Perfect tools for Social Security Benefits

Social Security, the largest federal government program, marked its 80th anniversary in 2015. It consists of two main programs: Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI). The federal government spent nearly $900 billion on Social Security benefits in 2015. Together, Social Security programs account for almost one-quarter of all federal spending in 2015.

Social Security is the biggest among the three major entitlement programs. Collectively, Social Security, Medicare, Medicaid, and related health spending consume more than half of the entire federal budget. Also, these applications are the primary drivers of federal spending and debt over the next decade. Eighty-five percent of the projected growth in spending through 2024 is due to the major entitlement programs and interest on the debt. In terms of the size of the economy, Social Security spending is projected to grow from 4.9 percent of gross domestic product (GDP) in 2015 to 6.2 percent of GDP 25 years from now.

Social Security retirement benefit calculation program is a service created for consumers, not financial advisors or other practitioners. By purchasing use of this service, you are certifying that: (i) you’re an individual consumer; you are employing this service for your personal advantage (or the gain of you and also your spouse), and not for others; all information you have submitted is complete and accurate, and that you have not intentionally submitted false information; and your use of the service is not in violation of any national, state, and local laws and regulations.

Social Security Solutions, Inc. can cancel the access of any user at any time. Some of the motives would cancel accessibility contain a breach of the agreement; requests by law enforcement or alternative government agencies; dismantling of the site or discontinuing or materially changing the website (or any part of the site); and unexpected technical or security issues or problems. All decisions regarding cancellation will be made exclusively by Social Security Solutions, Inc. In the event your access is canceled, no refund or partial refund of payment will probably be made. Social Security Solutions, Inc. and SocialSecuritySolutions.com do not provide investment advice, and the stuff on or generated by this website should only be used as education and guidelines for crafting the strategy that is best for you.

Deciding when to begin benefits is a conclusion that you just won’t be able to change in the future, so you should use the information on this site with other content and tools to learn about and develop a personalized strategy that’s right for your situation. There are multiple methods to claim your Social Security retirement benefits.

AARP provides a free Social Security benefits calculator that offers you a good idea of how large a benefit you can expect, based on when you assert it. It works for both married couples and singles, including those who are widowed or divorced. But in case you prefer a more precise picture of the impact on your monthly and lifetime income and are willing to pay a modest amount for recommendations that could cause thousands of dollars of extra income each year — go to SocialSecuritySolutions.com.

Use promotion code KIP for a 10% discount on personalized reports which range from $20 to $125 (the top-tier package comprises live consultations with a Social Security claims pro). Typically, it makes sense to wait until your normal retirement age — currently 66 for anyone born from 1943 through 1954 — to collect benefits. At that point, two things happen: You are no longer subject to the earnings cap (meaning you can continue to work without jeopardizing some of your Social Security income), and also you may get creative with your collection strategy to maximize your benefits. In 2012, you lose $1 in benefits for every $2 you earn over $14,640 if you claim benefits before age 66 and continue to work.

Folks often claim their benefits at the earliest age possible 62. But experts say it’s best to wait until one’s full retirement age, or even age 70, which is when one is eligible for the greatest monthly benefit potential.
According to numerous specialists, Social Security beneficiaries frequently leave a lot of money on the table by maintaining early. It’s prudent, therefore, to run the numbers to discover the very best age to maintain.

They are numbers worth crunching given what Social Security symbolizes to the average Americans balance sheet. Some estimate that the net present value of a stream of monthly Social Security checks over the course of retirement represents one-third of the typical Americans assets. It represents about 20% of total income for those Social Security beneficiaries in the highest income quintile and 83% for those in the lowest income quintile.

See: Social Security Disability Insurance (SSDI) vs. Private Disability Insurance

New online tools

But trying to get a handle on when to take Social Security has been a chore, partly because there were few on-line resources save those offered on the Social Security Administrations site. Now, however, a growing number of organizations are found applications, including two this month, designed to help Americans decide when to assert

Social Security

AARP, a lobbying group for older Americans, recently found a free online calculator that is powered by a company called LifeTuner, and Social Security Solutions launched a suite of online and offline for-fee services.

According to AARP, over half of those claiming retired-worker benefits in 2009 picked to receive benefits as soon as they became eligible at age 62. But that decision comes at a cost of lower monthly benefits, potentially decreasing one’s life retirement income by a significant amount, AARP said in a release.

According to AARP, its calculator helps folks weigh the variables and make an informed choice for their individual conditions. The calculator walks users through a question-and-answer format and provides estimates for both monthly and lifetime benefits across a range of ages. It also permits users to customize their experience by calculating spousal benefits and taking into consideration the effect of continuing to work while collecting benefits. Additionally, it gives users the chance to compare estimated monthly benefits to expected expenses in retirement, and to print a personalized summary report.

Asked various Social Security specialists to review the brand new AARP calculator and provide us with objective (and, given that a few pros offer competitive tools, some subjective) comments.

Social Security Income Planner

This calculator offers a summary of several different pre-selected asserting strategies, or you also can input your own strategy to see how it stacks up against other options. Price ranges from $10 $40 depending on your own status including single, married, widowed or divorced. They supply a detailed report that provides tables so you could see a month-by-month or year-by-year comparison of your potential claiming strategies. They also offer a mobile version for your iPhone.

Social Security Timing

The full-featured version of this calculator is available only to financial advisors. Use this software package in my business, which is a retirement income planning practice. Social Security Time offers unparalleled customer care. Additionally, they updated their software at lightning speed when new Social Security laws came out on Nov. 2, 2015. In case you’re in the finance company, you’ll find this application valuable.

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