Social Security Planner

[Running_Man]

I am looking for the website that was mentioned here a year or so ago, as I recall you paid $50 and entered your information and it gave a complete report on the best options for your circumstance on Social Security, does anyone have the link to that?

RM

 

[Brooks Saddle]

I know of two. Kiplingers has this for about this price as doe ESPlanner.

 

[MRG]

I am looking for the website that was mentioned here a year or so ago, as I recall you paid $50 and entered your information and it gave a complete report on the best options for your circumstance on Social Security, does anyone have the link to that?

RM

Think its SocialSecuritySolutions.com
Their out of Leawood KS. Been mentioned in a number of financial mags. I thought I'd seen them mentioned here.
Please double check the link I typed in. I don't copy paste on this phone to well.

Edit - copied and pasted: http://www.socialsecuritysolutions.com

MRG

 

[timo2]

There is also the T. Rowe Price site
Social Security Benefits Evaluator - T. Rowe Price

 

[Running_Man]

Thank you !

 

[marko]

There is also the T. Rowe Price site
Social Security Benefits Evaluator - T. Rowe Price

+1
As an aside, with any of the calculators if you haven't worked (had income) for a few years be sure to input your old income (vs your current) income so that SS can calculate the right amount.

If you input "0", it assumes that is what you always made...

 

[MildlyEccentric]

SSAnalyze

Bedrock Capital has a free analyzer, but registration is required.

Bedrock Capital

 

[bradaz2488]

I used the SS estimator on the SS gov site (link at bottom) to run different scenarios for how much I should expect if I take SS at 62, 67 or 70..... Since I ER'ed at 49 I was able to run different scenarios for not working at all until 67 or doing part time work during this timeframe. I was shock to see that there was not a big difference between what I would get at age 67 if I continue to work at my high paid salary at Megacorp vs not working at all. It said I would get (today's dollars) $2,633/month if I worked up to 67 and $2,195/month if I do not work ever again.... I guess I have paid enough into SS and I have earned enough credits. It was a no brainer for me.. work 17 more years at high stress Megacorp and get $438 more a month... I do not think so... My ER plan is not counting on SS for success and when I do run scenarios using SS benefits in the various Retirement tools I use age 67 and I also take a 25% haircut in the benefits since SS is on track to only be able to payout 75% in around 2031....

NOTE: You will have to provide your SS number on this site so it can access what you have paid into the SS program. So if you are not comfortable doing that online then I think they have a tool you can down load on your PC and you will have to enter all the data in yourself to run the tool...

Retirement Estimator

 

[walkinwood]

This one is from the same people - Larry Kotlikoff - who run ESPlanner
When Should I Take Social Security to Maximize My Benefits? | Maximize My Social Security

 

[Brooks Saddle]

I used the SS estimator on the SS gov site (link at bottom) to run different scenarios for how much I should expect if I take SS at 62, 67 or 70..... Since I ER'ed at 49 I was able to run different scenarios for not working at all until 67 or doing part time work during this timeframe. I was shock to see that there was not a big difference between what I would get at age 67 if I continue to work at my high paid salary at Megacorp vs not working at all. It said I would get (today's dollars) $2,633/month if I worked up to 67 and $2,195/month if I do not work ever again.... I guess I have paid enough into SS and I have earned enough credits. It was a no brainer for me.. work 17 more years at high stress Megacorp and get $438 more a month... I do not think so... My ER plan is not counting on SS for success and when I do run scenarios using SS benefits in the various Retirement tools I use age 67 and I also take a 25% haircut in the benefits since SS is on track to only be able to payout 75% in around 2031....

NOTE: You will have to provide your SS number on this site so it can access what you have paid into the SS program. So if you are not comfortable doing that online then I think they have a tool you can down load on your PC and you will have to enter all the data in yourself to run the tool...

Retirement Estimator

This works out well for a single person. It gets a bit more complicated when you a husband and wife, they may or may not be of the same age, they may or may not have the same earnings history. Spousal benefits clouds it up for the best claiming strategy, thus, some of the calculators mentioned here take it to a higher level than the government's ss website.

 

[Brooks Saddle]

I had not looked at the T Rowe Price calculator for quite sometime and there is a bit of a flaw for married couples of about the same age that delay until 70 while using a spousal benefit for one of the two. Their calculator does a nice job computing spousal benefits for one of the two when a file and suspend strategy is used. What it doesn't do is take into account that the partner taking spousal benefits can then file for their own now higher benefit at age 70. T Rowe Price maintains the spousal benefit off into the future without taking this into account.

Another avenue not mentioned here is AARP has a free calculator on their website and it does a decent job.

 

[spncity]

I had not looked at the T Rowe Price calculator for quite sometime and there is a bit of a flaw for married couples of about the same age that delay until 70 while using a spousal benefit for one of the two. Their calculator does a nice job computing spousal benefits for one of the two when a file and suspend strategy is used. What it doesn't do is take into account that the partner taking spousal benefits can then file for their own now higher benefit at age 70. T Rowe Price maintains the spousal benefit off into the future without taking this into account.

Another avenue not mentioned here is AARP has a free calculator on their website and it does a decent job.

Just tried the T. Rowe Price calculator - it seems to treat the spousal benefit accurately (switching to the individual's own higher benefit at age 70).

Kindest regards.