In his State of the Union address, President Obama insisted on the need to protect Social Security and ensure that future generations can depend on it. Nevertheless, it appears that some in Congress are considering major changes to the program. Unfortunately, many people do not understand the program’s solvency or the likely importance that it will have for them in retirement. To better inform the public about the role Social Security will play in their retirement, the Center for Economic and Policy Research (CEPR) has released an online calculator that estimates a family’s monthly income during retirement.
The CEPR Social Security Calculator helps users get a better picture of how much of their retirement income will come from Social Security benefits and allows them to compare this to other households in their county with similar demographics. The calculator lets users enter their planned date of retirement, current income, estimated mortgage debt, savings, stocks and pension to calculate their future household retirement income. Users can also enter demographic information such as age, race, and marital status and compare their total retirement income to similar households in their area. The data used in the calculator is drawn from the Census Bureau’s American Community Survey (ACS).
The Center for Economic and Policy Research is an independent, nonpartisan think tank that was established to promote democratic debate on the most important economic and social issues that affect people’s lives.