Social Security Estimator Tool, 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 different tools like SS calculators. There are different retirement calculators that have been designed to aid people to get their estimations. These tools definitely provide varying results for similar searches. This happens due to minor underlying assumptions.
However, these calculators are being used by the majority of 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.
6 Social Security Estimator Tool
Social Security Benefits Calculator
Social Security tools: AARP SS calculator allows you to input the 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, and expenses estimation for a 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
Target Your Retirement
Social Security Planner Tool
This is one precise Social security benefit tool that you get over the web from the center for retirement research in Boston. The tool automatically takes all the information related to your account from SS, pensions, and retirement and gives you a complete estimation of the total income for retirement.
This tool also suggests lifestyle changes that one can make to change retirement expenses and income, including dowsing home, working for longer periods, and 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 their retirement income and expenses without considering how much they are going to need and what they are going to receive from 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.
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 of 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 earnings amount, so the figure is going to be less accurate.
Must Read: What is Social Security and its Importance?
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 have a long working history. You can use this tool, to 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 your SS numbers. If you have plenty of credits that make you qualify for the SS benefits only then you can use this calculator.
Social Security Retirement Calculator
Can insurance be used as social security tool? This tool is designed by financial engines a financial service organization that provides claiming strategies for couples, survivors, and spousal payments. The tool also points out 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.
Social Security Calculator
The tool is designed by Bank rates 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 of your annual and monthly payouts at different claiming ages. How do you compare this income, compare to the final working year?
This tool is best for married couples and also individuals for whom just one person is earning. You will have to complete your calculations twice if each of the spouses is claiming the SS benefits based on their own individual work records.
It also rounds the full retirement age to the nearest year, even if the individuals were born in similar years and have 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 your social security benefits. using these reliable tools will let you have a close estimation and idea of how things can positively and negatively affect your Social Security benefits. To get estimations make sure to fill in accurate information using your SS accounts.