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Social Security Repayment Calculator

(see background if you're not already familiar with the option to repay Social Security benefits and get a higher rate.)

Instructions: To use the calculator, you simply need to enter the following information:

• The amount of your most recent monthly SS payment. NOTE: If you have not yet received your first payment, you can use an estimation tool from the SSA to estimate the amount of your benefit when you first receive payments. Use the estimated amount for the age you expect to begin receiving benefits.
• Your Birthday
• The month you first received benefits. NOTE: This will be one month after your first month claiming benefits. Even if your payments are for some reason delayed, enter the month immediately following the first month for which you claimed benefits.
• The month you last plan to receive SS benefits before re-applying
• The month you plan to start receiving benefits again after reapplying. NOTE: Again this should be the month immediately following the month for which you actually start claiming benefits again.

Then press the Calculate button. The estimated amount you will have to repay and your new monthly payment will appear below. If you plan to withdraw your application and then start receiving benefits again in a future year, the Inflation-Adjusted line tells you what your last payment would have been worth in the future year after adjusting for inflation. The final line tells the net increase.

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Most recent monthly payment amount: Gross total. Do not subtract deductions like Medicare or income tax.	$
Birthday:	January February March April May June July August September October November December / 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 /
First Payment - Month/Year: The month immediately following your first month you claimed benefits.	January February March April May June July August September October November December /
Last Payment - Month/Year: The last month in which you received (or anticipate receiving) benefits	January February March April May June July August September October November December /
First Payment After Reapplying: The month you plan to begin receiving payments again after re-applying	January February March April May June July August September October November December /
Assumed future annual COLA (optional): Historical average is approximately 3.0	%
Estimated benefits to repay: Total benefits you must repay in order to receive benefits at the new, higher rate	$
Estimated new monthly payment:	$
Inflation-adjusted last monthly payment: Last payment value inflation-adjusted to year new payments begin.	$
Estimated monthly increase:	$

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NOTE: The calculator only allows birthdays between 1933 and 1950. Future inflation adjustments (COLA) are assumed to be 3% annually if no value is entered. The effect of reduced SS due to drawing benefits while working before reaching full retirement age is not considered. This tool is a beta; results are not guaranteed.

Specials!

What our clients say...

"You are very clear, knowledgeable and competent... AND very kind and patient when I obviously have little or absolutely no clue sometimes with the simplest of things involving numbers and finances. Thank you..."

-Sonja

"That advice would have been an 8K dollar swing from a refund to a tax debt. After reading your detailed rationale I felt even more confident that the service that I was getting was the service that I needed."

-Anthony

"I am left with that feeling of security that puts my fears of government reprisal at ease along with the satisfaction of knowing the money I have spent was well worth the value of services received."

-Michael

Contact Class 5

info@class5tax.com

Class 5 Tax
PO Box 10459
Oakland, CA 94610


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