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Old 08-24-2014, 06:47 AM
 
Location: Durham NC
1,189 posts, read 1,296,099 times
Reputation: 921

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I am now 62 and 4 months now. I download a new statement each month. I've also saved to favs the % of benefits calculator on the SS website. It is way off.

Within the statement among other things you get benefits at 70, FRA which in my case is 66 and then you get the amount you would receive at your current age.

According to the table I should receive close to $65 more than the amount listed on the statement if I were to apply for benefits right now.

What gives?
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Old 08-24-2014, 08:31 AM
 
Location: 2016 Clown Car...fka: Wisconsin
738 posts, read 813,231 times
Reputation: 1197
I believe the calculator uses many hypotheticals in its calculations since everyone's situation is different so I suspect that there is greater room for error in the final number. And while your personal earnings statement is much more reflective of your specific situation, unfortunately, it too could be off.

RVcook
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Old 08-24-2014, 08:36 AM
 
Location: Durham NC
1,189 posts, read 1,296,099 times
Reputation: 921
Quote:
Originally Posted by RVcook View Post
I believe the calculator uses many hypotheticals in its calculations since everyone's situation is different so I suspect that there is greater room for error in the final number. And while your personal earnings statement is much more reflective of your specific situation, unfortunately, it too could be off.

RVcook
Thanks for responding. It seems the % of benefits calculator should be fairly straightforward. You get X % of a number.

As far as the numbers listed on the statement goes I know the assumption is that I will make about the same salary for the next number of years. Even if that amount were to go down slightly I will still be dropping much lower salaried years from the front end when I made much less than I do know even indexing the numbers.

Would someone in the SS office be able to give me a clearer idea of what I would receive in say 3 years when I reach 65?
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Old 08-24-2014, 08:48 AM
 
119 posts, read 105,068 times
Reputation: 335
Quote:
Originally Posted by lancers View Post
What gives?
These are all estimates. It says so right on the Statement. If you go to an SSA office they can give you the amounts accurate at the present moment.
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Old 08-25-2014, 06:05 AM
 
Location: in the miseries
3,302 posts, read 3,578,775 times
Reputation: 3810
They should also give them if you call in and wait for an hour.
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Old 08-25-2014, 07:22 AM
 
29,775 posts, read 34,860,277 times
Reputation: 11705
Quote:
Originally Posted by Bureaucratic View Post
These are all estimates. It says so right on the Statement. If you go to an SSA office they can give you the amounts accurate at the present moment.
Can't you get this online after you set up a personal account which uses your data?
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Old 08-25-2014, 08:56 AM
 
119 posts, read 105,068 times
Reputation: 335
Quote:
Originally Posted by TuborgP View Post
Can't you get this online after you set up a personal account which uses your data?
Anything you can obtain on your own will be an estimate. At the office they can get an earnings record which will be accurate, although the estimate will be accurate enough.
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Old 08-25-2014, 03:09 PM
 
Location: Portland, Oregon
9,997 posts, read 16,662,155 times
Reputation: 6402
The timing of receiving social security can really impact your benefits. I have heard of a couple software resources worthy of a look. For free: www.socialsecuritytiming.com from a CBS article For a fee: SocialSecuritySolutions.com from a Reuters article.
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Old 08-26-2014, 11:01 AM
 
8 posts, read 6,190 times
Reputation: 33
Social Security has a detailed calculator that lets you control the assumptions. It is called "AnyPIA". You need to download it.
Social Security Detailed Calculator

It takes a little more work to use but it is extremely accurate. It uses some terminology that is hard to understand, so you will need to spend some time learning it.
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