The Social Security Administration has launched a new online calculator on its Web site that will allow people to plan for their retirement.
Dubbed the Retirement Estimator the calculator is tied to a person’s Social Security earnings record so people don’t have to manually enter in years of earnings information.
The Retirement Estimator allows users to compare different retirement options. A person can change retirement dates or expected future earnings. People can print out up to three different estimates at one time, along with information about their benefits at age 62, full retirement age and age 70.
“Deciding when to retire is one of the most important and difficult decisions many people face,” said Michael J. Astrue, Commissioner of Social Security.
“The Retirement Estimator greatly improves the information available when trying to decide the right time to retire. It is simple, easy-to-use and will provide highly accurate benefit estimates for those nearing retirement age. For younger workers, it will provide valuable information to help them plan and save for their retirement.”
The Social Security Administration says the Retirement Estimator is secure and only provides retirement benefit estimates. It does not display the earnings record information on which the final benefit estimate was calculated or other personal information.
“We recently unveiled a new home page at www.socialsecurity.gov that reduces visual clutter and is easier to navigate,” said Astrue. “In the fall, we will introduce the public to our next initiative: a total overhaul of our online retirement application that will reduce the average filing time from 45 minutes to about 15 minutes.”
