The Social Security Administration has one of these tools on its website. But it doesn’t go through all the options you have or show you which claiming choices will result in you having more money to use after you retire. Others do all that and more. Some are free and others charge a modest fee. Learn which one is right for you. One major downside is that, while you can access the summary, you can’t dig into the data behind it. That could frustrate you if you want to make informed choices about all your options. The site does offer extra advice in the form of links to some hot topic articles. This calculator can be a good starting point for planning your retirement. It may not be the best way to decide on a good action plan. But it is visible and easy to access. It’s also offered by an organization that is widely known and trusted.
Child benefits for parentsDivorceWhether your spouse is getting benefitsSurvivor benefits after a spouse’s death
This tool also accounts for the windfall elimination provision and government pension offset. This will affect you if you get a pension from an employer who didn’t withhold Social Security tax from your earnings. State employees, for example, may find this helpful. Maximize My Social Security also provides links to topics and news about retirement. These come from many different sources. This calculator costs $40 for a yearly household license. This is a nice touch if you like doing things your own way. It offers different models depending on your personal circumstances, such as whether you’re single, married, widowed, or divorced. It also has a calculation for government pension offset. Once you input your data and choose your options, you’ll receive a detailed report. It will provide tables so you can compare your choices month-by-month or year-by-year. This can give you a good sense of both the short and long-term outcome of each claiming strategy. This calculator charges a fee of $4.99 for a single user. You can also get a yearly subscription of $49.99 to create profiles for as many people as you want. For example, there were changes to Social Security laws in 2015. The software was quickly updated to take these changes into account. Other features include a break-even chart and the option to choose daily, weekly, or monthly updates from the blog. This can help you keep up with changes to Social Security law, as well as understand the different choices you have to choose from. Only financial advisors can use the full version of this calculator. If you are not a professional, you can leave a message on the site asking for personal help. You’ll find this software helpful if you’re in the finance business. Social Security Timing offers a 10-day free trial, followed by a $49.99 monthly cost. The site provides a free demo to help you decide if the program is what you need before you commit.
