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Old 01-31-2015, 08:01 AM
 
Location: Full time in the RV
2,869 posts, read 6,413,637 times
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This makes sense. Thanks.

Is there a calculator or formula out there that can be used to project this more accurately?

I'll be retired at 54 (next year) and would like to have some idea what my SS will be like.
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Old 01-31-2015, 08:52 AM
 
Location: in the miseries
3,302 posts, read 3,584,621 times
Reputation: 3810
You can go online and fill in your exact earnings and get the figures that way.
A lot of work, though.
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Old 01-31-2015, 10:34 AM
 
Location: Northern panhandle WV
3,007 posts, read 2,177,266 times
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Quote:
Originally Posted by nicet4 View Post
I am passed my full retirement age of 66 and have not filed for benefits. It is my intention to wait to age 70. I will be 67 1/2 when my wife turns 66, which is about a year from now, at which time I will file and suspend so she can receive 50% of my full retirement age benefit or what I would have received at age 66.

By suspending my benefit will continue to increase and when I do collect our combined benefit will exceed $4,300/month which is all tax free as long as our other income is low.

Oh yes it is tax free How much of my social security benefit may be taxed?

$4,300/month tax free is equivalent to $1,000/week take home pay or a full time job that pays $75,000 per year. As I told my wife if a couple can't live comfortably on $1,000/week, when they own their house, aren't supporting children and have no debts, then it is my opinion they have a spending problem and not an income problem. That or maybe they should look at moving out of San Francisco or Manhattan.
You are cutting yourself off from one potential benefit. If you file and suspend as soon as you are FRA your credits will still increase till you do start collecting, BUT, you also would then have the option if an emergency or whatever arose, to tell SS that you want to collect the entire back sum from the time you did file and suspend. True it would not include the credits but you could collect the entire back sum in needed.

So you might consider filing and supending now there is no downside to doing so.
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Old 02-01-2015, 05:18 AM
 
Location: OH>IL>CO>CT
5,247 posts, read 8,427,372 times
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Quote:
Originally Posted by RMD3819 View Post
This makes sense. Thanks.

Is there a calculator or formula out there that can be used to project this more accurately?

I'll be retired at 54 (next year) and would like to have some idea what my SS will be like.

SSA has an online calculator at Retirement Estimator
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