By Paula Aven Gladych
AARP launched the Ready for Retirement website, which features a Social Security question and answer interactive tool that provides the answers to the more than 11,000 questions AARP has received on the subject.
Many Americans are worried they won’t have enough money to retire and three in four Americans believe they will have to delay retirement
, according to an AARP survey.
The new Social Security tool, which is free for anyone to use, aims to clear up some of the confusion around Social Security by providing instant answers to the most frequently asked questions on the topic.
According to the Social Security Administration, Social Security provided at least half the income for 65 percent of the aged beneficiaries in 2010, but studies have shown that most Americans have a limited understanding of how the program works, according to AARP.
Jean Setzfand, AARP’s vice president of financial security, said that the Social Security benefits calculator helps users “unearth the intricacies” of Social Security, including how divorce affects Social Security benefits, how earned income affects Social Security benefits, spousal benefits and claiming strategies.
According to a MarketWatch report, the Social Security calculator was set up to help people optimize their monthly income rather than figure out lifetime benefits.
AARP’s new retirement-focused website also features several other tools, including AARP’s Retirement Calculator, the 401(k)
Calculator and the 401(k) Fee Calculator.
In addition, AARP’s new retirement-focused site features a five-step approach to retirement complete with calculators, quizzes, interactive seminars, articles and tips.
According to AARP, the Ready for Retirement website walks users through the planning process step-by-step, from setting their retirement goals, determining how to maximize their Social Security income, and budgeting and generating enough lifetime income to meet the rest of their needs.
Originally published on BenefitsPro.com