Good news for baby boomers! When planning for retirement, the Social Security Administration (SSA) provides you with a very helpful resource. SSA has a website that allows you to estimate your retirement benefits. Go to www.socialsecurity.gov/estimator.
This website uses your actual Social Security taxes paid over your lifetime to calculate the exact benefit you are entitled to. It also provides you the opportunity to ask for benefit information given different scenarios, such as what if I retire at age 63, or 65, instead of my full retirement age of 66. The website is also user-friendly. All you have to provide is some basic information and you will immediately know the amount of your Social Security check.
