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Old 08-04-2008, 11:40 AM   #21
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Simple program:

1. Print "How old are you?"

2. Accept user input X.

3. If X < 50 Then:

4. Laugh uncontrollably

5. Print "Zero."

6. End IF
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Old 08-04-2008, 03:23 PM   #22
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Will the estimate increase with the yearly SS COLA ?


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Old 08-04-2008, 09:52 PM   #23
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Will the estimate increase with the yearly SS COLA ?


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SS yearly increases in years prior to when you start to draw benefits, are based on national average wage increases (AWI), figured by the BLS. The CPI COLA kicks in once you start drawing.

They're two different numbers. Generally the wage increase is higher than the CPI.

It's kind of complicated. Basically, just run the numbers on the new site the first of every year. If you try to figure it using the CPI COLA increase, the numbers won't match up, because it's a different percentage.
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Old 08-05-2008, 12:44 AM   #24
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What about someone who has retired early and is
no longer contributing to SS... will the estimated
age 62 figure today be the same amount if that
person reaches 62 a few years from now... or will
the estimate rise with the yearly SS COLA ?

?
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Old 08-05-2008, 07:35 AM   #25
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Quote:
Originally Posted by Helena View Post
What about someone who has retired early and is
no longer contributing to SS... will the estimated
age 62 figure today be the same amount if that
person reaches 62 a few years from now... or will
the estimate rise with the yearly SS COLA ?

?
It will rise every year. But the SS COLA is not used, the AWI is. SS COLA only applies once you are receiving benefits.

I guess you could say AWI and CPI increases are both technically COLA's. But the SS COLA published in the media every year is a different percentage, than the one used to calculate the increase for someone under 62 not receiving benefits. Most people keep working until at least 62, so this increase isn't apparent because their actual wages are figured in as well.

The SSA website explains this. It's not too user friendly, and takes some digging though.

I'm 55, and haven't paid into SS for 7 years. My estimated benefit has increased every year.
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Old 08-05-2008, 10:56 AM   #26
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Originally Posted by BLS53 View Post

It will rise every year. But the SS COLA is not used, the AWI is. SS COLA only applies once you are receiving benefits.

I guess you could say AWI and CPI increases are both technically COLA's. But the SS COLA published in the media every year is a different percentage, than the one used to calculate the increase for someone under 62 not receiving benefits. Most people keep working until at least 62, so this increase isn't apparent because their actual wages are figured in as well.

The SSA website explains this. It's not too user friendly, and takes some digging though.

I'm 55, and haven't paid into SS for 7 years. My estimated benefit has increased every year.


Thanks !


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Old 08-05-2008, 11:50 AM   #27
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It will rise every year. But the SS COLA is not used, the AWI is. SS COLA only applies once you are receiving benefits.
I believe that this is not quite correct. SS COLA (CPI) is used once you have attained age 62, whether you are receiving benefits or not.

Also, once you are receiving Medicare, you no longer get the yearly estimates of benefits. In fact, they won't even send you these even on request. You can go into an office and someone who has no idea what she is talking about will try to turn on your retirement benefits. If you dissuade her she will give some obviously wrong and out of date estimate, and not know what assumptions are being incorporated into them.

Ha
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Old 08-05-2008, 12:37 PM   #28
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I believe that this is not quite correct. SS COLA (CPI) is used once you have attained age 62, whether you are receiving benefits or not.
I believe I read that the CPI is used beginning in your 60th year. I will look and see if I can find it.
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Old 08-05-2008, 05:21 PM   #29
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I believe that this is not quite correct. SS COLA (CPI) is used once you have attained age 62, whether you are receiving benefits or not.

Also, once you are receiving Medicare, you no longer get the yearly estimates of benefits. In fact, they won't even send you these even on request. You can go into an office and someone who has no idea what she is talking about will try to turn on your retirement benefits. If you dissuade her she will give some obviously wrong and out of date estimate, and not know what assumptions are being incorporated into them.

Ha
All true, but the question was specifically about the increase in benefits, if you stop working for a number of years prior to reaching 62. 62 and after, Medicare, etc. weren't addressed.
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Old 08-05-2008, 05:28 PM   #30
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I believe I read that the CPI is used beginning in your 60th year. I will look and see if I can find it.
Actually, the AWI is always the figure from 2 years prior. This year's AWI is based on 2006 BLS data.

When you're 62, the AWI will be from when you are 60. There is an AWI up to age 62, but it's always based on 2 year old data.
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Old 08-05-2008, 08:05 PM   #31
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Actually, the AWI is always the figure from 2 years prior. This year's AWI is based on 2006 BLS data.

When you're 62, the AWI will be from when you are 60. There is an AWI up to age 62, but it's always based on 2 year old data.
Yeah, I believe this is correct. I have been looking but all I can find supports cola only after age 62. So I guess if you're not 62 you will miss out on the 6% cola adjustment expected for this year.
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Old 08-06-2008, 03:58 AM   #32
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Yeah, I believe this is correct. I have been looking but all I can find supports cola only after age 62. So I guess if you're not 62 you will miss out on the 6% cola adjustment expected for this year.
Not if you're drawing military retirement.
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Old 08-06-2008, 10:05 AM   #33
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So I guess if you're not 62 you will miss out on the 6% cola adjustment expected for this year.

My nephew is disabled on SSI. He gets the same COLA.

Do you think it will be 6% ?



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Old 08-06-2008, 10:32 AM   #34
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COLA info:

http://www.ssa.gov/OACT/STATS/cpiw.html

http://www.ssa.gov/OACT/COLA/colaseries.html

National Active and Retired Federal Employees Association


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Old 08-06-2008, 01:32 PM   #35
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My nephew is disabled on SSI. He gets the same COLA.

Do you think it will be 6% ?



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That's the best current estimate.
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Old 08-06-2008, 04:39 PM   #36
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With ZERO inflation the next 3 months, it would be 5.6. So 6.0 is a reasonable estimate.
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Old 08-06-2008, 04:47 PM   #37
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Good to hear. My brother is on SSI and needs every penny.
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more SS WEP info
Old 09-22-2008, 12:28 PM   #38
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more SS WEP info

I ran across a pretty good (and short) guide on the issues of Social Security's WEP -- particularly good if you are a federal employee.
it is here:
Windfall Elimination Provision (WEP) Guide: How the Social Security WEP Affects Federal Annuitants & Spouses
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