When I use the Social Security estimator I include $0 for my average future earnings. I’m 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?
Another Social Security Question
- Thread starter gbstack
- Start date
Major Tom
Thinks s/he gets paid by the post
It's the amount you would get in today's dollars, unless I'm much mistaken.
Just to clarify - If it's today's dollars the amount should be larger when I start collecting - correct? Thanks for your help!
Major Tom
Thinks s/he gets paid by the post
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.
Major Tom
Thinks s/he gets paid by the post
My mistake - thanks for the correction Alan.
