Social Security launches a new online benefits calculator

Baby boomers who are nearing retirement -- or just thinking about it -- will want to check this out: The Social Security Administration has a new online calculator for estimating your personal retirement benefits.

The Retirement Estimator requires that you enter your name, Social Security number and a few other pieces of personal data, but doesn’t require you to plug in years of earnings history. The income info already is in the calculator’s database. (You will, however, have to enter your 2007 income.)

The calculator also allows you to play around with retirement scenarios to see what you’d get from Social Security depending on the age at which you decide to call it quits. So it’s more useful than the annual statement the government sends you.

One caveat: If you’re expecting to retire years down the road, you’ll have to estimate what your average annual earnings will be between now and then to get an accurate picture of your Social Security benefits.

That’s why the calculator is most useful for people who are getting close to retirement -- as opposed to, say, someone in their late-40s who might have a hard time figuring what they’ll earn between now and their last working year.

Note, too, that the benefit data you'll see are in current dollars; there's no adjustment for potential future inflation. That's another reason why the numbers won't be of much real use if you're many years from retiring.

Comments

[drbenk]

They used to make it clear if the dollar estimates were in Current Year dollars of Then Year dollars. The new estimator doesn't make a distinction. They need to correct that.

[Tom Petruno]

drbenk: The calculator gives data in current dollars, not adjusted for potential inflation. I added a line to that effect at the bottom of the post, to make it clear.

Tom Petruno

[Andrew in Silver Lake]

Here's what the page currently shows: "Temporary Shutdown

We’re sorry, but the service you requested isn’t available right now. We apologize for the inconvenience. If you have an urgent need, please call us Mondays through Fridays at 1-800-772-1213 between 7 a.m. and 7 p.m., or use our toll-free TTY number, 1-800-325-0778.

Please return to the Social Security Online homepage."

Which reminds me, when the heck is my Stimulus Payment check going to arrive?!?

[William Quapp]

Tom, thanks for your effort here. Do you know of a benefits calculator that can develop the benefits for a married couple. I am trying to determine what the financial impact is if my wife takes early retirement based on here earnings record versus delays taking any retirement until I take it. We are about 2.5 years different in age (me older).

I have called SSA and they are very pleasant but the discussion is not very clear. I would like to have my own calculator to run options with. Thanks.