Q:

Can you estimate your Social Security pay without a chart?

A:

Quick Answer

The Social Security Administration has a variety of calculators, not charts, to estimate future benefits, the Social Security Administration says. There are a number of different calculators available to individuals, but any amounts calculated are only estimates. The Social Security Administration cannot provide the actual amount until the individual actually applies for benefits.

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Full Answer

One calculator available through the Social Security Administration is the retirement benefit calculator. This calculator provides estimates based on actual Social Security earning records, according to the Social Security Administration.

Social Security retirement benefits are based on a sliding scale dependent upon income, how long the individual worked and at what age he retires, Bankrate explains. Benefit amounts automatically increase each year based on the consumer price index.

Bankrate's website also provides a retirement estimate calculator. Social Security benefits increase an individual's estimated benefits 1.5 times if a spouse is included, but the calculator assumes that only one of the spouses works, Bankrate notes. Benefit amounts could be different if the spouse worked and earned a benefit higher than one-half of the other spouse's benefit. Married couples who both worked may want to do two calculations, one for each spouse. This calculator uses the $118,500 FICA income limit with an annual maximum Social Security benefit of $31,956 per year, or $2,663 per month.

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