You might behave several plans for you’re after retirement
life and for a good and happy old day, it is important that you sign up for your
social security benefits. To get an idea you can use the different tools like
SS calculators. There are different retirements calculators that have been
designed to aid the people to get their estimations. These tools definitely
provide varying results for the similar searches. This happens due to the minor
underlying assumptions. However, these calculators are being used over by the
majority of the people to get the estimation after which they can carry on with
the steps that will help them in maximizing the social security benefits. Here
are the 6 calculators explained that will help you.
1. Social Security Benefits Calculator
AARP SS calculator allows you to input earnings of both you
and your spouse at the same time after which you can compare the ages for
retirement expenses that is possible. This is a user-friendly calculator that
is having an interactive slider. It tells you about the claiming age impact,
expenses estimation for few living expenses. It also shows how much benefit
will be covered. It is like a graph that shows about benefits in case you are
still working and the claim both at the same time.
Must Read: Social Security Benefits Increase For 2018
2. Target Your Retirement
This is one precise Social security benefit tool that you
get over the web by the center for retirement research Boston. The tool automatically takes all the
information related to your account from SS, pensions, retirement and gives you
a complete estimation of the total income for retirement. This tool also
suggests you about lifestyle changes which one can make to change retirement
expenses and income, including dowsing home, working for longer periods, taking
a reverse mortgage. It also finds several other ways that can reduce your
retirement cost. People will definitely
find it difficult to plan for the retirement income and expenses without considering
how much they are going to need and what they are going to receive from the
other sources. There are interactive charts that help you in deterring
emergency factors such as the death of your spouse, stock market drop etc. This
tool will let you know how You Can Increase Your SS Benefits And What Affects
Your Perks.
3. Planning For Retirement
The consumer financial protection bureau's tool provides
people with an of their annual or monthly payments at different SS claiming
ages based on the birth dates and highest annual income one has earned. There
is one interactive graph that shows how claiming your SS benefits at the age
62-70 decreases or increases your annual or monthly payments and also the
lifetime figure that one will receive at the age of 85. This tool also lets you
have access to some personalized information such as marital status role,
spending expectations, desired retirement, other retirement sources etc. These
are the factors that can play a vital role when you are in the position of
taking SS claiming decisions. These tools not using your real earning amount,
so the figure is going to be less accurate.
Must Read: What is Social Security and Importance?
4. Retirement Estimator
The social security administration's retirement tool is the
only one that utilizes SS earning data to provide estimation for 3 claiming
ages which are 62, the full age for retirement and 70. This is the estimation
you can rely on because it is likely to be more accurate than any other tools
on the list. It is going to be accurate for all those who are close to their
retirement and having a long working history. You can use this tool, adjust
future expenses and select the alternate ages to the age you will stop working
and after that observe how the amount is changed. This calculator does not take
spouse advantages into account or create any recommendations. This tool needs
some of your personal data like SS number. If you have plenty of credits that
make you qualify for the SS benefits only then you can use this calculator.
5. Social Security Retirement Calculator
This tool is designed
by the financial engines a financial service organization that provides claiming
strategies for the couples, survivors, and spousal payments. The tool also
points out to the best claiming age when you will be able to maximize your benefits.
There are spousal changing rules and automatically these rules apply based on
the birth date.
6. Social Security Calculator
The tool is designed by Bank rate's and is a tool and easy to
use tool that provides an instant estimation of your future SS benefits. You
can also create a customized SS benefits report that will have an explanation
about your annual and monthly payouts at different claiming age. How you
compare this income, compare to the final working year. This tool is best for
the married couples and also individuals where just one person is earning. You
will have to complete your calculations twice if each of the spouses is
claiming for the SS benefits based upon their own individual working
record. It also rounds the full
retirement age to the nearest year, even if the individuals were born in the
similar years and having specific retirement ages such as 66 years and 6
months, which will likely provide a slightly less estimation accuracy.
These are the 6 social security calculators, which are
easily available on the web and can be accessed anytime. These are reliable
tools; however, none of them can provide an accurate estimation. There are
several factors that are responsible for the fluctuation of your estimations
like delayed retirement, fluctuating income, infatuation, deduction of
Medicare, legislative changes etc. These tools can give you a perspective to
get ahead when you are planning to claim for your social security
benefits. using these reliable tools
will let you have a closed estimation and idea how things can positively and
negatively affect your Social Security benefits. To get estimations to make sure to fill
accurate information using your SS accounts.
