When you turn 62 years of age, you can start receiving Social Security benefits. Depending on your financial circumstances and retirement needs, however, you may wish to postpone receiving benefits until you're older. The Social Security Administration's online calculator factors in details like your cost of living, age at retirement, life expectancy and assets, then tells you the best time to begin filing. Consider these other online calculators, too, as you maximize your Social Security benefits.
For additional retirement planning resources, see Retirement Planning and Insurance.
AARP's Social Security Benefits Calculator
Figure out how your work earnings affect your Social Security benefits when you use this free calculator. It provides a summary of the recommended claiming strategy and is convenient when you want an overview, though it doesn't offer detailed retirement planning guidance.
SSAnalyze! by Bedrock Capital
Access this free calculator and get a detailed list that outlines the steps you and your spouse, if applicable, need to take before you retire. It requires you to create an account and log in, but your information is not used to solicit or sell you anything.
Social Security Timing
While only financial advisors have access to the full calculator at Social Security Timing, you can access a free abbreviated version. It's updated as laws change and includes customer support; the site can also match you with a financial advisor if you want additional assistance.
Maximize My Social Security
One of the most comprehensive calculators, Maximize My Social Security was developed by an economics professor. Use it to decide when and how to collect retiree, spousal, survivor, parent, child and disability benefits and to calculate any government pension offset you may receive. This calculator costs about $40 per year per household and requires information from your Social Security statement, but it offers a detailed report that can be very helpful when preparing to retire.
Social Security Income Planner
With this calculator you can compare pre-selected claiming strategies or customize a strategy based on your circumstances. The detailed report offers month-by-month or year-by-year comparisons with tables so you can easily see advantages and disadvantages of multiple claiming strategies. It typically charges a small fee depending on filing status and is accessible via mobile apps.
When you retire, you want to maximize your Social Security benefits. One of these online calculators can assist you in choosing the best time to file. Talk to your Human Resources manager or financial advisor for personalized guidance, or review Retirement Planning Services for professional help. If you prefer, talk to an agent to discuss your options.
Frequently Asked Questions
When can I start receiving Social Security retirement benefits?
You can begin as early as age 62, but claiming early reduces your monthly benefit compared with waiting until full retirement age or later.
How does delaying benefits affect the amount I receive?
Delaying benefits past full retirement age increases your monthly benefit through delayed retirement credits, which can result in a higher lifetime monthly payment.
Do these calculators account for spousal or survivor benefits?
Some calculators, like Maximize My Social Security, include spousal and survivor benefit scenarios; check each tool's feature list to be sure.
Are online Social Security calculators free to use?
Many basic calculators are free, but some comprehensive tools may charge a fee for detailed reports or household access.