Social Security Benefits Estimator (55, years, cost)

[bkk1057]

Hiyall, If you go to the Social Security website and use their Benefits estimator it will spit out a monthly SS benefit estimate. This should be close to what you get every year in the mail. My question is: Is the amount in today's dollars, in other words if the estimator says that I will receive $1500 a month when I am 62 (11 years from now) is that the exact amount or close to it that I will receive or will it be adjusted for inflation, say somewhere closer to $2000. Thanks in advance..

[maggiekate]

Originally Posted by bkk1057

Hiyall, If you go to the Social Security website and use their Benefits estimator it will spit out a monthly SS benefit estimate. This should be close to what you get every year in the mail. My question is: Is the amount in today's dollars, in other words if the estimator says that I will receive $1500 a month when I am 62 (11 years from now) is that the exact amount or close to it that I will receive or will it be adjusted for inflation, say somewhere closer to $2000. Thanks in advance..

I do think that amount is what you will get with the say wages you are now making in 11 years if you retire in 11 years. I heard there is no adjustment for the next 2 years either.

[texdav]

Mine will be very close to the estimate that they gave me for years.It's the way they figure it. My eamunt was eactly what the estimate they gave me two eyars ago ;so it was not effected by the 5.8% COL they gave those on SS last year.Figure on getting 1500 a month in 11 years.

[yukiko11]

The rate adjustment is tied to the cost of living more or less.
You need to figure out what your fixed espenses are and what expenses will be prone to inflation and see if you can make it based on the current estimate.
There is only an advantage on fixed expenses (like mortgate) if the rate increases.

[bkk1057]

Thanks everybody for their replies. This was exactly what I was looking for.