The Retirement Benefit Calculator runs the math for each possible claiming age (or, if the person is married, each possible combination of claiming ages) and reports back, telling the user which strategy is expected to provide the most total spendable dollars over a lifetime.
The Calculator is available under eServices for the Beneficiary or Employee to allow them to view their potential Benefits once they choose to retire.
It includes the following standard parameters to determine the outcome (but may be modified depending on country-specific rules that affect Benefit Calculation):
- Social Security
- Total Number of Coverage Quarters
- Total Cumulative Wages
- Prior Service
- Number of Years
- Number of Months
- Number of Days
- Monthly Salary
- Hourly Pay Rate
- Calculated Retirement Benefits
- Monthly Retirement Benefits
- Effective Start Date
- Conditions
- Review by
- Review Date
- Approved by
- Date Approved
- Status (Approved, Pending, Rejected)
- Rejection Reason
- Remarks