When you turn 62 years of age, you can start receiving Social Security benefits. Depending on your financial circumstances and retirement needs, however, you may wish to postpone receiving benefits until you’re older. The online Social Security calculator at ssa.gov factors in details like your cost of living, age at retirement, life expectancy and assets then tells you the best time to begin filing. Consider these other online calculators, too, as you maximize your Social Security benefits.
AARP’s Social Security Benefits Calculator
Figure out how your work earnings affect your Social Security benefits when you use this free calculator. It provides you with a summary of the recommended claiming strategy. Even though you won’t receive detailed information about planning your retirement, this calculator is convenient when you want an overview.
SSAnalyze! by Bedrock Capital
Access this free calculator and get a detailed list that outlines the steps you and your spouse, if applicable, need to take before you retire. It does require you to create an account and log in, but your information is not used to solicit or sell you anything.
Social Security Timing
While only financial advisors have access to the full calculator at Social Security Timing, you can access a free abbreviated version. It’s updated as soon as new Social Security laws are passed and includes excellent customer support. This site also matches you to a financial advisor if you want additional assistance.
Maximize My Social Security
One of the most comprehensive social security calculators, Maximize My Social Security was developed by an economics professor. Use it to decide when and how you will collect retiree, spousal survivor, parent, child and disability benefits and to calculate any government pension offset you may receive. This calculator does cost $40 per year per household, and you will need to enter information from your Social Security statement. However, it offers one of the most detailed reports available and can be a huge help as you prepare to retire.
Social Security Income Planner
With this calculator, you can compare pre-selected claiming strategies or customize the strategy based on your unique circumstances. The detailed report you receive offers a month-by-month or year-by-year comparison with tables so you can easily see the advantages and disadvantages of multiple claiming strategies. It costs $10 to $40 to use depending on whether you are single, married, divorced or widowed, and it is accessible via your iPhone.
When you retire, you want to maximize your Social Security benefits. One of these online calculators can assist you in choosing the best time to file. Talk to your Human Resources manager or financial advisor for more information as you prepare for a successful retirement.
