AARP recently rolled out a new feature on its website to help seniors calculate at what age to begin collecting Social Security payments.
The interactive tool is designed to help seniors meet their financial goals as part of the AARP’s new 10-step “Ready for Retirement?” program.
“Our research shows that many Boomers are worried about retirement because they don’t feel prepared,” said Jean Setzfand, Vice President of Financial Security at AARP. “With our new easy-to-use calculator and our ‘Ready for Retirement?’ resources, we want to help older Americans understand retirement as a life transition, visualize their goals, and take the steps needed to build retirement security.”
Coventry Patch points out that more than half of people who claimed Social Security retirement benefits in 2009 did so as soon as they became eligible at age 62. This was in spite of the fact that beneficiaries would be decreasing their lifetime retirement income by as much as eight percent for each year that they claimed benefits before reaching full retirement age.
“Choosing to claim benefits early – or late – is a highly personal decision made all the more difficult by the weak economy,” said Setzfand. “With health, employment, lifestyle and savings among the many variables to consider, no one age is right for everyone. However, the later you decide to claim, the greater the potential benefits may be for you and for your family. Our calculator helps people weigh the variables and make an informed decision for their individual circumstances.”
Do you think you’ll find the AARP’s Social Security Benefits Calculator helpful?
If you need help with your Social Security Disability benefits, contact the Social Security Disability lawyers at Fleschner, Stark, Tanoos & Newlin.