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Conversationalist
Posts: 9
Registered: ‎09-01-2017

Re: Retirement Calculator computations

Message 1 of 7 (130 Views)

Don't allow the calculator to estimate your social security benefits.  The actual amount you get is based on 35 years of employment and the AARP calculator does not have enough data to make an accurate estimate.

 

Rather, enter your best estimates that you get from social security

Conversationalist
Posts: 5
Registered: ‎05-12-2017

Re: Retirement Calculator computations

Message 2 of 7 (815 Views)

I realize your post is old, but I just tried out the retirement calculator, and I'm finding the same problem.  Did you ever get an answer to your question?

Info Seeker
Posts: 3
Registered: ‎03-05-2016

Re: Retirement Calculator computations

Message 3 of 7 (1,934 Views)

Thank you for your input. Much appreciated.

Trusted Social Butterfly
Posts: 7,020
Registered: ‎02-14-2008

Re: Retirement Calculator computations

Message 4 of 7 (1,936 Views)

"....When anyone uses the retirement calculator and plugs in the actual numbers from social security, pension, savings, etc. the calculator produces a graph and the numbers it returns from social security on a yearly basis is significantly more than what the social security website tells you you will get monthly....".

 

I tried it. Didn't do it for me. I guess it comes down to the other factors. For DW and I, we stopped working years ago. So I entered that. The SS input says 'estimate'. Are you still working? If so, it would jack your SS up. 

   This isn't a tool to use if you already know your numbers. It's an estimator with the assumption that someone is still working and will get more benefits by continuing to work and/or continuing to save.


“The world is a book. Those who do not travel read only one page.”
Info Seeker
Posts: 3
Registered: ‎03-05-2016

Re: Retirement Calculator computations

Message 5 of 7 (1,963 Views)

I understand and have used the actual numbers. My point is:

When anyone uses the retirement calculator and plugs in the actual numbers from social security, pension, savings, etc. the calculator produces a graph and the numbers it returns from social security on a yearly basis is significantly more than what the social security website tells you you will get monthly. As I stated earlier, in my case it was 12k/year higher and went up every year.  Here is the link to the calculator. Give it a try and see for yourself. My point is: anyone relying on that calculator is going to be misinformed.

 

http://www.aarp.org/work/retirement-planning/retirement_calculator_pubs.html

Trusted Social Butterfly
Posts: 7,020
Registered: ‎02-14-2008

Re: Retirement Calculator computations

Message 6 of 7 (1,973 Views)

How do you get to the  'retirement' calculator. I found a long-term care calc, and SS estimation calc, but no 'retirement' calculator. I'd have to look at it and see if the calculator is estimating, or using real numbers.

   If you don't realize it, you can go to the SS website and get real numbers for your SS. I assume there is a site for you to get your pension numbers too.

  Why need a calculator? Use real, easy-to-obtain numbers and you can do this in a couple of minutes, unless I don't understand something. Of course, your savings (as to how much income it would generate), is a large 'guesstimation'.  


“The world is a book. Those who do not travel read only one page.”
Info Seeker
Posts: 3
Registered: ‎03-05-2016

Retirement Calculator computations

Message 7 of 7 (1,988 Views)

I'm confused and I'm hoping someone can help. When using the retirement calculator on the AARP website the Graph that is shown after calculations are done showing how much will come from Social Security, Pension, and savings is showing Social Security as approximatley $12,000 more annually than what Social Secuity states will be our benefit. How does the calculator arrive at a higher annual benefit?