Social Security Calculator Eases Retirement Planning

July 29, 2008, WASHINGTON – U.S. Rep. Bart Gordon is urging Middle Tennessee residents to incorporate a new calculator tool from the Social Security Administration into their retirement planning.

“This Web site makes it easier for taxpayers to determine what their benefits will be when they retire,” said Gordon. “The calculator is a useful tool for anyone who is approaching retirement age and wants to compare what their benefits would be now or in five years. It’s also a useful tool for younger workers who expect to earn higher wages in the future.”

The calculator is available through the Social Security Administration’s Web site at www.socialsecurity.gov/estimator. At the site, taxpayers can enter their personal information and receive a snapshot of their estimated retirement benefits. With a few more clicks, users can calculate their benefits based on retirement age and future earnings, creating scenarios that might be more realistic than the traditional snapshot from the Social Security Administration.

Later this year, the Social Security Administration plans to launch another tool on its Web site to reduce filing time for retirement applications.

“As baby boomers prepare to retire, these tools will be helpful in reducing filing time and providing better service to retirees,” said Gordon.