Go to
http://www.ssa.gov/planners/calculators.htm, choose a calculator, and calculate your SSI Benefit twice - once with
salary reductions (ie. subtract your annual FSA contribution), and once without. The calculation without reducations should
yield a higher SSA benefit. Use those numbers in the calculator in Step 2 |
Fill in the following fields with the amounts you used in the SSA's calculator, and the annual
benefit amounts that were calculated. The results will show how much difference your SSI benefit will be with and without
reductions on an annual basis, how much money you will save by using the reduction (based on a fixed tax rate), and if you opt for the higher
SSI benefits, what age you will need to reach in order to receive the amount of money you might have saved. |
