10 Free Social Security Calculators to Help You Plan Your Retirement
You can apply for your social security benefit from the age of 62. But should you?
Fortunately, the technology provides an estimate of what your monthly check will look like to help you decide.
These online calculators can help you plan for retirement
Keep in mind that all information and estimates you get are just that – estimates. Don’t treat them as hard facts. Instead, use the information as a factor to use when looking to the future and planning for your retirement.
The Social Security Administration (SSA) offers several online calculators to help you plan for your retirement.
Why are there so many calculators? Because some extract your records for a more granular response while others don’t. You might want to try them all. Or you might just want to pick the ones that seem the easiest to use.
The Retirement Estimator calculator offers Estimates of your benefits based on your actual Social Security earnings.
You will need to fill in your name, mother’s maiden name, social security number, date of birth, and place of birth to get your estimate.
Social Security Quick Calculator
Don’t want to put too much information online? The Quick Calculator may be the right choice for you.
Simply indicate your date of birth, your income for the current year and your future retirement date (the latter is optional). You will be able to see your benefit estimate in today’s dollars or inflated future dollars.
Early or late retirement calculator
Wondering if you should get Social Security benefits sooner or later in life? The Early or Late Retirement Calculator helps show you the benefits of collecting Social Security earlier in retirement or later. You’ll see the impact of your choice to help you decide when is the best time to start collecting.
Spousal Benefits Calculator
You can calculate the effects of early retirement on your spouse’s benefits using this calculator.
SSA Online Calculator
If you like to dig into numbers, this is the calculator for you. The SSA online calculator offers one of the most detailed assessments to date.
A special note: don’t try to get a calculation of your benefits without first checking your social security statement online. You will need it to enter all your annual income from 1951 to 2016 and your online social security statement contains all the information. And now is a good time to make sure you’ve set up your “mysocial security account.
Want an even more in-depth look at your records and what social security benefits you can expect? Try the Detailed Calculator, which digs into your SSA-registered earnings record.
This calculator is only available for download to your desktop computer.
Other government calculators
The Consumer Financial Protection Bureau (CFPB) has a calculator to help you determine the optimal time to start taking Social Security.
The retirement planning tool allows you to enter your details to get a detailed answer.
Third Party Calculators
Fidelity has long advised you on how much of your salary you should save for retirement, broken down by age.
The investment company has an online calculator to help you decide when to apply for your Social Security benefit.
AARP’s interactive calculator lets you fill in your specifics and will give you a decision tree to help you determine the optimal time to take Social Security.
Discount Rate Calculator
Bankrate’s online calculator gets a bit more detailed. It allows you to enter all expected salary increases and expectations for future inflation rates to provide a more robust estimate.
When do you plan to take Social Security? Share your opinion in our Clark.com community!