Quantcast

Social Security Calculator

Do you wonder how much you might receive in Social Security? Rather than use the calculator we previously had on this post, you can get the most accurate answer directly from Social Security. In a minute, I will show you how.

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.

See My Social Security Benefit Statement
Once you review the above article on how to read a Social Security benefits statement you can order your own here.

6 thoughts on “Social Security Calculator

  1. james c riddick says:

    i currently receive annuity from the government annually of $57,552 if i retire at age 64 and continue to receive my annuity, how will my estimated soc security monthly benefit of $866 monthly be affected?

  2. bobrichards says:

    Social Security payments are reduced is EARNED income is above a certain level. Earnings form annuities, dividends, interest are UNEARNED income and do not count. There is no change on your social security benefit by receiving annuity income. You of course will be less than your full retirement age (likely 66) and will not get your 100% social security benefit as you will be starting early payments.

  3. Judith Severino says:

    does annual income include pension and income from retirement accounts or just income you earn from working?

  4. bobrichards says:

    It depends for what you are measuring.
    “earned income” does NOT include pension or income from any investments
    That means you do not pay self employment tax (i.e. social security) tax on them.
    However, they are subject to federal income tax (but not necessarily state income tax as various states exempt pension and income from retirement accounts.
    So your question is not quite precise to answer exactly.

  5. Maria Esquivel says:

    If you work as a truck driver and they pay you in 1099 misc. How do you go about setting up to pay social security benefits.

  6. bobrichards says:

    each year, when you file your tax return, there is also a place on the return for self-employment tax which is the contribution to social security and medicare. Many self-employed people will pay their taxes quarterly because if you dont, you could have a penalty for waiting a full year.

Leave a Comment

Your email address will not be published. Required fields are marked *