Social Security Calculator Handles Retirement Choices For the Married Couple

A new on the internet Social Security tool was released in November that every single individual or married couple nearing retirement will need to investigate.

No, this just isn't the new and improved calculator recently provided by the Social Security Administration that gives you a additional precise estimate of your Social Security positive aspects. And its not the retirement planning tool from an insurance or financial institution of your choice that tells you what type of nest egg you'll need prior to retiring.

This new tool is really a Social Security calculator having a twist. The tool simplifies the Social Security benefit question by using the actual benefit estimates that the Social Security Administration delivers you every year in the "Your Social Security Statement". The twist is what it does with these very simple inputs.

With the 3 retirement benefit values from your report and your birthday, the calculator will give you:

• Total and annual money flow streams (benefits + investments) to age 100 for 3 retirement possibilities -- retiring at 62, at full retirement age or at 70


• Results in chart and table format


• Use the chart to see the break-even point -- the age at which the greater monthly benefits of a retire-late option overtake the lower monthly advantages of a retire-early option


• The alternative of taking into consideration investment gains in the overall money flow calculation


• Side-by-side comparison of real and discounted money flows which will drive household the impact of inflation on your advantages later in life


• With the further input of a spouse's benefits and birthday, the calculator will create results for nine retirement choice combinations between you and your spouse

With the benefit income and age disparity built-in by taking into consideration the spouse in the calculation, a layer of complexity is added to the couple's retirement planning. A uncomplicated case is when the spouse has no Social Security estimated benefits of their own and gets a "spousal benefit". A much more complex case is when the married couple each have considerable estimated positive aspects but 1 is considerably older or younger than the other. The calculation must handle not only "spousal benefits" but also the scenario where 1 of the couple may transition from a "spousal benefit" to their own benefit at a later age.

The calculator only deals with retirement advantages and does not look at disability, survivor or medicare positive aspects or working immediately after retirement. All benefit inputs are taken directly from Your Social Security Statement or from one of the Social Security Administration calculators at ssa.gov.

The calculator is absolutely free to make use of and is intended as an educational tool to assist you and your spouse much better realize issues related to Social Security retirement advantages and also the impact of inflation on those benefits.