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i just went in to my ss site and the verification letter that was posted a few days ago on line does show my amount as 2351.00 without deductions but that is a letter i never got a copy of . .
the letter i got yesterday just says your payment will be 2217.00 . that difference is likely with medicare taken out it seems so they just give you the net amount .
if that is the case then the projections were right . the letter makes no mention of it being less medicare but it sure seems to be the net amount now after medicare is subtracted .
Last edited by mathjak107; 06-23-2017 at 06:33 AM..
I have calculated my numbers by using the SS annual report (that they used to mail to you, but is now online) and setting up a spreadsheet, one column for year and another for earnings. I have sorted from largest earning year to lowest, then added up the 35 largest earning years. Now I have a baseline number of average earnings. Every year I add the most current year and redo the top 35 year calculations (as my younger years were very low pay and I am at peak earnings now).
As far as I know, this cannot be used to actually project SS earnings. As Mathjak said earlier, SSA projects future earnings up to the different retirement ages, early, FRA, and late to estimate earnings. But this gives me a good guideline on how my average is increasing every year.
I have another spreadsheet that takes my investments at current value with expected earnings and drawdown amount, along with SS, and projects out until age 90 so I can see where I stand. Of course, this sheet can't predict a 20% market drop, but it's helpful to see if I am on the right track.
My mother only collects $1299 a month. For someone like her $125 a month IS substantial.
The projection is not going to be off $125 a month for someone who makes $1299.
For the projection is off by that amount for Mathjak because he was making more than a 6 figure income. To put it in proportion, Mathjak could have worked a few weeks longer and his income for that period would have covered the difference for years into the future. As a matter of fact, Mathjak has decided he likes working at his old job part time. His employer is pushing for even more hours than he wants to put in. If Mathjak works a couple of hours here and there he will way more than make up the missing amount. Or he could move some invested money and in one day change the outcome of his investments to cover the $125 for life. When someone who is well off loses some change in the seat cushions, it is not a big deal.
Just go on the my SS website (mySSA) and do the calculator. It takes 5 minutes and you will have the correct answer. The calculator uses your actual numbers to date, and allows you to enter zeros or whatever amount you expect to make in future years and then calculates it for you.
what age will you file for ss . is it before fra ? if it is fra or later it is easy .
take his full regardless of when he filed and subtract 1/2 .
now take 1/2 his full amount and subtract your full amount . the difference is added to your benefit .
if you are taking spousal pre fra than it is different .
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A spouse can choose to retire as early as age 62, but doing so may result in a benefit as little as 32.5 percent of the worker's primary insurance amount. A spousal benefit is reduced 25/36 of one percent for each month before normal retirement age, up to 36 months. If the number of months exceeds 36, then the benefit is further reduced 5/12 of one percent per month.
For a spouse who is not entitled to benefits on his or her own earnings record, this reduction factor is applied to the base spousal benefit, which is 50 percent of the worker's primary insurance amount. For example, if the worker's primary insurance amount is $1,600 and the worker's spouse chooses to begin receiving benefits 36 months before his or her normal retirement age, we first take 50 percent of $1,600 to get an $800 base spousal benefit. Then we compute the reduction factor, which is 36 times 25/36 of one percent, or 25 percent. Applying a 25 percent reduction to the $800 amount gives a spousal benefit of $600. Thus, in this case, the final spousal benefit is 37.5 percent of the primary insurance amount.
Just go on the my SS website (mySSA) and do the calculator. It takes 5 minutes and you will have the correct answer. The calculator uses your actual numbers to date, and allows you to enter zeros or whatever amount you expect to make in future years and then calculates it for you.
Is there a link for this? I don't see any reference for a SS calculator on my mySSA pages, just a calculation for current age, full PIA & age 70.
I still have several zero earnings years in the 35. If delaying past full retirement age, does the SSA projection still assume steady annual earnings and knocking off those zero years with the four additional high years? If so, my increase in age 70 benefits could be quite a bit more than 8% a year from 66 onward.
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