Social Security Calculator

What Is Social Security Calculator?

Social Security calculator is a valuable tool that helps estimate your future Social Security benefits based on various factors. Let’s delve into how it works:

  1. Input Information:

    • Date of Birth: You start by entering your date of birth (in month/day/year format).
    • Earnings: Next, you provide information about your annual earnings. The calculator assumes that these earnings are covered by Social Security. If you’re currently retired, you can enter zero.
    • Last Year of Covered Earnings: Specify the last year in which you had earnings covered by Social Security and the corresponding amount.
  2. Retirement Date Option:

    • If you’ve decided upon a retirement date, enter the month and year when you plan to stop working. This is also the month for which you want benefits to begin.
    • If you enter a date before you’re eligible for benefits, the calculator assumes you want to start receiving benefits at the earliest possible age (age 62).
  3. Benefit Estimates:

    • The calculator does not directly access your earnings record but makes an initial assumption about your past earnings.
    • It provides rough estimates of your retirement benefits based on the information you provide.
    • You’ll have the opportunity to review and adjust the assumed earnings if needed.
  4. Benefit Amounts:

    • The calculator estimates your Social Security benefits in today’s dollars or inflated (future) dollars.
    • Keep in mind that these estimates are approximate and serve as a starting point for planning.
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