Social Security Administration Launches Online Retirement Calculator

HATTIESBURG, MS (WLOX) - People can now estimate their social security benefits online. The social security administration launched the online retirement estimator earlier this week.

Shawn Mercer with the Social Security Administration said, "It allows them to get instant benefit estimates instead of having to wait or go in and go through a cumbersome process or have something mailed to them later on."

To use the site, you will have to enter some personal information, including what age you plan on leaving the workforce. The online estimator allows you to see what your benefits would be based on your individual case.

"With the online estimator you're able to get information instantly about those projected social security benefits based on the different scenarios of when you would retire and when you would stop working and stop paying into social security," Mercer said.

Officials say the site is designed to help people decide when they should retire based on finances.

"That's why we want to allow them to look at this estimator and make an informed decision about when they want to leave the workforce and when they're going to draw social security benefits," Mercer said.

For more information on how to calculate your social security benefits online, click here.