Estimate Your Monthly Social Security Benefit
The Social Security Administration has a nice retirement calculator on their website that will project what your monthly social security benefit will be if you retire at:
- Normal retirement age (for most of us this will be somewhere between age 66 and 67),
- Age 70, and
- Age 62
The calculator takes into account your current age, last year’s income. You can also tell it how much you think you will earn each year until retirement and what age you are planning on retiring at and it will calculate the monthly benefit.
This is a nice feature to have and now you do not have to wait for the annual letter to show up from Social Security letting you know what your benefits might be. However, you should review that letter each year to verify that Social Security has the right amount of earnings listed. I have seen several mistakes on these letters.
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
Comments are closed.