Planning for retirement can feel overwhelming. How much money will you need? When should you start saving? Can you retire within the next few years, or will you be working longer than you expected?
Social Security is just one of the many things you must consider when making retirement decisions. You also need to be aware of Social Security scams out there. Tap or click for 6 sophisticated scams fooling even the savviest internet users.
Did you know the age you claim your Social Security benefits has a major effect on your lifetime income? The good news is calculating a realistic estimate of what you qualify for is easy, even if you’re not a mathematician. All you need is this handy tool.
Turn to Consumer Finance
This free tool is from the Consumer Financial Protection Bureau, and it’s safe and simple to use. Just enter your date of birth and highest annual work income, then get your estimates. Here’s an example of what the estimates look like:
Based on the date of birth entered and the highest annual work income, this individual’s full benefit claiming age is 66. This is the age when your Social Security benefit will reach its full value with no reductions.
Beyond the basic estimations, the tool is also able to offer recommendations that are more specific to your particular situation. You’ll just have to answer a few additional questions, such as your marital status, how long you plan to work, general expenses, additional sources of income and if you consider yourself to be relatively healthy.
When you answer these questions, you’ll be shown more recommendations on steps you should take to plan for your retirement and maximize your benefits.
Ready to give it a try? Click the yellow button below and you’ll be directed to the Consumer Financial Protection Bureau’s Social Security planning tool.