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I write DH's paycheck and I've been trying really hard to keep it up, hopefully to replace some earlier lean years. In one year I'll know if this has been successful. Actually, 1 year and 2 days!
Incidentally, my son-in-law just recently told us, all proud of himself for finding out this stuff at his continuing ed class, that one could wait till 70 and grow their SS. I had to tell him we were doing just that, already knew all about it. I didn't tell him I found out about it right here!
i looked at the projection 2 years ago when i retired and it was still showing the higher amount . i didn't look since. the amount came out of fidelity's social security optimizer tool so it may be making different assumptions if you don't actually work or earn less.
you think 125 isn't much but when i corrected the amount in the fidelity planner the ending worst case balance dropped by 50k.
but the bottom line is retiring at 62 and no longer paying in can change the amount you get by a decent amount . if anyone had to take a 5% pay cut at work i don't think they would consider it nothing if they needed the dough .
in my case it really does not mean much since ss is only a small part of our income but for others it could mean a lot .
i looked at the projection 2 years ago when i retired and it was still showing the higher amount . i didn't look since. the amount came out of fidelity's social security optimizer tool so it may be making different assumptions if you don't actually work or earn less.
you think 125 isn't much but when i corrected the amount in the fidelity planner the ending worst case balance dropped by 50k.
but the bottom line is retiring at 62 and no longer paying in can change the amount you get by a decent amount . if anyone had to take a 5% pay cut at work i don't think they would consider it nothing if they needed the dough .
in my case it really does not mean much since ss is only a small part of our income but for others it could mean a lot .
This line is true but if in the case of those where it means a lot, they are more likely to have worked right up to the date they decided to file.
so there can be a sizable difference between projected and actual depending on individual circumstances and how long you delay and don't pay in replacing lower years ..
. .
I'm not sure what you are comparing. Where are the "projected" values coming from?
they used my primary amount shown and starting discounting it for early filing . but since we ran it using the anicipated primary amount the primary changed and was actually lower than the numbers they projected which count on you still paying in until the date you file
Quote:
Originally Posted by AnnaLee2
I'm not sure what you are comparing. Where are the "projected" values coming from?
they used my primary amount shown and starting discounting it for early filing . but since we ran it using the anicipated primary amount the primary changed and was actually lower than the numbers they projected which count on you still paying in until the date you file
Thanks, mathjak, I did wonder about that. I retired last year at 57, but my full retirement age for SS is 66 years 8 months. I am working part-time now.
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