The Social Security Administration in the US provides over 70 million US citizens with some form of benefits or income. Indeed, although benefits supplied as part of Social Security are only meant to help supplement income for retirement – many older US citizens rely solely on this as a source of retirement funds or income.
Pexels.comFor this reason, it is very important to know how to calculate and maximize your social security benefits. There are many tools available to do this. One of the best ways to do this is to know just when to start receiving your Social Security retirement benefits and then calculate your maximum Social Security retirement benefits.
How To Maximize Your Benefits
In more detail – Social Security benefits represent a large portion of the average retiree in the US’ retirement funds. It is therefore very understandable that knowing how to maximize Social Security benefits can help such retirees maintain a good standard of living. In this light, what costs (like Medicare) to deduct and what other sources of income are being utilized all must be taken into calculation. For these reasons, it is quite a complicated task to decide when to start collecting Social Security Benefits. Fortunately, according to CNBC, there are some valuable tools to help do just this.
The SSA’s Website Resources
The first tool described here is the Administration’s website. Found on this website is a lot of information and resources. These can be used to help calculate your maximum benefit. In this light, the website helps to calculate the full retirement age of beneficiaries. Furthermore, there is also a tool that calculates how earnings before retirement affect retirement benefits. There is also a retirement estimator tool on the website. This helps calculate the retirement benefit amounts based on the data the administration has on applicants’ earnings.
A Calculator Tool From AARP
The AARP Social Security Calculator is an online tool that calculates individuals’ Social Security Benefits based on when one wishes to start collecting them. It also provides information on what living expenses Social Security benefits will cover. Lastly, it provides a graph-like representation to help display data in a more useful fashion.