You may be nearing retirement are or you may just be curious about the amount of social security you will be able to draw when you retire. You will want to look at a social security benefit calculator.
There are a variety of websites that have calculators that you can use. Some will charge you a fee and some are for free. The free ones may not give you as much information as the free ones do so it really depends upon what you are looking for.
Some of the calculators available are:
- The Quick Calculator
- The Online Calculator
- The WEP Online Calculator
- Detailed Calculator
Some of these you can use online other you may have to download and use offline.
Some of the things that you should look at when trying out the various calculators are:
- Does the calculator let you put your earnings history or does it use a set amount. Not having the correct information can cause you to get an incorrect retirement income.
- Does it let you input inflation and discount rates
- Does it let you handle spouse and ex-spouses correctly
- Does it allow for children’s benefits
Some of the calculators not only will tell you what you will draw now if you were to retire they also offer ways to plan your income so that you will draw more when you do retire.
The social security website has what they call a quick calculator. While it does not access your earnings record it gives you an estimate based on the information that you provide. Once you have submitted the form you then have the chance to make some changes so that you can get a correct answer.
The best thing you can do when looking at social security calculators is to figure out what information you are looking for. Then research each one to find the one that suits your needs.
On this page is our quick and easy social security benefits calculator that will give you a monthly benefits estimate if you retire this year at full retirement age. Do note that it’s just an estimate and your exact benefits may vary as it will be calculated by Social Security Administration for your particular case.
The formula used in our calculator:
- 90% of the first $826 of your monthly earnings, plus
- 32% of your monthly earnings over $826 and through $4,980, plus
- 15% of your monthly earnings over $4,980.