The Social Security Administration’s new retirement estimator taps into your actual earnings history to provide more accurate estimates of benefits. It also allows for alternative future income scenarios.
The estimator explains (excerpt):
How the Retirement Estimator Works
The Retirement Estimator produces estimates that are based on your actual Social Security earnings record. Retirement estimates are just that, estimates. They will vary slightly from the actual benefit you may receive in the future because:
* Your Social Security earnings record is constantly being updated;
* Our calculators use different parameters and assumptions (e.g., different stop work ages, future earnings projections, etc.); and
* Your actual future benefit will be adjusted for inflation.
Who Can Use the Retirement Estimator
You can use the Retirement Estimator if:
* You are not currently receiving benefits on your own Social Security record;
* You are not a Medicare beneficiary;
* You have enough Social Security credits at this time to qualify for benefits; and
* You are not eligible for a Pension Based on Work Not Covered By Social Security.