A component of many retirees’ retirement income is their monthly Social Security payment. The Social Security Administration web site is a valuable resource when planning your retirement – specifically future retirement income.
The site has a Retirement Estimator, which estimates your future retirement benefits. The tool calculates your benefits based on “Your actual earnings history as maintained by the Social Security Administration, additional information you provide about future earnings, and the age at which you expect to stop working.”
The Retirement Estimator produces an estimate and you can create additional scenarios by modifying your inputs.
It is simple to get started by providing answers to the following five questions:
Name
Social Security Number
Date of birth
Place of birth
Mother’s maiden name
Please note that you will be prompted to read and accept the Acknowledgment of Online Services statement on the site.
The Social Security Administration web site provides information and fact sheets on topics of interest including this two-page overview titled Your Retirement Benefit: How is it Figured.
There is a Retirement section with frequently asked questions and a search feature to easily look for information. The site has a number of useful interactive tools including a calculator to Find Your Full Retirement Age.
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