Source: Andrew Taylor, Associated Press (USA Today)

People planning for retirement got a new tool this week: a fast and easy online estimator for their Social Security benefits.

The Social Security Administration unveiled its new retirement estimator on its website Monday. The calculator takes just a few points and clicks and some personal information to produce benefit estimates within a few minutes.

The new calculator will be followed this fall by an updated online application for benefits that Social Security Administrator Michael Astrue promises will reduce application time from the current 45-minute process to 15 minutes — and eliminate the need for follow-up visits to agency field offices.

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