Boomers can Estimate Social Security Benefits Online
The Social Security Administration now has an online calculator you can use to estimate your Social Security benefits. Maybe it’s one of those things you really don’t want to know, but it’s available anyway.
My husband and I have been getting those forms every year (my daughter, who is not yet 30, is also getting one!) and we read them and study them and calculate when would be the best time to starting taking Social Security benefits. I did the estimator, and I didn’t see that it gave me any more information than the yearly statement.
Of more interest to me was the Earnings Limit Calculator, which showed the effect of earnings in any year on the Social Security benefit (if it would be reduced if I earned over $13,560 a year). As long as we continue to make money, there’s no reason to take the benefits, because they will be reduced by what we earn, and also by the early initiation. There is also an estimator to help you see what would happen if you started benefits early or waited until full retirement.
What about you? When will you start taking Social Security – as soon as possible or as late as possible? Respond to my poll and let us know.