Social Security Calculator – How Important is Social Security?
Online Social Security Calculator for Free
How beneficial is social security? To know the answer, you must use our social security calculator. Fundamentally, absence of social security will affect your retirement savings. This calculator is designed to tell you the time by which your retirement savings will exhaust without the availability of social security.
Social Security income
Social security is a benefit offer to you based on your level of income, duration of working years, and age of retirement. This calculation is done based on the rule of FICA. The income is increased by a rate of 1.5 if you have a spouse.
Specify your present age in this field.
Age of retirement
The age when you are planning to retire.
Amount of your total household income. This will be combined with your spouse’s income if you are married.
Current retirement savings
Total dollar amount that you have already saved in different retirement savings accounts like IRAs, Annuities, 401(k)s etc.
Percent of income to save
Portion of your yearly income that you wish to keep separate for the approaching retirement.
Percent of income at retirement
Percentage amount of the household earnings you may require during the retirement.
Expected salary increase
Your anticipated rate of increase in the annual salary.
Years of retirement income
Specify the number of years you wish to use the retirement savings.
Rate of return before retirement
Your anticipated earnings rate from the investments prior to the retirement. You should enter the before tax rate of return in this field.
Rate of return during retirement
The expected rate of return from all the investments you will make during the retirement phase. This rate of return depends on the type of instruments you will include in your investment portfolio.
Expected rate of inflation
Input the percentage rate by which the general price level is supposed to be inflated over the long-term.
If you are married checkbox
If you have a spouse, only then check this box. This will increase the level of social security benefits you are eligible to receive.