Dec 4th, 2012 | By | Category: Social Security & Medicare

Calculate Your Benefits

The question facing Baby Boomers after 62 or 66/67 years of age is “Should I start my Social Security benefits now or should I wait?” Sixty-two is still the minimum age for receiving Social Security benefits; the benefit is reduced if you begin to receive benefits before full retirement age.  Full retirement age depends on the year in which you were born.  Click here to calculate your full retirement age.

There are still several considerations seniors need to look at when making this important decision:

  • other retirement and pension income
  • your budget, and the amount of money you calculate you need to live on
  • when you want to (or are required to) retire
  • any investment income you might receive

Most financial planning experts advise retirees to wait until full retirement age or after if at all possible.

Social Security Calculator, a Helpful Tool

Another helpful tool available to Boomers to determine their Social Security benefit at any given point in time is the CalculatorThere are several online, and this link will take you to one that is easy to use.

Social Security Calculators take several items into consideration, including one’s age, number of quarters employed, married or not, gender and average annual salary.  This calculator also provides help to determine answers to the questions if you are puzzled about how to respond.

Retirement planning is a must for Baby Boomers looking to retire within the next few years.  In addition to plans about where to live and how to create a happy and productive retirement lifestyle, Boomers need to know where they stand with Social Security benefits.  Calculating those benefits is a necessary part of retirement planning for all seniors.

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