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I was wondering if anyone had used this calculator and how accurate it is. I'm assuming that whatever it tells me is going to be higher than the actual amount.
Also, another question. Does SS take into account months? I was planning to retire at 64, but I don't think I'll make it! Now the goal is 63.5 years old (I will be 63 in September).
Also, another question. Does SS take into account months? I was planning to retire at 64, but I don't think I'll make it! Now the goal is 63.5 years old (I will be 63 in September).
Yes, it does.
From the SS website
(Just click on your year of birth and it will give you a month to month percentage of your FRA)
Did you ever use that calculator to estimate monthly benefits, and, if so, was it fairly accurate?
Over the last few years I used the on-line calc at Calculators: Online Calculator Last May I applied (on-line) for Retirement benefits at age 70, and when SS called to verify info, (and request 1 additional document (Veteran's DD214)), the amount they said I should expect to receive starting next month came within $40/month of what my latest estimate was. That is, 40 more, probably due to a Veteran's adjustment that the calc apparently does not take into account.
I could not use the other Calcs (or the Statement of Earnings) since I was receiving Survivor's benefits.
Yes, it does.
From the SS website
(Just click on your year of birth and it will give you a month to month percentage of your FRA)
Gandalara
Can you clarify a little where on the website gives you a month to month % of FRA? thanks
I went through the calculators on the web site and only find estimates based upon whole years. Expect I am clicking the wrong calculator.
I too will retire at 63.5 (turning 63 in August). If I can find the right calculator on the website, I can compare that to what the SS office gave me as what the amount would be for me. Then I can confirm to OP how close they are.
There is a calculator for months, just type it in on the website.
The calculator works within a reasonable amount.
Did it month by month pretty accurate.
Can you clarify a little where on the website gives you a month to month % of FRA? thanks
I went through the calculators on the web site and only find estimates based upon whole years. Expect I am clicking the wrong calculator.
I too will retire at 63.5 (turning 63 in August). If I can find the right calculator on the website, I can compare that to what the SS office gave me as what the amount would be for me. Then I can confirm to OP how close they are.
After you click on Gandalara's link, scroll down a bit and you will see a chart with birth years in it. Click on your birth year (actually they have combined 1947-195? - I forget). After you click on the birth year, again scroll down a bit and the percentages will be in a table, month by month.
Since we are retiring at the same age, I can tell you that we will receive 83.3% of the full retirement benefit.
Better than I thought!
Over the last few years I used the on-line calc at Calculators: Online Calculator Last May I applied (on-line) for Retirement benefits at age 70, and when SS called to verify info, (and request 1 additional document (Veteran's DD214)), the amount they said I should expect to receive starting next month came within $40/month of what my latest estimate was. That is, 40 more, probably due to a Veteran's adjustment that the calc apparently does not take into account.
I could not use the other Calcs (or the Statement of Earnings) since I was receiving Survivor's benefits.
Well, I typed a response and then noticed Fox Terrier got here first
If you also get your Social Security Statement online, the Statement gives you your FRA, so then you have a pretty good estimate of the dollar amount
ie ...
$1675 FRA @ 83.3% = $1395
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