Using the SSA retirement calculator may be a quick and easy way to calculate your Social Security benefits, but it can be misleading, inaccurate, or not as helpful as you might think. The SSA calculator is based on assumptions and limits, which may not be a good idea when you’re planning your retirement. In this article, you’ll learn about the limitations of the SSA retirement calculator and how to get a more accurate estimate.
Life expectancy is a key component of the assumptions to be considered when determining when to claim benefits
Choosing the right time to file for Social Security retirement benefits depends on many factors, including age, marital status, health, career, and life expectancy. If you aren’t sure how to best claim your Social Security benefits, you should seek advice and guidance from an expert.
The Social Security Administration (SSA) has an online Retirement Estimator tool. This tool estimates the monthly benefit you will receive for the rest of your lifetime. It also provides an estimated narrative summary of your annual benefits.
This tool also allows you to compare custom strategies for claiming a single or two- person household. You can also create custom strategies based on your own personal assumptions about life expectancy, age, and marital status. You can compare strategies that maximize your lifetime benefits, or that are based on your family’s income.
The calculator also includes a bar chart that shows estimated monthly Social Security benefits for each claiming age. The chart is designed to …The Limitations of the Social Security Retirement Calculator Read More