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Great New Social Security Calculator at SSA Gov
The Social Security Administration (SSA) has launched a new and improved Social Security calculator on their website, ssa.gov. This new tool is designed to provide individuals with a more accurate estimate of their Social Security benefits, making it easier to plan for retirement.
The calculator takes into account the user’s complete earnings history and allows them to input different retirement dates to see how it will impact their benefits. This new feature gives users the ability to experiment with different scenarios and make more informed decisions about their retirement planning.
One of the great benefits of the new Social Security calculator is its user-friendly interface. The tool is easy to navigate, and the instructions are clear and concise, making it accessible to a wide range of users. The calculator also provides helpful explanations and definitions, making it easier for users to understand the complex Social Security system.
Another key feature of the new calculator is its accuracy. By utilizing a user’s complete earnings history, the calculator can provide a more precise estimate of their benefits than previous tools. This will give users a better understanding of their potential income in retirement, allowing them to budget and plan accordingly.
The launch of this new and improved Social Security calculator is an important step in helping individuals make informed decisions about their retirement. With the ability to see how different retirement dates and earnings levels will impact their benefits, users can better plan for the future and ensure they have the financial security they need in retirement.
Overall, the new Social Security calculator at ssa.gov is a valuable resource for anyone who is thinking about retirement. Its user-friendly interface, accuracy, and ability to compare different scenarios make it an essential tool for anyone looking to make the most of their Social Security benefits.
In conclusion, the new Social Security calculator at ssa.gov is a fantastic tool for individuals to estimate their retirement benefits accurately. Its user-friendly interface and accuracy make it an essential resource for anyone planning for retirement. With this new tool, individuals can make informed decisions about their retirement and ensure they have the financial security they need in their golden years.
I CAN NO LONGER GET ONTO MY SSA ACCOUNT !
We are traveling abroad and will be for years and social security has my old phone number. I tried to change it to my new number and it locked my account and speaking with agents at SSA, they tell me THERE IS NOTHING THEY CAN DO ????
I have to fly back to the US just to change my phone number ??? Ideas ???
This is where I love screwing the younger Generations that were stupid enough to vote for socialism. Dumbass Millennials that voted for it will have nothing but we'll have to live with the aftermath
Hope they don't raise the age again…. rumors are to 68 FRA
The calculator is messed up. it only resets once a year. Move it two months, no change. Three months, no change. Plus it is not accurate on years ahead as it does not figure in the latest COLA. If you want the truth you have to call and speak to a person. This is a hold time crap shoot. I have waited for a few minutes, I have given up after 30. But last time I got through was three months ago. My expected benefit was hundreds higher than the calculator was showing.
You are such a good teacher Josh! Funny and smart. I started looking at this SS calculator years ago when you demonstrated it and check it once in a while to ground me. One of the main reasons I am working part/time now. Keep up the awesome work and ❤ to Pablo!!
Josh, as you know being self employed, you also pay the employer Medicare tax. So your total wages tax pain is 15.3%, not simply “12.4%”.
And the income limit for the social security tax for 2023 is $160,200. Of course there is no income limit on the Medicare tax. Even worse, for incomes over $200,000, there’s a Medicare surcharge tax of 0.9%.
Hopefully any self-employed person with more than $40-50K income has considered structuring as an S-Corp rather than an LLC.
By limiting your “salary” to a rational amount, say $40-50K, the rest of your income can be retained or distributed, to save 15.3% in taxes, of that distribution. Every year. Well worth the added hassle of a second tax return.
I believe this has been on there for some time. I feel like I used that tool many times before. Since you said taking SS at 62 is a bad idea, I would show the actual break-even point if you take SS at 62 versus full retirement age. Your life span is going to make a difference on whether you win or the house wins on the timing of when you start your payments. Assuming I am alive, I'll take it at 62 and make sure I at least get something back from the government, and if I live past 80 then I will worry about having not waited until 67 to take the benefits. But, that is just me because I have already decided to not go back to work at 54 after having been laid off last year from one of the Financial Institutions. Enjoying my retirement on the beach in Thailand now. 😉
That slider – cool feature. Don’t simply play with the slider since every time you slide, it adds a row to the table below for this session….
If you want to build a table showing your benefit for every year between 62 and 70, slide to each age, then next year, etc…
Then you can print out that table with each year’s result for reference, planning, consideration, using the link above the table.
My SS amount never seems to go up. I have around 500k, a mortgage, and a house that needs repair in a city that i love. I've worked for over 40 years, no pension, expect around 3k in SS. Something has got to give. Ive had more that one financial planner advise me to work till 70 but that's not a viable option for me. Im planning to retire 11/22/24 hoping that between now an then i have a viable solution.
What that ssa calculator needs is working for how many more years, not just estimated annual future salary. For common instances where you retire and delay benefits. That is what you really need to know and reducing the average future earnings doesn't cut it because the formula counts the x highest years and the lower income years fall off completely.
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The tool is very useful. And you are right, that is the amount you will make at the stated age, in todays dollars.
Josh, I assume you are set up as a corporation. Consider paying yourself a salary, along with your working spouse.
Take a realistic salary along with dividends in profitable years.
Our benefits are very similar to yours with SS payed in at a much lower total amount. This is demonstrated when you looked at 0 earnings from 50 going forward.
Please consider a video showing the benefits of a sub chapter S corp …. Stressing bend points and income factors. Thanks again!!
I'll bet half the state of West Virginia is on Disability!
I had no idea we were going to get $5100/month thanks to spousal benefits and my career.
Stooge Dave Ramsey had convinced me social security sucked and I wouldn’t get much
What a great tool. . . TBH I was shocked at my SS benefit amount of $4390 as I only made the max for a few years. And only hit six figures 20 years ago. I can survive, even thrive, on that, even if I should spend down my modest nest egg. I am so glad I waited until I was 70 (AND quit my COJ at 67!)
Great information and really do appreciate it. It helps me know the right questions to asks.
Your benefit will be a lot more than that. You have at least 7 more years of AWI. Then COLA's kick in
I love their new site! I have been using it since January. Month by month break down helps me see if it is worth it to hang on or start.
Josh, this was was huge. I have been trying to figure this out about retiring now with $0 a year or making $30K a year until I retire literally is a blip. I am convinced. Keep up the message! Thank you.
At least they are trying to keep adding value to the site. It looks good. We discovered the same thing looking into the numbers. If I work 5 more years it only increases my benefit by 145 a month or so ( assuming some things about how much future FICA will be taxable- it keeps going up but we won't know what the top taxable income level will be that far out in the future ). So heck no. not trading 5 years of my life for a pittance increase.
You did not play with the slider at the bottom of the graph! I found it very cool, it will let you change your retirement years on the fly and for instance show you what you would get if you filed at say 63 or 64 or even 69.
I guess I made a little more than you through the years. My full retirement amount is like 150/month more and I stopped working at 52 six+ years ago. I agree, the SSA site has come along way in the past few years.