The Social Security Quick Calculator makes simple assumptions about your past and future earnings to give you a basic look at your estimated retirement benefit based on your current earnings. If your earnings have been relatively stable throughout most of your career, then this calculator gives a good estimate. In addition, the formula used to determine Social Security benefits is updated each year, also in response to inflation. While the general method to calculate benefits remains the same each year, the numbers used in the Social Security formula change to compensate for inflation each year. Three major factors affect your final Social Security benefit amount. Your earnings from now until you stop working. The age at which you stop working. The age at which you start receiving Social Security benefits. According to the Social Security Administration, the most important element in the calculation is your lifetime earnings. From there, a formula is applied: “We adjust or ‘index’ your actual Use this calculator to approximate your Social Security benefit. For a more accurate estimate, taking into account your earnings history, contact the Social Security Administration at 1-800-772-1213 or visit www.ssa.gov. Do-it-yourself types may want to use more sophisticated calculators, such as those from Maximize My Social Security and Social Security Solutions. These tools range in price from $20 to $50
Social Security Quick Calculator. Benefit estimates depend on your date of birth and on your earnings history. For security, the "Quick Calculator" does not access your earnings record; instead, it will estimate your earnings based on information you provide. So benefit estimates made by the Quick Calculator are rough. Estimate if you are eligible for a pension based on work that was not covered by Social Security. GPO Calculator. Estimate of spouse benefits for yourself if you receive a pension from a government job in which you did not pay Social Security taxes. Your benefit may be offset by the Government Pension Offset (GPO). In calculating your full monthly retirement benefit, the Social Security Administration (SSA) considers your highest-earning 35 years of work history. If you worked less than 35 years, however, then you will have years where the SSA simply uses $0 for your earnings. A Social Security Statement is a report of earnings or self-employment income SSA has credited to your earnings record. SSA uses the information to estimate future Social Security retirement benefits, current or future Social Security disability insurance, or survivor benefits you may be able to claim. Review your Social Security Statement
Estimate Your Retirement Benefits. We can't provide your actual Your earnings may increase or decrease in the future. After you start receiving benefits, they 24 Sep 2018 If you're trying to determine your Social Security benefit and you want to get a good estimate of how much your future Social Security benefits When we calculate your social security benefit, if you check the married box, the total is increased to include an additional 50% of your benefit for your spouse. If If you create a model of your future benefits in a spreadsheet, use a financial advisor to And while the SSA can usually be counted on to determine benefits Understanding your Social Security benefit is an important part of retirement planning. Use this guide to determine your benefits and understand other issues 16 Dec 2019 Between 62 and FRA, Social Security reduces your benefit for filing For example, the AARP calculator estimates that a person born on Do the retirement estimates on my Social Security statement include future earnings? 21 Jan 2020 Here's how to calculate your monthly Social Security retirement You can get a personalized estimate of your future Social Security benefits at
24 Sep 2018 If you're trying to determine your Social Security benefit and you want to get a good estimate of how much your future Social Security benefits When we calculate your social security benefit, if you check the married box, the total is increased to include an additional 50% of your benefit for your spouse. If If you create a model of your future benefits in a spreadsheet, use a financial advisor to And while the SSA can usually be counted on to determine benefits Understanding your Social Security benefit is an important part of retirement planning. Use this guide to determine your benefits and understand other issues 16 Dec 2019 Between 62 and FRA, Social Security reduces your benefit for filing For example, the AARP calculator estimates that a person born on Do the retirement estimates on my Social Security statement include future earnings?
21 Jun 2019 The first step is to determine whether you are entitled to Social Security benefits. To qualify for your full benefit, you must have accrued a certain The calculation of your future benefit assumes that all future earnings (to age 62) will be the same as your earnings in the latest full year. The SSA website gives 3 Oct 2018 How does the government calculate Social Security benefits? as soon as you turn 62 the bend points for your benefits will be set in stone. 1 Jan 2019 Knowing how much retirement income you might receive from Social Security may help you decide when to begin claiming benefits, and how If you are looking for a social security calculator, there is a simple formula that A portion of your paycheck is taken out and given to Social Security each month. This spreadsheet allows you to calculate your future Social Security benefit at any You can then use this PIA to determine an optimal Social Security claiming 2 Sep 2013 By Larry Kotlikoff You may receive several conflicting estimates of your future benefits from Social Security. Photo courtesy of Justin