Worried about when to claim Social Security? Here’s a tool that may help

But since we can only deal with the now, let me suggest you try a new online calculator (www.aarp.org/socialsecuritybenefits) created by AARP. It helps estimate your benefits and then shows you the best time to claim Social Security.

Right from the start, AARP says it pays to wait. But there are situations where it’s wiser to collect early.

I played with the calculator using the following information: A 50-year-old woman with a gross annual salary of $60,000. She is divorced. Her ex makes $75,000.

A married couple’s lifetime earnings are calculated independently to determine benefits. But a spouse with a lower earnings history is eligible for spousal benefits up to 50 percent of the higher earner’s work record. In the case of divorce, if you were married at least 10 years, you can collect benefits on your former spouse’s Social Security record if you are at least 62, unmarried, and if your ex is entitled to or receiving benefits. The benefits you get have no effect on your ex-spouse’s benefits.

Her ex-spouse is a government employee. The calculator asks if you or a spouse or ex have previously been a government employee. If you didn’t pay Social Security taxes on your government earnings and you are eligible for benefits, the pension you get based on that work may reduce what you can receive.

One of the most important questions concerns your projected benefit at full retirement age. The calculator will estimate your benefit, but you should go to the Social Security website. Benefits are based on lifetime earnings.

After entering one page of information, I clicked on a link that said, “When should I claim Social Security?’’

Not including her ex-husband’s benefits, at 62, the woman would collect $1,382 per month. At her full retirement age, which is 67, she would get an estimated $1,975. If she waits until she’s 70, she would get $2,449 a month. The calculator says to wait and collect at 70.

If you are married or divorced, knowing when to claim is more complicated. You will need to click on either “Does it matter if I’m married?’’ or “Does it matter if I’m divorced?’’ links. The calculator provides some tips to help you receive maximum benefits.

AARP doesn’t address every situation, but it’s better than guessing. Try it.

Michelle Singletary is a columnist for The Washington Post.

SOURCE: Bloomberg News