All results of this tool are shown pretax in today's dollars, representing purchasing power (i.e., how much you will be able to buy in goods and services) over the course of retirement. In actuality, Social Security benefits received in the future may be larger, due to cost-of-living adjustments granted by the Social Security Administration under current policy. While these may or may not be granted every year, the purpose of the cost-of-living adjustment is to ensure that the purchasing power of Social Security benefits is not eroded by inflation.
All calculations and results assume either:
The calculations and results of this tool are estimates based on your inputs, situation, and stated goals, as well as current Social Security law, formulas, and rulings, available from the Social Security Administration (www.ssa.gov).
Each individual or couple should consult the Social Security Administration and a qualified financial advisor to determine the exact benefit amounts, types, strategies, and eligibility requirements available to them and specific to their situation.
The results of this tool are for illustrative purposes only and are generic in nature. The strategies illustrated are not to be construed as specific recommendations, but as reasonable suggestions to help educate you on these matters. There could be other strategies that might be more appropriate for a couple than the ones illustrated by the tool. The results of this tool are not guaranteed by T. Rowe Price Investment Services, Inc., its parent companies, or any of its other affiliates or subsidiaries. T. Rowe Price does not give tax or legal advice. Please consult your tax or financial planner for details regarding your specific circumstances.