Outside of government, academic organizations such as the Center for Retirement Research ( CRR) at Boston College and nonprofit organizations such as AARP 1 have developed tools as well. Recently, the Consumer Financial Protection Bureau ( CFPB), another government agency, worked with SSA to develop its own online Social Security benefit calculator.
The Social Security Administration ( SSA) provides a variety of online tools to inform individuals about the claiming decision and the program rules that may affect it. To help individuals facing this complicated decision, various groups-from the government to financial services firms-have developed free online benefit calculators. An adequate stream of inflation-protected income can guard against poverty in old age. Social Security benefits continue as long as a person lives and are inflation-protected through an annual cost-of-living adjustment. The increase for deferred claiming stops accruing at age 70. The earliest possible age to claim retirement benefits is 62. If claiming is deferred until after FRA, monthly benefit amounts are permanently increased, but they are collected over a shorter period. Benefits claimed before reaching FRA are permanently reduced, but they are collected over a longer period. Benefits may be claimed before, at, or after full retirement age ( FRA), which varies depending on year of birth.
As retirement nears, an individual must decide at which age to start receiving benefits. Social Security provides monthly benefits to eligible retired workers and their families. When to claim Social Security retirement benefits is one of the most important financial decisions an individual can make.