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Social Security Benefits Calculator

Author: T. Rowe Price Group, Inc.
Published: 2013/03/22 - Updated: 2020/12/12
Topic: Medical Calculators and Charts (Publications Database)

Page Content: Synopsis Introduction Main Item

Synopsis: Social Security Benefits Evaluator designed to help individuals calculate what Social Security strategy may be suitable for their financial goals. Deciding when and how to take Social Security can potentially add hundreds of thousands of dollars to retirement income. The Social Security Benefits Evaluator prompts users to choose a goal for their Social Security income.

Introduction

Prompted by the need to consider how Social Security fits into an individual's overall retirement income strategy, T. Rowe Price created the calculator to offer guidance on how an individual's goals can help determine when and how to take Social Security. The calculator not only estimates Social Security income, but also presents potential approaches for taking benefits based on the users' goals and allows them to compare results of different Social Security strategies.

Main Item

Many Social Security recipients may not realize that they could potentially receive more income or cater that stream of income to their needs by choosing one strategy over another. The calculator aims to help them better understand these choices and think about them in context of their retirement income needs.

Social Security Facts

Calculator Details

Christine Fahlund, CFP®, Ph.D., senior financial planner with T. Rowe Price:

"Social Security is more important and complicated than many realize. We give a lot of attention to developing an appropriate investment strategy, but not enough attention is given to formulating an appropriate Social Security strategy. Many Social Security recipients may be leaving money on the table. We hope this tool begins to spark conversations about the choices pre-retirees are faced with when deciding when and how to claim benefits. People need to understand that the strategy they choose for taking their Social Security benefits needs to be based on their financial goals." The calculator is available at troweprice.com/socialsecurity

*Social Security Administration

*Greenwald, M., A. Kapteyn, O.S. Mitchell , and L. Schneider (2010). "What Do People Know About Social Security" PRC Working Paper 2010-41. Pension Research Council/ The Financial Literacy Center (pensionresearchcouncil.org/publications/document.phpfile=931)

Attribution/Source(s):

This quality-reviewed publication was selected for publishing by the editors of Disabled World due to its significant relevance to the disability community. Originally authored by T. Rowe Price Group, Inc., and published on 2013/03/22 (Edit Update: 2020/12/12), the content may have been edited for style, clarity, or brevity. For further details or clarifications, T. Rowe Price Group, Inc. can be contacted at troweprice.com. NOTE: Disabled World does not provide any warranties or endorsements related to this article.

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Cite This Page (APA): T. Rowe Price Group, Inc.. (2013, March 22 - Last revised: 2020, December 12). Social Security Benefits Calculator. Disabled World. Retrieved November 14, 2024 from www.disabled-world.com/calculators-charts/calc.php

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