Social Security Benefits Calculator
Dear Clients and Friends:
Have you ever wondered how much you can expect to receive in Social Security benefits? Social Security benefits are the main source of retirement income for most people. This week’s email features a calculator that can help estimate your Social Security benefits. It is important to remember that this is only an estimate. Your actual benefits will vary because, in computing actual benefits, Social Security uses a more detailed record of your work and income history. Although the calculator provides a fair estimate, it does not work well in cases where people are already retired.
Click here to access the Social Security Benefits Calculator, which can also be found under the Resources tab on our website.
How to use the tool:
- Begin by entering your current age, the age at which you wish to retire and begin collecting benefits, and your current annual salary or self-employment income (if married, this should not include your spouse’s income).
- Next enter the percentage you anticipate your salary or self-employment income will increase annually.
- Then enter the expected rate of inflation, which is what you expect for the average long-term inflation rate. A common measure of inflation in the U.S. is the Consumer Price Index (CPI).
- Check the “married” box if you are married and only one spouse works. If both spouses work you should not click the “married” button. Instead, you should use the calculator twice, once for each spouse.
- Finally, after all of the data is input you should click the “calculate” button and then the “view report” button. A report will appear on the screen that provides you with your estimated Social Security benefits projection. There will also be a chart at the end of the report that provides alternatives should you decide to begin taking benefits at a different age, as the amount you receive per month will vary depending on the age you begin taking benefits.
The Social Security Benefits Calculator is one of many useful retirement planning tools on our website. We hope you find these tools useful and urge you to call us if you have any questions or concerns.
Berkson Asset Management, Inc.
Registered Investment Advisor