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SSA Unveils Online Social Security Benefits Calculator

Wed, 04/12/2000 - 12:00am — Karen Stevenson
Description: 

The Social Security Administration (SSA) has unveiled a new online Social Security Retirement Planner. This planner allows users to compute estimates of future Social Security benefits online. Because of privacy concerns, the planner is not linked to the active SSA databases, but requires users to input salary information used for its calculations. The calculator then computes the estimated monthly benefit for early retirement at age 62, for retirement at the "Normal Retirement Age" (65-67, depending on the year of birth), and if retirement is postponed until age 70. Benefits can be calculated either in current or future dollars.

There are three versions of the calculator. A "Quick" version computes future benefits from current earnings, by making an assumption that earnings will stay at that level long enough to qualify for benefits. An "Online" version allows the user to input actual historical salary amounts for each year for a more accurate estimate. A "Detailed" version allows the user to download a program which can make the most accurate predictions, including disability and death benefits.

The Social Security Administration (SSA) has unveiled a new online Social Security Retirement Planner. This planner allows users to compute estimates of future Social Security benefits online. Because of privacy concerns, the planner is not linked to the active SSA databases, but requires users to input salary information used for its calculations. The calculator then computes the estimated monthly benefit for early retirement at age 62, for retirement at the "Normal Retirement Age" (65-67, depending on the year of birth), and if retirement is postponed until age 70. Benefits can be calculated either in current or future dollars.

There are three versions of the calculator. A "Quick" version computes future benefits from current earnings, by making an assumption that earnings will stay at that level long enough to qualify for benefits. An "Online" version allows the user to input actual historical salary amounts for each year for a more accurate estimate. A "Detailed" version allows the user to download a program which can make the most accurate predictions, including disability and death benefits.