Benefits Planner: Retirement | Online Benefits Calculator | SSA Next year's benefit is a substantial boost over the 1.3% that Your feedback is very important to us. You can also manage your communication preferences by updating your account at anytime. How COLA Is Calculated By Social Security - AARP first, because it is much easier to use. Social Security recipients will receive an annual cost-of-living adjustment of 8.7% next year, the largest increase since 1981, the Social Security Administration announced Thursday. The calculator does not calculate survivors benefits for widows or widowers. These offers do not represent all deposit accounts available. Online Calculator Your monthly retirement benefitdepends on how much youve earned over your lifetime at jobs for which you paid Social Security taxes and is based on the highest 35 years of your salary history. Your marital status can also be a factor. (Example: If you were born on May 7, 1950, enter 5/7/1950.). SSDI is aimed at people who cant work because they have a medical condition expected to last a year or more or result in death. The calculator will use this same amount of earnings for each future year up to the year you expect to stop working. The same limits apply to the self-employed, only theyre responsible for both shares of the tax. Your Social Security payment typically is adjusted annually for inflation to ensure that the purchasing power of benefits is not eroded by rising prices. It gets credited back to you - with interest - in the form of higher future benefits. If you qualify for benefits as a Survivor, your full retirement age for survivors benefits may be different. To use the Online Calculator, you need to enter all your earnings from your online Social Security Statement.
