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SS benefit calculator?
Old 12-13-2017, 06:04 AM   #1
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SS benefit calculator?

I'm going through "what-ifs" on when I start pulling my SS.

I am turning 62 in a month and plan to retire in 2019 .... perhaps earlier if my tolerance for MegaCorp BS fails me! LOL

Anyway, is there a way I can input a target SS date and get estimated SS benefits? I've been looking at the SS website and I can't see any. All I see are estimates for 62yo, for FRA, and for age 70.


Thx,
Rob
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Old 12-13-2017, 06:14 AM   #2
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Quote:
Originally Posted by albireo13 View Post
I'm going through "what-ifs" on when I start pulling my SS.

I am turning 62 in a month and plan to retire in 2019 .... perhaps earlier if my tolerance for MegaCorp BS fails me! LOL

Anyway, is there a way I can input a target SS date and get estimated SS benefits? I've been looking at the SS website and I can't see any. All I see are estimates for 62yo, for FRA, and for age 70.


Thx,
Rob
This ssa.gov calculator will give you the percentage of full retirement amount that you and spouse will receive at each age. Just get your full retirement amount and apply the percentage at the age you want to retire.

https://www.ssa.gov/planners/retire/1943.html
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Old 12-13-2017, 06:23 AM   #3
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Its been a long time since I played with this. On the SS site there was an estimate benefits page that you have to put in personal info to get the estimate with the final being you SS income last year. Then it gives you the 3 examples you mention. On that page you can get additional estimate by giving the year you want to retire and what your income will be between now and retirement.

You likely have a enough time and lifetime earnings that the income difference will not be a big factor.

edit -- ssa site/ retirement estimater/get estimate / fill in your stuff and get your estimate/ bottom of the page -- just below the typical 3 estimates a button to get another estimate.
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Old 12-13-2017, 07:47 AM   #4
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Originally Posted by albireo13 View Post
I've been looking at the SS website and I can't see any. All I see are estimates for 62yo, for FRA, and for age 70.
You were almost there. After running the initial estimate using the retirement estimator at ssa.gov, click the button at the bottom of the results page to "add a new estimate." That will allow you to enter different retirement ages (meaning the age when benefits are claimed). I compiled a range of answers in a spreadsheet.

Alternatively, you can download the detailed calculator here:
https://www.ssa.gov/OACT/anypia/anypia.html
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Old 12-13-2017, 10:13 AM   #5
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It seems that those of us that came in under the wire for "restricted application" and went on spousal at full retirement age are not able to get a statement or use the calculators at the SSA site to get updated age 70 projections based on our own records. I use AnyPIA to get around the SSA ignoring my future entitlement to my own benefit.
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Old 12-13-2017, 11:02 AM   #6
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The program anypia.exe that one downloads shows the future benefits in today's dollars. One must remember to update it every so often if curious to see what the cumulative inflation adjustments have been.

I downloaded this program some time in 2014 I think, and spent the time to enter in our wage histories. To see the effect of inflation adjustment, I downloaded a new version recently, and found that the inflation adjustments have kicked my benefits up 8.5% in nominal terms. That's OK. My personal inflation rate is a lot less than that.

The new version can read the same data set that I saved, so it is painless the 2nd time around.
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Old 12-13-2017, 01:34 PM   #7
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If you like to fool around with spreadsheets, then you can calculate exactly what you'll get. Instructions at this link: http://moneyover55.about.com/od/soci...ty-Benefit.htm
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Old 12-13-2017, 02:47 PM   #8
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The simple no brainer version that allows you to vary COLA is SSAnalyze. Google it. All you need is your FRA amount as shown on the SS site. But only shows future dollars, not 2017 like SSA does. Allows easy estimates for every age and a total benefit collected.
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Old 12-14-2017, 05:08 AM   #9
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https://www.ssa.gov/pubs/EN-05-10070.pdf

Shows you the calculation.
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Old 12-14-2017, 05:39 AM   #10
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These were awesome.
Significance of FRA
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Old 12-14-2017, 11:57 AM   #11
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Originally Posted by Perryinva View Post
The simple no brainer version that allows you to vary COLA is SSAnalyze. Google it. All you need is your FRA amount as shown on the SS site. But only shows future dollars, not 2017 like SSA does. Allows easy estimates for every age and a total benefit collected.
If you set the top value in each column to 0, you get today's dollars instead of future dollars.
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Old 12-14-2017, 12:34 PM   #12
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I am a big fan of spending $40 for https://maximizemysocialsecurity.com
You can really get a feel for temporal effects.
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Old 12-14-2017, 02:20 PM   #13
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Originally Posted by NW-Bound View Post
The program anypia.exe that one downloads shows the future benefits in today's dollars. One must remember to update it every so often if curious to see what the cumulative inflation adjustments have been.

I downloaded this program some time in 2014 I think, and spent the time to enter in our wage histories. To see the effect of inflation adjustment, I downloaded a new version recently, and found that the inflation adjustments have kicked my benefits up 8.5% in nominal terms. That's OK. My personal inflation rate is a lot less than that.

The new version can read the same data set that I saved, so it is painless the 2nd time around.
I downloaded it and copied in the data from somewhere else in the SSA site. It was pretty easy. I'm collecting SS on the late DW's account, so I cannot use the other SSA tools either.
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Old 12-15-2017, 07:13 AM   #14
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Originally Posted by N02L84ER View Post
If you set the top value in each column to 0, you get today's dollars instead of future dollars.
DOH! Of course it would. Zero inflation means 2017 and future dollars are the same. Donít know what I was thinking!! Must have been 😴 💤
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Old 12-15-2017, 01:21 PM   #15
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In my case, the difference between retiring at 55 and 59 was very little. Maybe 3% more?
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