Most of us have questions about retirement: At what age should we retire? How much money will we need? How much will we receive from Social Security?
The Social Security website can help answer some of these questions. Under “Retirement Planning” (www.ssa.gov/retire2/) you can find a Life Expectancy Calculator (www.ssa.gov/planners/lifeexpectancy.htm,) a Retirement Estimator, and three different Benefits Calculators.
The Retirement Estimator can help you decide when to retire and when to begin collecting your Social Security benefits. Some people want to start collecting at the earliest possible age — 62 — others may want to wait until they are 66. You get less money the earlier you start, however, chances are you’ll collect for a greater number of years. The Benefit Calculator gives you three choices for estimating your Social Security Benefits: the Quick Calculator, a rough estimate; the Online Calculator, includes earnings history; and the Detailed Calculator, the most precise but also more complex.
If you have questions about retiring, we recommend you check out Retirement Planning on the SSA website. It’s not a crystal ball, but it will give you some basic information that can be helpful.