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New Social Security Benefits Calculator From The AARP

Monday, July 18, 2011   (0 Comments)
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The AARP launched its Social Security Benefits Calculator, an interactive tool designed to help people make the complex but critical decision of what is the best age to claim Social Security benefits to meet their financial goals. The calculator is part of AARP’s new "Ready for Retirement?” effort, a ten-step approach to envisioning and planning for a secure retirement, which includes creating a budget and preparing for the unexpected.

Often, one of the most important retirement-related decisions is when to claim Social Security benefits. The only guaranteed, lifelong source of retirement income for most Americans, Social Security is the principal source of family income for nearly half of older Americans.

More than half of those claiming retired worker benefits in 2009 elected to receive benefits as soon as they became eligible at age 62. But that decision comes at a cost of lower monthly benefits, potentially decreasing one’s lifetime retirement income by a significant amount – as much as 8 percent lower for every year that someone claims before reaching full eligibility age.

The AARP Social Security Benefits Calculator walks users through a simple, question-and-answer format and provides estimates for both monthly and lifetime benefits across a range of ages. It also allows users to customize their experience by calculating spousal benefits and taking into account the impact of continuing to work while collecting benefits. It gives users the opportunity to compare estimated monthly benefits to expected expenses in retirement, and to print a personalized summary report.

To try out the new AARP Social Security Benefits Calculator - Click here

To see all ten "Ready for Retirement?” steps - Click here 


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