Social Security Estimate Including COLA

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Arby
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Joined: Fri Jun 19, 2009 2:17 am

Social Security Estimate Including COLA

Post by Arby »

I live overseas and don't regularly receive my SS estimate statement and cannot sign up for MySSA unless I use a friend's mailing address which has dubious legality.

The 2015 statement is the last one I have and I have not earned any income since 2008. That statement estimated what my my benefit would be at full retirement age of 66.

I am trying to figure out what my benefit would be now at age 67, one year past my full retirement age of 66.

So it would seem that I multiply the COLAs, 1.003*1.02*1.028*1.016*1.013=1.0824239 and then since I am delaying receiving benefits for one year past full retirement age multiply that by 1.08 = 1.169017811 and then multiply 1.169017811 by the monthly benefit estimation on my 2015 statement.

Is this methodology correct or am I missing something?
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Monster99
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Re: Social Security Estimate Including COLA

Post by Monster99 »

Download the AnyPIA program from the SSA website - you can plug in the salaries you earned and get a very good idea of what your benefit will be.
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ResearchMed
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Re: Social Security Estimate Including COLA

Post by ResearchMed »

Arby wrote: Thu Mar 04, 2021 2:15 pm I live overseas and don't regularly receive my SS estimate statement and cannot sign up for MySSA unless I use a friend's mailing address which has dubious legality.

The 2015 statement is the last one I have and I have not earned any income since 2008. That statement estimated what my my benefit would be at full retirement age of 66.

I am trying to figure out what my benefit would be now at age 67, one year past my full retirement age of 66.

So it would seem that I multiply the COLAs, 1.003*1.02*1.028*1.016*1.013=1.0824239 and then since I am delaying receiving benefits for one year past full retirement age multiply that by 1.08 = 1.169017811 and then multiply 1.169017811 by the monthly benefit estimation on my 2015 statement.

Is this methodology correct or am I missing something?
How old are you, and how many years of employment did you have in 2008 (that were counted by SS)?

I think that the projection assumes that you will continue to work until retirement age, or something similar.
So if you don't have the full number of years at approximately your regular salary, the projection may be high.

But double check please.
I'm sure others will chime in about this or other issues.

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Mlm
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Re: Social Security Estimate Including COLA

Post by Mlm »

If you can put the year and earnings into a spread sheet you can copy and paste them here. https://ssa.tools/ That will give you your full retirement age number.
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Carl53
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Re: Social Security Estimate Including COLA

Post by Carl53 »

Arby wrote: Thu Mar 04, 2021 2:15 pm I live overseas and don't regularly receive my SS estimate statement and cannot sign up for MySSA unless I use a friend's mailing address which has dubious legality.

The 2015 statement is the last one I have and I have not earned any income since 2008. That statement estimated what my my benefit would be at full retirement age of 66.

I am trying to figure out what my benefit would be now at age 67, one year past my full retirement age of 66.

So it would seem that I multiply the COLAs, 1.003*1.02*1.028*1.016*1.013=1.0824239 and then since I am delaying receiving benefits for one year past full retirement age multiply that by 1.08 = 1.169017811 and then multiply 1.169017811 by the monthly benefit estimation on my 2015 statement.

Is this methodology correct or am I missing something?
I would think this would work since you have not had any employment since 2008 because in their projection for income until FRA they would have used zero since you had no then current wages.
water2357
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Re: Social Security Estimate Including COLA

Post by water2357 »

You could call Social Secuity. Don't know what the phone charges will be, but they'll tell you what your benefit currently is over the phone.
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