Social security monthly check estimates (55, 2015, state, years)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Question:
My monthly estimated benefit if I wait until age 70 to retire is $3521 per month. However, that number assumes I will earn 118K per year until retirement. Here's my question--I will probably make ~130K per year, BUT I plan on retiring at 55 and not the "normal age" of retirement which I guess is like 66...
Is there any way to figure out what my monthly check at 70 will be when I factor in early retirement?
Question:
My monthly estimated benefit if I wait until age 70 to retire is $3521 per month. However, that number assumes I will earn 118K per year until retirement. Here's my question--I will probably make ~130K per year, BUT I plan on retiring at 55 and not the "normal age" of retirement which I guess is like 66...
Is there any way to figure out what my monthly check at 70 will be when I factor in early retirement?
thank you...
Supposedly there is a place on the SS site where you can do that. I didn't locate it but try google or search the site. I am trying to find out a similar thing as my Award Letter and estimate are the same amt. but I quit working at 61 and will get ss benefits in sept at 62. The estimate assume I've worked until I'm 62 so there's no way the actual Award Letter and estimate should be the same amt. but it was.
Question:
My monthly estimated benefit if I wait until age 70 to retire is $3521 per month. However, that number assumes I will earn 118K per year until retirement. Here's my question--I will probably make ~130K per year, BUT I plan on retiring at 55 and not the "normal age" of retirement which I guess is like 66...
Is there any way to figure out what my monthly check at 70 will be when I factor in early retirement?
thank you...
Help given to me on another site pointed me to this: Hope it helps. A lot of data entry but you should get what you want.
If you have your most recent SSA "Earnings Statement", it only takes about 5 minutes to fill in the data, and then you can run "what-ifs" as long as you want
Thank you very much....only thing is they only give the benefit if you start withdrawing at 62 and not 70 which is what I'm looking for....
it did take the estimate for withdrawals at 62 from $1953 to $1807....so looks like 92.5% ...wonder if its safe to assume the benefit at 70 would be 92.5% of $3521 which would be $3256....
I have researched this question repeatedly, and finally just set up my own spreadsheet using the instructions from this SSA publication: https://www.ssa.gov/pubs/EN-05-10070.pdf
Social Security takes your highest indexed earnings over 35 years. If you have fewer than 35 years, the missing years will be values of 0. Once you input the numbers into a spreadsheet and follow the steps in this publication, you can get a very accurate estimate of your social security at full retirement age, or at age 62. What I found in running the numbers if that taking SS at 62 (my FRA is 66.6) substantially reduces my monthly benefit (by more than 30 percent over FRA). This doesn't make sense until I consider that not working from 62 - 66 would involve losing 5.5 years of higher income, as my recent income has been significantly higher than earlier years.
Anyway, I found doing the spreadsheet took away some very incorrect speculation about my benefit. My "hopeful" calculations were overly optimistic but not supported by the formula.
Thank you very much....only thing is they only give the benefit if you start withdrawing at 62 and not 70 which is what I'm looking for....
it did take the estimate for withdrawals at 62 from $1953 to $1807....so looks like 92.5% ...wonder if its safe to assume the benefit at 70 would be 92.5% of $3521 which would be $3256....
In that calc, at the "age at retirement" block, put in age 70. Leave all the non-working years set to zero. It will then give you the age 70 estimate.
SSA always seems to assume that everybody quits work, and starts benefits, at the same time.
In the example I did for another poster, his age 62 benefit of $1883 @ age 62 went to $3282 @ age 70.
In that calc, at the "age at retirement" block, put in age 70. Leave all the non-working years set to zero. It will then give you the age 70 estimate.
SSA always seems to assume that everybody quits work, and starts benefits, at the same time.
In the example I did for another poster, his age 62 benefit of $1883 @ age 62 went to $3282 @ age 70.
If I put 70 in the "age at retirement " block it comes back at $3521 which doesnt make sense...I'm not asked to put in a salary for any years beyond 2015...
it does ask this:
"Enter the amount you expect to earn in 2017. The calculator will use this same amount of earnings for each future year up to the year you expect to stop working. "
I have researched this question repeatedly, and finally just set up my own spreadsheet using the instructions from this SSA publication: https://www.ssa.gov/pubs/EN-05-10070.pdf
Social Security takes your highest indexed earnings over 35 years. If you have fewer than 35 years, the missing years will be values of 0. Once you input the numbers into a spreadsheet and follow the steps in this publication, you can get a very accurate estimate of your social security at full retirement age, or at age 62. What I found in running the numbers if that taking SS at 62 (my FRA is 66.6) substantially reduces my monthly benefit (by more than 30 percent over FRA). This doesn't make sense until I consider that not working from 62 - 66 would involve losing 5.5 years of higher income, as my recent income has been significantly higher than earlier years.
Anyway, I found doing the spreadsheet took away some very incorrect speculation about my benefit. My "hopeful" calculations were overly optimistic but not supported by the formula.
I added their indexing numbers to my spreadsheet and ran though the calculation.
The thing I didn't realize is how little the difference is in Social Security check between somebody who earns an inflation-adjusted $60K for 35 years and somebody who earns an inflation-adjusted $118,500+ for 35 years. If you average an inflation-adjusted $60K, your FRA check is about $2,150. If pay double that in payroll taxes maxing out your Social Security contribution every year, your FRA check is about $700 more. I knew Social Security was progressive but I didn't realize quite how progressive it is.
I added their indexing numbers to my spreadsheet and ran though the calculation.
The thing I didn't realize is how little the difference is in Social Security check between somebody who earns an inflation-adjusted $60K for 35 years and somebody who earns an inflation-adjusted $118,500+ for 35 years. If you average an inflation-adjusted $60K, your FRA check is about $2,150. If pay double that in payroll taxes maxing out your Social Security contribution every year, your FRA check is about $700 more. I knew Social Security was progressive but I didn't realize quite how progressive it is.
Another place that makes that obvious is just using their standard calculator if you have a lot of good years and just a few lower ones to replace. I have about 10 that could be replaced, but only 5 or 6 significantly below cap. I am 57. If I cap every year and work until FRA, my estimated benefit is only about $150 a month higher than if I never make another dime. Figure 12.4% of an average of 125k (assuming cap would rise like it has in the past) would be another ~$150k paid in for $1800 a year in return. Good luck selling that annuity! I am not complaining, BTW; this is how it has to work. Part of my SS tax is for me and part for people who were not as fortunate.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
