This Online Tool Evaluates Your Social Security Benefits
Social security is the government’s way of making sure you have money when you’re old enough to retire. But how much you get depends on several factors. This new tool from the Consumer Financial Protection Bureau allows you to estimate how much benefit you will get.
You are allowed to start applying for Social Security benefits at age 62 , but if you wait, your benefits will be higher (although you still get the same amount in general. When you apply earlier, your benefits just stretch out for longer) … However, the amount of your allowance also depends on how much you earn in your career. The CFPB tool asks you for your date of birth and highest annual income from work, and then tells you what your estimated benefit is between the ages of 62 and 70.
Of course, there are things that he cannot predict. Social security may undergo some changes , but this is based on current benefit calculations. Also, you may not know what your highest salary is. However, it does give you a general idea of what to expect, and it’s a great tool to play with. See for yourself using the link below.
Before you declare | Consumer Financial Protection Bureau