Estimating Social Security benefits

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Triple digit golfer
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Estimating Social Security benefits

Post by Triple digit golfer »

More out of curiousity, but maybe in ten years for planning purposes, I was wondering what my Social Security benefits would be if I stopped working today and never earned another penny again.

On the ssa.gov website, I put in my information and selected my retirement age as my current age. It spit out:

"If you start your benefits at age 62 and you earn an average of $0 a year (from now until age 36) your benefit will be about $1,207 a month."

Simple dumb-dumb question: Is that in today's dollars or future dollars?
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Rick Ferri
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Re: Estimating Social Security benefits

Post by Rick Ferri »

The benefit is in today's dollars. It's unknown what future inflation increases will be.

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Triple digit golfer
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Re: Estimating Social Security benefits

Post by Triple digit golfer »

Rick Ferri wrote: Thu Jan 21, 2021 11:16 am The benefit is in today's dollars. It's unknown what future inflation increases will be.

Rick Ferri
I figured as much. Wouldn't make sense otherwise, but thought I'd ask anyway. Thanks for confirming.
Kagord
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Re: Estimating Social Security benefits

Post by Kagord »

Question, is the benefit based that you continue working until that year? Or if you retire now, say 15 years earlier, it would be much less, correct?
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Re: Estimating Social Security benefits

Post by surfstar »

Kagord wrote: Thu Jan 21, 2021 11:36 am Question, is the benefit based that you continue working until that year? Or if you retire now, say 15 years earlier, it would be much less, correct?
Correct. They assume you work until drawing SS. There are different calculators that let you estimate benefits if you stop early, though. I remember going through two different versions available. (going to look now)

Here's the ones I've found/used:
https://www.ssa.gov/OACT/quickcalc/early_late.html
https://www.ssa.gov/OACT/anypia/anypia.html
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Triple digit golfer
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Re: Estimating Social Security benefits

Post by Triple digit golfer »

Kagord wrote: Thu Jan 21, 2021 11:36 am Question, is the benefit based that you continue working until that year? Or if you retire now, say 15 years earlier, it would be much less, correct?
This particular scenario is based on me quitting work now and never working again. You can do all different scenarios.
Kagord
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Re: Estimating Social Security benefits

Post by Kagord »

I wish they had a 2nd column after the 62, 67, and 70 ages. And for you FIRE folks, here's what you would get at these ages if you never worked another day of your life.
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Triple digit golfer
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Re: Estimating Social Security benefits

Post by Triple digit golfer »

Kagord wrote: Thu Jan 21, 2021 12:09 pm I wish they had a 2nd column after the 62, 67, and 70 ages. And for you FIRE folks, here's what you would get at these ages if you never worked another day of your life.
You can do that. You have to add another estimate.
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Re: Estimating Social Security benefits

Post by Admiral »

Kagord wrote: Thu Jan 21, 2021 12:09 pm I wish they had a 2nd column after the 62, 67, and 70 ages. And for you FIRE folks, here's what you would get at these ages if you never worked another day of your life.
This site (https://socialsecurity.tools/app.html) will do exactly what you want to accomplish.

Note that it requires you to log in to SSA.gov and copy and paste your full earnings history. No personally identifiable information is needed. It's pretty slick. In general, once you are beyond the second bend point in terms of accrued benefits, continued income each year results in fairly small changes to your benefit. Delaying is where you see the significant changes.
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Re: Estimating Social Security benefits

Post by Kagord »

Admiral wrote: Thu Jan 21, 2021 12:20 pm
Kagord wrote: Thu Jan 21, 2021 12:09 pm I wish they had a 2nd column after the 62, 67, and 70 ages. And for you FIRE folks, here's what you would get at these ages if you never worked another day of your life.
This site (https://socialsecurity.tools/app.html) will do exactly what you want to accomplish.

Note that it requires you to log in to SSA.gov and copy and paste your full earnings history. No personally identifiable information is needed. It's pretty slick. In general, once you are beyond the second bend point in terms of accrued benefits, continued income each year results in fairly small changes to your benefit. Delaying is where you see the significant changes.
That link is golden, thanks!
Admiral
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Re: Estimating Social Security benefits

Post by Admiral »

Kagord wrote: Thu Jan 21, 2021 1:33 pm
Admiral wrote: Thu Jan 21, 2021 12:20 pm
Kagord wrote: Thu Jan 21, 2021 12:09 pm I wish they had a 2nd column after the 62, 67, and 70 ages. And for you FIRE folks, here's what you would get at these ages if you never worked another day of your life.
This site (https://socialsecurity.tools/app.html) will do exactly what you want to accomplish.

Note that it requires you to log in to SSA.gov and copy and paste your full earnings history. No personally identifiable information is needed. It's pretty slick. In general, once you are beyond the second bend point in terms of accrued benefits, continued income each year results in fairly small changes to your benefit. Delaying is where you see the significant changes.
That link is golden, thanks!
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beernutz
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Re: Estimating Social Security benefits

Post by beernutz »

You can do a pretty accurate future benefits estimate using the AnyPIA software available on the ssa website.

https://www.ssa.gov/OACT/anypia/download.html
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