benefits. Can you afford to retire early and claim benefits at age 62, should you wait until your full retirement age, or can you. The social security administration will be mailing annual benefit statements for the first time in three years to some american workers.
The retirement estimator produces estimates that are based on your actual social security earnings record. Calculate the best retirement age to claim your social security benefits. Marital status as defined by the social security administration. Your basic guide to calculating your social security benefits. The social security retirement income estimator is designed to help individuals and married couples decide when to file a claim and how to coordinate their social security benefits to enhance their retirement income. Quicken social security optimizer is an easytounderstand tool that helps you maximize your benefits. The quick calculator, complements of social security, estimates your future checks, but this one is about as simple as they come. The calculator see description can be obtained from this website. When planning for retirement, one of the first things you need is your social security benefits estimate. What are the requirements to get the maximum amount. Social security also offers online and downloadable calculators to provide a quick estimate of your future benefits. This is a nice, general social security income calculator. After naming the social security calculator, choose who the calculator applies to.
The social security offices detailed calculator is a program that you can download and. The calculator runs the math for each possible claiming age or, if youre married, each possible combination of claiming ages and reports back, telling you which strategy is expected. Wife starts at age 65 and 5 months husband is 62 and 5 months at that time. Bankrate has many excellent calculators, for everything. Without the right strategy, you could lose a significant amount of social security income. I tested 2 free social security retirement calculators. The following free calculators will help you decide. For a detailed, more accurate look at how changes in spending can affect your retirement situation, sign up for a free trial of the. The annual payment you receive from social security is based on your income, birth year, and the age at which you elect to begin receiving benefits.
You cannot create an account on behalf of another person or using another persons information or identity, even if you have that persons written. Also, experiment with other retirement calculators, or explore hundreds of individual calculators addressing other topics such as math, fitness, health, and many more. You can only create an account using your own personal information and for your own exclusive use. You can get your personal social security statement online by using your my social security account.
Depending upon your current earnings, social security can be a significant part of your retirement income. The estimator can be handy if you have had a sudden change in income or expect to have one in the near future. Social security will pay you a premium if you wait until 70. It also shows estimates for retirement, disability and survivors benefits you and your family may be eligible for. From programs that help support you through lifes journey, to services that help put you in control, to systems that help protect whats important to you, social security is committed to helping secure today and tomorrow for you and your family. It will calculate social security benefits, offer a graph of your payout, and show you how to maximize those benefits.
You will need a copy of your most recent social security statement as you must input your complete earnings history. For a more accurate estimate, taking into account your earnings history, contact the social security administration at 180077212 or visit. You can get an estimate of your pia from your social security statement. This tool is designed for employees who are not already receiving a railroad retirement annuity.
Your earnings may increase or decrease in the future. The earliest you can begin receiving benefits is at age 62. The retirement estimator calculator offers estimates of your benefit based on your actual social security earnings record youll need to fill out your name, mothers maiden name, social security number, date of birth and place of birth to get your estimate. Use the social security calculator to estimate your preretirement earnings and when you can collect benefits to maintain your standard of living.
Retirement estimator social security administration. After downloading the program, install it by executing the downloaded file. Under the retirement calculators section you will find the social security estimator calculator. How to interpret your social security benefit statement. The monthly benefit when checks are started at age 62 through 70 years. Since social security is a crucial financial component of most americans funding in retirement, the ssa. Click add a calculator enter the name of the social security calculator and click add. How to choose which social security calculator to use. But not everyone can wait most take it early so theres some tradeoffs. These free tools will calculate your social security benefits. If you are not redirected to the social security detailed calculator in 5 seconds, click on the above link. The current version of the detailed calculator is 2020. The retirement estimator is especially useful, because it also gives you projected amounts for retiring early at 62, waiting for the full retirement age, or delaying all the way until 70. For a more accurate and detailed estimate, the social security administration helps you determine your benefits based on your exact earnings history and the.
Use this calculator to estimate the social security benefits you and a spouse will receive at retirement, based on your average annual income, your current age and your age when you retire. The social security administrations retirement estimator is the only calculator that uses your actual social security earnings record to provide a benefit estimate for three claiming ages. We know the contributions of hispanics can be traced to before the origins of the united states with the discovery, exploration, and naming of many places in our nation, such as state names like california, colorado, and texas and city names like san antonio, santa. The downloadable files are stored in an installshield file. Free annuity estimates for both fers and csrs employees with an optional upgrade for additional features. Dealing with social security and medicare during the.933 121 176 14 717 684 1197 274 1335 656 1470 797 1043 1268 1246 641 1475 284 229 1129 888 519 357 1288 1206 1367 1263 1122 874 1148 376 1333 690 1165 487 841 319 46 837 1278 78 343 433 1091