Social security calculator over period of time

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Topic Author
wish_to_retire
Posts: 41
Joined: Fri Jun 25, 2021 9:52 am

Social security calculator over period of time

Post by wish_to_retire »

I'm looking for some information on how to project my future SS benefits (as a part of retirement planning).

My current SS benefits as per ssa.gov is around $3400 based on my contributions over the last 22 years.

BUT, I expect to be outside US with no earnings in US for the next few years at least.
  • I'm looking to see how I would get in SS benefits, I'm assuming it would decrease
  • Any calculators I can use
Current Age : 44

---------
Emergency funds: More than required (please see cash position)
Debt: 0
Tax Filing Status: Married Filing Jointly
Tax Rate: 30% (international, out of the country now and for the next 3-4 years)
State of Residence: Currently in Asia, but CA
Age: 44
Desired Asset allocation: 70/30 (looking for recommendation on Intl stock allocation)
Current retirement assets
Cash : 500K
RE : 480K (all paid off)
Monthly expense : 1.2K USD on average (living expense)
Yearly income : 100-140K USD (varies based on my consulting gigs)

Taxable
800K (in stocks, please see the composition below)
His 401k
350K
Contributions
New annual Contributions
None to 401K since I'm outside the country, but I do have contribution of 20K in retirement plan at my current residence.

Allocation across taxable and 401K

Asset Type Breakdown % of Portfolio
Domestic Large Cap Stock 47.61%
Domestic Mid Cap Stock 2.16%
Domestic Small Cap Stock 1.53%
Real Estate 0.27%
International Stock 6.60%
Emerging Market Stock 1.34%
Investment Grade Bond 4.93%
Muni Bond 1.65%
High Yield Bond 1.23%
International Bond 0.38%
Short-term Cash/CDs 31.82%
Commodities 0.44%
User avatar
David Jay
Posts: 14569
Joined: Mon Mar 30, 2015 5:54 am
Location: Michigan

Re: Social security calculator over period of time

Post by David Jay »

The "front page" number in your Social Security account assumes that you continue to work until your claiming date.

You will receive quite a bit less if you do not have 35 years of contributions. The calculation is to add together the top 35 years of earnings and divide by 35, so if there are "0" years it will have a significant impact.

Social Security has an app called "anyPIA" which can be downloaded, as well as with your salary history. With those two you can calculate your retirement benefit if you retire "today", and you can add in additional years to "play with" the results.
It's not an engineering problem - Hersh Shefrin | To get the "risk premium", you really do have to take the risk - nisiprius
Topic Author
wish_to_retire
Posts: 41
Joined: Fri Jun 25, 2021 9:52 am

Re: Social security calculator over period of time

Post by wish_to_retire »

thanks, yes, since I'll have 22 years of income, I'm trying to see what it would look like if I don't have any income.

let me try the app, appreciate the referral.
zuma
Posts: 641
Joined: Thu Dec 29, 2016 11:15 am

Re: Social security calculator over period of time

Post by zuma »

If you have an account at SSA.gov, you can simply enter an "Average Future Annual Salary" to see how that will change your estimated benefits.
User avatar
FiveK
Posts: 15693
Joined: Sun Mar 16, 2014 2:43 pm

Re: Social security calculator over period of time

Post by FiveK »

A couple of spreadsheets and a web tool that work well for calculating an individual's benefit:
- The 'SocialSecurity' tab of the personal finance toolbox spreadsheet.
- The Downloadable Social Security Benefit Estimator.
- Social Security Calculator

A web tool that evaluates SS benefit start dates, particularly useful for a couple:
Open Social Security: Free, Open-Source Social Security Calculator
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