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How to Easily Use Social Security Calculators So You Know The Best Time to Claim Your Social Security

Social Security calculators are excellent tools that help you determine what your benefits when you are ready for retirement. Below, we will share some basic details about how to use a SSI calculator to determine your benefits.

Knowing how much you have paid into Social Security will give you a concrete number that will tell you how you will be cared for in the future. Understanding your benefits will go quite a long way in helping you to plan for your retirement years.

Social Security Calculators

It is always important to know your social security benefits. Social security calculators are easy-to-use tools that can help you figure out how much money you could make if you had a specific Social Security amount. Many people also use these social security calculators to know when they’re old enough to start collecting Social Security benefits.
Social security calculators are useful to become acquainted with this service and the amount one could receive if one has reached such a point in life.

How Do You Calculate What You Get From Social Security

Social Security provides basic pay-for-life insurance coverage, a wage payment tied to benefits. With this type of benefit, for as long as you earn at least the amount set for entry qualification, your benefits will be calculated based on that wage amount.

By using the many Social Security calculators available on the web, you can learn the difference in payments made for every year you delay claiming Social Security benefits. A different payment amount will be generated each time you enter a different wage amount.

Is Social Security Based on the Last 5 Years of Work

Social Security is based on your 35 highest-paid years out of the 40 years you worked in the United States. You don’t want to use those 35 years for your benefit calculation only if you have a low income for many of those years. In this case, try to use the last five years of work to calculate your benefits since these are the ones that will affect your payment amount.

This way, it could help you maximize and get a higher Social Security payment. An online Social Security calculator is a good way to set your claim date and maximize the amount that is being paid to you. This will ensure you will receive the best possible payment for your lifetime.

What Happens if you Don’t Work 35 Years For Social Security

If you didn’t work for 35 years for Social Security, you might have a chance of getting the maximum benefit. The maximum benefit is the retirement age amount, and will be paid out slowly in your lifetime. This amount is based on the average of your highest 35 years of work. This means it could take longer to get your full amount. You must have earned at least 37.5 retirement age amount for your Social Security.

The amount you get is not based on the years you worked but on the number of years, you have worked. If you didn’t earn the necessary amount to qualify for the retirement age, your benefits could still be paid out if they reach a certain point in time. When reaching this point, knowing how much you will receive from Social Security using the social security calculator is important.

How You Become Eligible for Benefits

The age when you become eligible to start collecting your Social Security benefits is directly related to the year you have reached. For example, a person born in 1960 or later will become eligible to start collecting Social Security benefits at age 62.

A person born between 1943 and 1954 will be eligible to receive retirement benefits at age 65. The longer you have to wait before you claim the amount being paid by Social Security, the more benefits you will get in the long run. Besides reaching an age limit, the U.S. government also requires that you get a certain amount of credits to be eligible to collect the amount paid by Social Security.

How Long Will I Receive Social Security Benefits

The maximum time that you receive Social Security benefits is a lifetime. If you are still alive at 100, you will still be eligible to receive your benefits. You are allowed to start receiving your monthly payments at the age of 62, and they will be based on your full retirement age amount.

How Much Will I Get From Social Security

The amount you receive from Social Security benefits is directly related to the amount paid into this program when you were working. The more you have paid in, the higher your Social Security payment amount. If you are working, your employer will take money from your paycheck every pay period to cover the amount paid into Social Security.

By using an online Social Security calculator, you can see how much it will cost for you to pay into this program. The amount that Social Security is paying is constantly changing and can be tough to keep up with. It’s important to get a realistic idea of what you may expect from this program when it comes time for you to start collecting the benefits.

Using  Social Security Calculators Online

The online Social Security calculator is a helpful resource that you may begin using today. You may enter how much you have paid into the system, and you may enter how much you plan to pay in the future.Using the calculator will help you decide when the best time will be for you to start claiming your benefits.

Understand Your Benefits

You cannot retire properly until you understand your Social Security benefits. The Social Security calculator is meant to help you make an informed decision as to when the best time is to retire. Choose your retirement age carefully. Your benefits are determined on both your income and age.

Which Calculator Should I Use?

There are a variety of calculators online for you to choose from. You may discover that you will not automatically get the same results from every calculator. Overall, the calculator found on the official social security website may be the best one. The reason being, it will use your actual earnings as opposed to estimates you use on other sites.

However, you will have to input your social security number. Additionally, you are not able to take your mates benefits into account on this calculator. Lastly, you can only use the SS calculator if you have enough work credits to actually apply.

Other Worthwhile Calculators

If you are happy with a general idea of your benefits, then certainly try some of the other calculators online. You will not need to add as much personal information and can play with the numbers more for a variety of scenarios. The following are some to try.

  • AARP Benefits Calculator
  • Bankrate
  • Financial Engines
  • Consumer Financial Protection
  • Center for Retirement Research

These calculators will at least get you started thinking about when the best time may be to start collecting your benefits.

Information You Need

When using the online calculator, make sure you have specific information handy. First, you will need the simple basics-your marital status and birth dates for you and your mate. Second, you will be asked if you have worked in a government job for more than ten years.

Next, you will need to input your annual income. The next step allows you to see your estimated benefit. Finally, you will see a chart that shows you your benefit at various ages starting at age 62 and ending at age 70.

Don’t be afraid to play with the social security calculator. You can add or not add your spouse’s information. You can change amounts you input to get various results. Nothing is written in stone at this point. However, the calculator is a great tool to get you thinking about the best time to start collecting benefits.

Should You Include Your Spouse?

It is generally better to not include your mate’s income. If you check the box stating you are married, Social Security will automatically increase your benefit by 50 percent. If your mate works and wishes to apply for Social Security on their own, he or she will have to apply individually and separately.

A married couple with only one wage earner will receive the maximum benefit. Your local social security office will assist you if you have any questions.

The above chart will help to clarify and aid you in determining the best time for you to apply for your Social Security benefits.

Social Security Increases

You will receive an automatic increase of your social security benefits every year. This increase is based on the Consumer Price Index. When your mate is included in your benefits, your increase will be 1.5 times greater than an individual benefit.

Calculate Your Retirement

Social Security benefits need not be confusing, and you will find the social security calculator does quite a lot for you as you plan to retire. You may be retiring now or in the future, and you must know how much you will receive. Use the calculator to determine what age will be the most advantageous for you.

There are quite a few ways to earn the benefits that are coming to you, and you will plan them out using one of the social security calculators.