The most precise way to estimate future Social Security retirement benefits is to create a personal My Social Security account on the SSA.gov website, reports the Social Security Administration. Alternatively, individuals are able to use a number of calculators on the SSA.gov website to estimate benefits.Continue Reading
It is possible to create a My Social Security account by navigating to SSA.gov, clicking on the My Social Security icon, and selecting Create an Account, explains the SSA. By law, only taxpayers seeking personal information, and not their representatives, are allowed to access My Social Security accounts. After creating a user name and password, a taxpayer supplies his personal information, Social Security number, mailing address and email address. A My Social Security account allows a user to keep track of earnings, Social Security credits, and Social Security and Medicare taxes paid, as well as to estimate retirement benefits.
To access Social Security calculators, the taxpayer should go to SSA.gov, select Benefits in the toolbar at the top of the page, and click on Calculators, advises the SSA. The Quick Calculator requires only date of birth and current earnings to give a rough estimate of benefits. The Retirement Estimator requires more detailed personal and financial information and provides a more precise estimate of benefits. The Retirement Age Calculator figures full retirement age according to birth date. The Early or Late Retirement Calculator estimates benefit amounts if a taxpayer elects early retirement at 62 through late retirement at 70.Learn more about Financial Planning