Many fac­tors to con­sider when de­ter­min­ing re­tire­ment

The Palm Beach Post - Neighborhood Post - Western Palm Beach County - - Front Page - Maria Diaz So­cial Se­cu­rity Maria Diaz is a pub­lic af­fairs spe­cial­ist for the So­cial Se­cu­rity Ad­min­is­tra­tion. If you have So­cial Se­cu­rity ques­tions, call 800-772-1213.

Cal­cu­lat­ing when you should re­tire re­quires eval­u­at­ing all sources of your re­tire­ment in­come. There are many fac­tors to con­sider, in­clud­ing your per­sonal re­tire­ment goals. With mul­ti­ple fac­tors af­fect­ing your de­ci­sion, some­times it’s diffi- cult to see the big re­tire­ment pic­ture.

So­cial Se­cu­rity se­cures your to­day and to­mor­row by of­fer­ing a web­page of cal­cu­la­tors to help you plan your So­cial Se­cu­rity re­tire­ment ben­e­fits. You can ac­cess our on­line cal­cu­la­tors at www.so­cialse­cu­rity.gov/plan­ners/ben­e­fit­cal­cu­la­tors.html to get started plan­ning.

Visit our cal­cu­la­tor page and fine-tune your ben­e­fit es­ti­mate by us­ing the Re­tire­ment Es­ti­ma­tor if you have the re­quired 40 work cred­its. Changes in your per­sonal cir­cum­stances may cause changes in the num­ber of years you work be­fore you re­tire. Sup­pose you had planned to work an ad­di­tional ten years be­fore re­tir­ing, but now you are con­sid­er­ing mov­ing that up to the end of this year. How can you de­ter­mine how much the dif­fer­ence in dol­lars in the monthly ben­e­fits will be? You can cre­ate one es­ti­mate with your pro­jected earn­ings through this year and an­other in­clud­ing the next ten years. These are es­ti­mates, but they will give you an ap­prox­i­ma­tion for each re­tire­ment age to help you make your de­ci­sion.

You can also use our On­line Cal­cu­la­tor if you don’t have 40 work cred­its. You need to en­ter all of your earn­ings man­u­ally, but you can pro­ject fu­ture earn­ings through your po­ten­tial re­tire­ment date. Again, this is an es­ti­mate based on your fu­ture es­ti­mated earn­ings, but it pro­vides you with plan­ning num­bers.

These three cal­cu­la­tors will meet al­most every­one’s pre-re­tire­ment plan­ning needs. But, wait, there’s more. Use the Life Ex­pectancy Cal­cu­la­tor for a rough es­ti­mate of how long you might live. The Re­tire­ment Age Cal­cula- tor de­ter­mines your full re­tire­ment age and shows the dif­fer­ences when ben­e­fits are taken early. The Early or Late Re­tire­ment Cal­cu­la­tor can show the dif­fer­ences in ben­e­fit amount if you file early or wait un­til later to start ben­e­fits. You can use the Ben­e­fits for Spouse Cal­cu­la­tor to find out how your spouse’s ben­e­fit changes if taken early. You can ac­cess all of these at www.so­cialse­cu­rity.gov/ plan­ners/ben­e­fit­cal­cu­la­tors.html.

An­other great plan­ning tool is the So­cial Se­cu­rity State­ment. Get yours to­day with a my So­cial Se­cu­rity ac­count at www. so­cialse­cu­rity.gov/my­ac­count.

With our cal­cu­la­tors do­ing all the num­ber crunch­ing, we make the big pic­ture eas­ier to see. The road to re­tire­ment is in the viewfinder and you have your re­sources ready. Now that you know which cal­cu­la­tor to use, you can start fig­ur­ing your best re­tire­ment op­tion for a cal­cu­lated re­tire­ment.

THE PALM BEACH POST FILE PHOTO

Ge­orge Morikami re­mained in South Florida long after the other Ja­panese set­tlers aban­doned the area and be­queathed his land to Palm Beach County.

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