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This "How Important is Social Security?" calculator gives you an estimate of how important Social Security benefits will be in your post-retirement finances. It gives you a good idea of what kind of role your Social Security benefits will play in your retirement plans. Having a clear view of your financial situation, both present and future, is vital when making retirement plans. The last thing you want is to be left high and dry because you didn’t save enough in your retirement account to get you through the autumn years, rather than being able to relax and enjoy them.
Although sometimes we may prefer not to think about it, planning for retirement is an important part of adult life. It requires research and careful planning. It's important to research all options and possible outcomes including losing the benefit of Social Security income. Considering this option now will help you to prepare for such an emergency in advance.
A smart move to make in researching and preparing for a loss of Social Security income is to use this social security calculator to see how such a loss would affect you. Simply input some basic information and our free calculator tool here can help make your determination. You should be able to provide most of the information ‘off the top of your head’, so hopefully there is no need to run and get the finance drawer out from under the bed to use this tool!
Here's how it works:
This calculator is designed for people who:
The answer to this is highly dependent on your personal situation, and your expectations for life post-retirement. For example, if you plan to spend your retirement jet-setting around the world and taking luxury cruises (good for you if so!), you will need more than if your retirement plans focus around spending a quiet life in the company of your family and friends. As a ballpark figure though, financial planners typically recommend an amount which is equal to approximately 80% of your income.