Your Practice. Popular Courses. Part Of. Getting Started. How Social Security Is Organized. Getting Benefits. Benefits and Your Income. Benefits for Spouses. Benefits for Dependents, Survivors, After Divoce. Immigrants, Non-Citizens, Americans Abroad. Smart Benefits Strategies. Retirement Planning Social Security. Table of Contents Expand. Estimating Your SS Income.
Step 2: Bend Your Benefits. Step 3: Adjustments to PIA. Calculating Benefits in Excel. The Bottom Line. Key Takeaways There are four ways to figure out your Social Security benefits: Visit a Social Security office to get an estimate, create an account at the official Social Security website and use its calculators, let the SSA calculate your benefits for you, or calculate your benefits yourself.
If you create a model of your future benefits in a spreadsheet, hire a financial advisor to check your math and help you decide when you should retire. Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts.
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To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. Develop and improve products. List of Partners vendors. Here are a few key factors to consider in making that decision. The minimum age to claim benefits is If you are turning 62 and need the income from Social Security to support yourself, then you can start claiming your benefits now.
However, if you have enough other income to keep you going until you are older, you may want to delay increasing the size of your monthly benefit. The size of your monthly Social Security benefit depends on a few factors, including how much you earned over the years, the year you were born, and the age when you start claiming—down to the month. To find your FRA, see the chart below. Source: Social Security Administration.
It may go up over time due to cost-of-living adjustments COLAs , but only slightly. Although the cost-of-living adjustments announced each year are usually only slight increases, Social Security benefits will increase by 5. The longer you can afford to wait after age 62 up to 70 , the larger your monthly benefit will be.
Other factors should be considered, including your expected longevity and whether you or your spouse plan to file for spousal benefits. You should also consider the tax, investment opportunity, and health coverage implications. The age at which delayed retirement credits cease for those who have not yet taken their Social Security benefits.
How are your blood pressure, cholesterol, weight, and other health markers? How long have your parents and other relatives lived? If you foresee an above-average life expectancy for yourself, then you may come out ahead by waiting to claim benefits. To make an educated guess about when to claim, try doing a breakeven analysis. The analysis can tell you when the total benefits you would receive by waiting will begin to exceed the total that you would receive by taking benefits earlier.
The Social Security website will tell you that regardless of when you start claiming, your lifetime benefits will be similar if you live as long as the average retiree. The problem is that not everyone will have an average life expectancy, hence all the different claiming strategies.
As with claiming benefits on your own record, your spousal benefit will be reduced if you take it before reaching your FRA. The highest spousal benefit that you can receive is half of the benefit that your spouse is entitled to at their FRA. While spouses get a lower benefit if they claim before reaching their own FRA, they will not get a larger spousal benefit by waiting to claim after their FRA—say, at age However, a nonworking or lower-earning spouse may get a larger spousal benefit if the working spouse has some late-career, high-earning years that boost their benefits.
If the higher-earning spouse dies first, then the surviving, lower-earning spouse will receive a larger Social Security check for life. You'll start receiving the latest news, benefits, events, and programs related to AARP's mission to empower people to choose how they live as they age. You can also manage your communication preferences by updating your account at anytime.
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