Whether you’re one of the millions of Americans who ignore the advertising and direct mail we get from the AARP, or among those who have joined the ranks of the semi or fully-retired, use this tool to figure out how Social Security benefits will fit into your “purposeful retirement plan.”
Fortunately, the Social Security administration makes this a bit easier to see what your Social Security benefits look like today.
How the Retirement Estimator Can Help You
The Social Security Retirement Estimator provides you with ESTIMATES ONLY that are based on your history of Social Security earnings. Their website claims they can’t provide your actual benefit amount until you apply for benefits.
They also state that … “And that amount may differ from the estimates provided.”
Here’s what makes the difference in your estimate …
- Earnings may increase or decrease in the future. They also get adjusted for cost-of-living increases.
- Your estimated benefits are based on existing laws. This is why you might consider getting help from a qualified adviser you trust.
- The benefit amount could be affected by your military service, railroad employment or pensions earned through work on which you did not pay Social Security tax.
Use the Retirement Estimator If …
- You’ve racked up enough Social Security credits to qualify for benefits AND …
- You are not currently receiving benefits.
This is a phenomenal resource that offers you an fairly easy way to get and ESTIMATE of how Social Security benefits and income will affect your purposeful retirement plan. Take a look at the other calculators.
Got a question, comment or concern about Social Security benefits and how this helps you now or later in your retirment years? Just post below or contact us and we’ll do our best to guide you to other education resources here at RetireOnPurpose.com.