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Social Security Benefits

Do you wonder how much you might receive in Social Security? Use this calculator to help you estimate your Social Security benefits. Remember, this is only an estimate. Your actual benefits may vary depending on your actual work history and income.

Social Security may provide SOCIAL_AT_RETIRE_AMT per year.

If you start collecting your Social Security benefits at age SOCIAL_AT_RETIRE_AGE, Social Security may provide SOCIAL_AT_RETIRE_AMT per year which is SOCIAL_AT_RETIRE_AMT_MONTHLY per month. This is SOCIAL_AT_RETIRE_PERCENT of your final year's income of HOUSEHOLD_INCOME_AT_RETIRE. Remember, this is only an estimate. Your actual benefit may be higher or lower depending on your work history and the complete compensation rules used by Social Security. **GRAPH**

Results Summary
Current ageCURRENT_AGE
Expected salary increaseSALARY_PERCENT per year
Inflation rateINFLATION_RATE
Include spousal benefit?MARRIED
Age to begin benefitsAGE_OF_RETIREMENT
Estimated benefitSOCIAL_AT_RETIRE_AMT per year
Estimated percent of incomeSOCIAL_AT_RETIRE_PERCENT

What if I begin benefits at a different age?

You are eligible to receive your full Social Security benefits at age SOCIAL_FULL_BENEFIT_AGE. But you can start receiving Social Security benefits as early as age 62. You can also delay your benefits until age 70. The Social Security Administration attempts to keep your lifetime benefit equal regardless of the age you begin taking benefits. Take a look at the chart below to see how this can affect your monthly benefit.


Social Security Benefits Definitions

Current age
Your current age.
Age of retirement
Age you desire to retire.
Annual income
Your total annual income. If you are married, this should not include your spouse's income. When we calculate your social security benefit, if you check the married box, the total is increased to include an additional 50% of your benefit for your spouse. If your spouse will be collecting their own benefit, do no check the "married" box. You will need to run the calculator separately for their income.
Expected salary increase
Annual percent increase you expect in your annual income.
Expected rate of inflation
This is what you expect for the average long-term inflation rate. A common measure of inflation in the U.S. is the Consumer Price Index (CPI). From 1925 through 2015 the CPI has a long-term average of 2.9% annually. Over the last 40 years highest CPI recorded was 13.5% in 1980. For 2015, the last full year available, the CPI was 0.0% annually as reported by the Minneapolis Federal Reserve.
Include spousal benefit?
Check this box if you are married and wish to include a spousal benefit in the calculation. Married couples with only one spouse who works have a higher maximum Social Security benefit than single wage earners.
Social Security income
Social Security is based on a sliding scale depending on your income, how long you work and at what age you retire. Social Security benefits automatically increase each year based on increases in the Consumer Price Index. Including a spouse increases your Social Security benefits by 1.5 times your individual estimated benefit. Please note that this calculator assumes that only one of the spouses work. Benefits could be different if your spouse worked and earned a benefit higher than one half of your benefit. If you are a married couple, and both spouses work, you may need to run the calculation twice – once for each spouse and their respective income. This calculator provides only an estimate of your benefits.

The calculations use the 2016 FICA income limit of $118,500 with an annual maximum Social Security benefit of $31,668 per year ($2,639 per month) for a single person and 1.5 times this amount for a married couple. To receive the maximum benefit would require earning the maximum FICA salary for nearly your entire career. You would also need to begin receiving benefits at your full retirement age of 66 or 67 (depending on your birth date). This calculator rounds your age of full Social Security benefits to the next highest full year. If your birthdate is between 1955 and 1959 your actual full retirement age for Social Security is 66 plus two months for each year after 1954. Your actual benefit may be lower or higher depending on your work history and the complete compensation rules used by Social Security.

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