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Another Social Security Question
Old 04-30-2014, 06:26 PM   #1
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Another Social Security Question

When I use the Social Security estimator I include $0 for my average future earnings. Iím currently 59 and it says my monthly benefit will be $2,350 at FRA. Does this monthly amount include estimated COLA or will this amount be adjusted each year and will most likely be higher?
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Old 04-30-2014, 06:33 PM   #2
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It's the amount you would get in today's dollars, unless I'm much mistaken.
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Old 04-30-2014, 06:39 PM   #3
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Yes, today's dollars. That figure looks even better at 70.
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Old 04-30-2014, 06:52 PM   #4
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Yes, today's dollars. That figure looks even better at 70.
Just to clarify - If it's today's dollars the amount should be larger when I start collecting - correct? Thanks for your help!



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Old 04-30-2014, 07:06 PM   #5
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Just to clarify - If it's today's dollars the amount should be larger when I start collecting - correct? Thanks for your help!
Yes indeed - unless we have zero increase in the cost of living between now and when you start claiming.

In other words - yes, you'll be getting more, but it's useful to think of it in terms of today's dollars as in theory at least, the spending power remains the same.
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Old 04-30-2014, 08:38 PM   #6
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Yes indeed - unless we have zero increase in the cost of living between now and when you start claiming.

In other words - yes, you'll be getting more, but it's useful to think of it in terms of today's dollars as in theory at least, the spending power remains the same.
The OP is age 59 so I think the next 3 years his SS estimate will go up in line with the wages index, then in line with cost of living.
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Old 04-30-2014, 08:48 PM   #7
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My mistake - thanks for the correction Alan.
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