Social Security Retirement Estimator

How the Retirement Estimator Works

The Retirement Estimator provides estimate based on your actual Social Security earnings record.  Social Security can’t provide your actual benefit amount until you apply for benefits, they will be adjusted for cost-of-living increases.  And that amount may differ from estimates provided because:

• Your earnings may increase or decrease in the future.
• After you start receiving benefits, they will be adjusted for cost-of-living increases.
• Your estimated benefits are based on current law. The law governing benefit may change because, by 2034, the payroll taxes collected will be enough to pay only about 79 cents for each dollar of scheduled benefits.
• Your benefit amount may be affected by military service, railroad employment or pensions earned through work on which you did not pay Social Security tax.

For more information, click here.

Teaching Suggestions

• Ask students to gather the information they will need to calculate their retirement benefit.
• Help students understand that their social security benefits will be reduced if they retire before their retirement age.

Discussion Questions

1. Is it better if you wait until your retirement age to collect social security benefits?
2. What might be the consequences if you decide to work after you retire?