Social Security Calculator
The purpose of this calculator is to help you to decide when to start taking Social Security benefits. The size of the monthly benefit is determined by your work record (how much you paid into the system) and when, relative to your full retirement age, you start taking the benefit. If you start taking benefits before full retirement age, the size of the monthly benefit is reduced. If you start later, it is increased. This calculator is intended to help you get a feel for the relative advantages of an early or late start. It calculates the accumulated value of all benefits assuming they are invested at an assumed rate of return.
Many advisers advocate waiting as long as possible to start taking benefits. Others advocate starting early. What is best for you will depend on a number of factors. Two important factors that this calculator does not address are marital and employment status. For more information about the rules see Social Security Administration Publication No. 05-10147, When to Start Receiving Retirement Benefits.
|Full Retirement Age||Your full retirement age for the purpose of Social Security benefit calculations.|
|Age at Retirement||The age at which you will begin to draw benefits.|
|Delay of Benefits||The time between reaching full retirement age and beginning to receive benefits.|
|Break Even Age|
The total future value of benefits at the assumed age at death, assuming investment.
|Benefit Start Date||Lifetime Benefit Value|
|Full Retirement Age|
|Chosen Start Date|