The calculator is part of AARP’s new “Ready for Retirement?” effort, a 10-step approach to envisioning and planning for a secure retirement, which includes creating a budget and preparing for the unexpected.
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.
“Choosing to claim benefits early – or late – is a highly personal decision made all the more difficult by the weak economy,” said Jean Setzfand, vice president of financial security at AARP. “With health, employment, lifestyle and savings among the many variables to consider, no one age is right for everyone. However, the later you decide to claim, the greater the potential benefits may be for you and for your family. Our calculator helps people weigh the variables and make an informed decision for their individual circumstances.”
To try out the new AARP Social Security Benefits Calculator, visit www.aarp.org/socialsecuritybenefits.