Do you want to achieve the highest possible income upon retirement? A good Social Security calculator can help you obtain the maximum level of benefits possible. These tools provide customized claiming strategies, many of which may be unknown to you.
AARP Social Security Benefits Calculator
AARP offers a free, user-friendly calculator. It illustrates how earnings from work can reduce your benefits if you claim before reaching full retirement age. It also gives you a summary of the claiming strategies you can follow.
The main drawback is that, although you can access the summary, you cannot access the underlying data. This may lead to frustration if you want to make informed decisions about all the options available to you.
The site also offers additional advice through links to some important articles.
This calculator can be a good starting point for your retirement planning. It may not be the best way to make a good action plan. But it is visual and easy to access. It is also provided by a well-known and trusted organization.
Note: In every way, you get what you pay for with these tools. You may prefer to pay for a benefits calculator to ensure you are aware of all the options available to you. On the other hand, the free tool might be just what you are looking for if you want some straightforward tips clearly explained.
Maximize My Social Security
Maximize My Social Security covers almost any Social Security claiming scenario you might encounter. This includes things like: child benefits for parents, divorce, whether your spouse is receiving benefits, survivor benefits after a spouse’s death.
This tool also takes into account the Windfall Elimination Provision and government pension offsets. These factors will affect you if you are receiving a pension from a job where Social Security taxes were not deducted. Government employees, for example, may find this useful.
Maximize My Social Security also provides links to retirement topics and news. These topics come from various sources.
This calculator costs $40 for an annual family license.
Note: Be sure to have your personal information ready when using this tool for the first time. It asks you to enter your previous and expected earnings. You can find this information from your Social Security statement online or on paper.
Social Security Income Calculator
The Social Security Income Calculator allows you to consider many pre-defined claiming strategies. You can also input your own plan to see how it stacks up against other options.
This is a nice touch if you like to do things your own way. It provides different models based on your personal circumstances, such as whether you are single, married, widowed, or divorced. It also has a calculation for government pension offsets.
Once you enter your data and select your options, you will receive a detailed report. It will provide tables so you can compare your options month by month or year by year. This can give you a good idea of the short and long-term outcomes of each claiming strategy.
This calculator costs $4.99 for a single user. You can also get an annual subscription for $49.99 to create files for any number of people you want.
Social Security Timing
The Covisum Social Security Timing calculator offers strong customer support. It also features quick updates, ensuring you get the most accurate data.
For example, changes were made to Social Security laws in 2015. The program was quickly updated to take these changes into account.
Includes
Other features include the expected return chart and the option to choose daily, weekly, or monthly updates from the blog. This can help you stay updated on changes in Social Security law, as well as understand the various options available to you.
Only financial advisors may use the full version of this calculator. If you are not a professional, you can leave a message on the site requesting personal assistance.
You will find this program useful if you are in the financial business. Social Security Timing offers a free 10-day trial, followed by a monthly fee of $49.99. The site provides a free demo to help you determine if the program is what you need before you commit.
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Sources:
Social Security Administration. “Windfall Elimination Provision.” Page 1.
Source: https://www.thebalancemoney.com/social-security-calculators-2388936
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