AARP recently launched the Social Security Benefits Calculator, a new service for older adults who are planning their retirement. The application asks for some basic information about the individual and his or her estimated benefits, which can be calculated with the Retirement Estimator on the Social Security Association's website.
Once the required information has been entered, the calculator takes the user through a series of simple questions to provide more accurate monthly and lifetime benefits for a range of ages, according to Yahoo Finance. It also provides users with an approximation of the best time to claim their benefits. AARP states that the longer an older adult waits to apply for Social Security, the higher the monthly payments will be.
The new application offers options to customize the results based on marital status and whether or not the retiree will continue to work while he or she is receiving benefits.
Another thing that older individuals can consider when planning their retirement is personal emergency response systems. As people age, their health deteriorates and a medical alert system can provide added security that help can be reached immediately in the event of an accident or injury.