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Dss For Financial Planning

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Management

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Ottawa University

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Running head: DSS FOR FINANCIAL PLANNING 1

DSS for Financial Planning

Student’s Name

Institutional Affiliation

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DSS FOR FINANCIAL PLANNING 2

DSS for Financial Planning

A decision support system (DSS) is a computer information system that helps in decision

making during financial planning. Organizations or employed individuals use the DSS program

to make judgments and determinations by analyzing the information keyed into the program.

People in business use the DSS program to help calculate social security benefits and decision-

making concerning their monthly savings before retirement. By using specific information like

current annual income, date of birth, retirement age, and current savings, the DSS program can

calculate the social security benefits payment of an individual; thus, helping in decision making.

By using the Quick Calculator at the Social Security website, I will determine the amount of

money I can save monthly for my retirement income.

I used the Quick Calculator to help me determine my monthly savings for a good

retirement income. The Quick Calculator (2020) estimated my monthly benefit amount

beginning at age 66 and 5 months in 2036 as $2,376. However, the program's results assumed

that there was no increase in prices in the future. The program assumed my monthly income

using my past earnings, such as the previous year's annual income (Quick Calculator, 2020).

Besides, the Quick Calculator estimated my disability benefits before retirement age to be

$2,248. It also provided survival monthly benefits based on my children, spouse, and the entire

family. The Quick Calculator is easy to use since it requires data like the current age, current

annual income, age of retirement, and date of birth to determine my monthly retirement benefits.

During retirement, individuals need to minimize their taxes to have enough funds for

their daily needs. People can minimize their taxes by understanding the benefits of tax

diversification to allow them to know when and how much they should pay their taxes (Hawley,

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Running head: DSS FOR FINANCIAL PLANNING DSS for Financial Planning Student’s Name Institutional Affiliation 1 DSS FOR FINANCIAL PLANNING 2 DSS for Financial Planning A decision support system (DSS) is a computer information system that helps in decision making during financial planning. Organizations or employed individuals use the DSS program to make judgments and determinations by analyzing the information keyed into the program. People in business use the DSS program to help calculate social security benefits and decisionmaking concerning their monthly savings before retirement. By using specific information like current annual income, date of birth, retirement age, and current savings, the DSS program can calculate the social security benefits payment of an individual; thus, helping in decision making. By using the Quick Calculator at the Social Security website, I will determine the amount of money I can save monthly for my retirement income. I used the Quick Calculator to help me determine my monthly savings for a good retirement income. The Quick Calculator (2020) estimated my monthly benefit amount beginning at age 66 and 5 months in 2036 as $2,376. However, the program's results assumed that there was no increase in prices in the future. The program assumed my monthly income using my past earnings, such as the previous year's annual income (Quick Calculator, 2020). Besides, the Quick Calculator estimated my disability benefits before retirement age to be $2, ...
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Tags: business and finance Financial Management financial planning Management Information Systems Quick Calculator