-
- Social Security income
- Social Security is based on a sliding scale depending on your income,
how long you work and at what age you retire. Social Security benefits
automatically increases each year based on increases in the Consumer Price
Index. Including a spouse increases your Social Security benefits by 1.5
times your individual estimated benefit. Please note that this calculator
assumes that only one of the spouses work. Benefits could be different if
your spouse worked and earned a benefit higher than one half of your
benefit. If you are a married couple, and both spouses work, you may need to
run the calculation twice - once for each spouse and their respective
income. This calculator provides only an estimate of your benefits.
The calculations use the 2009 FICA income limit of $106,800 with an
annual maximum Social Security benefit of $27,876 per year for a single
person and 1.5 times this amount for a married couple. To receive the
maximum benefit would require earning the maximum FICA salary for nearly
your entire career. You would also need to begin receiving benefits at your
full retirement age of 66 or 67 (depending on your birthdate). Your actual
benefit may be lower or higher depending on your work history and the
complete compensation rules used by Social Security.
- Current age
- Your current age.
- Age of retirement
- Age you desire to retire.
- Household income
- Your total household income. If you are married, this should include
your spouse's income.
- Expected salary increase
- Annual percent increase you expect in your household income.
- Expected rate of inflation
- What you expect for the average long-term inflation rate. A common
measure of inflation in the U.S. is the Consumer Price Index (CPI), which
has a long-term average of 3.1% annually, from 1925 through 2008. The CPI
for 2008 was 4.0%, as reported by the Minneapolis Federal Reserve.
- Are you married?
- Check this box if you are married. Married couples have a higher maximum
Social Security benefit than single wage earners.
|