Though he has been a practicing financial planner since 2003 with a focus on retirement issues, Devin Carroll remains humble about the challenge that comes along with navigating the Social Security system.
"Some call me a Social Security expert," Carroll explains in the bio section of his blog Social Security Intelligence, "but I've studied it long enough to know I'm still just a student."
That said, Carroll enthusiastically shares what he has learned with others via his blog and YouTube channel, and he is a frequent guest on retirement industry podcasts and often featured in financial media articles about the challenges of planning for retirement.
Recently, Carroll published a blog post that identifies and details what he sees as some of the most useful Social Security benefits calculators that are (mostly) freely available on the internet.
"With numerous factors such as earnings history, age and marital status influencing the amount of Social Security benefits one can receive, using a reliable calculator becomes essential in making informed decisions for a secure financial future," Carroll says.
In the article, Carroll spotlights the best calculators for Social Security retirement planning and discusses their key features in order to help advisors and their clients find the right tool for their unique needs.
Here are the top Social Security calculators highlighted by Carroll. Each has its own unique features, advantages and drawbacks, Carroll emphasizes, and the best outcomes will most likely be derived by using multiple calculators and engaging in a holistic planning process.
1. The Social Security Administration's Retirement Estimator
Carroll writes that the official Retirement Estimator provided by the Social Security Administration represents an "excellent starting point" for individuals looking for an accurate and reliable calculator.
As Carroll explains, it provides personalized estimates based on an individual's or couple's actual Social Security earnings record, making it one of the most accurate estimators available.
The calculator also allows clients to input various retirement age scenarios and takes into account potential of future cost-of-living adjustments, he says.
2. AARP Social Security Calculator
According to Carroll, the AARP's Social Security Calculator is another user-friendly tool designed to help individuals estimate their benefit.
The calculator, he points out, allows users to input their personal information to generate more accurate benefit estimates.
Carroll says the key features of the AARP tool are its ability to be customized and the fact that it provides a detailed breakdown of benefits at different claiming ages — all while offering suggestions for maximizing Social Security benefits based on input data.
