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What do you use for a projected age 70 SS benefit?
Old 02-26-2018, 12:36 PM   #1
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What do you use for a projected age 70 SS benefit?

When entering your age 70 SS benefit into your favorite retirement planning tool, what are you using to project out your age 70 SS benefit? Or are you using your age 70 benefit as it's reported today (today's dollars) by SSA?

Or are you using Bedrock's SS Analyzer tool and if so, what COLA pct are you using?
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Old 02-26-2018, 12:46 PM   #2
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Originally Posted by Carpediem View Post
When entering your age 70 SS benefit into your favorite retirement planning tool, what are you using to project out your age 70 SS benefit? Or are you using your age 70 benefit as it's reported today (today's dollars) by SSA?
I use the number reported by SSA.
That works for me, since I had no income last year, and I'm 63 (ie, relatively close to 70).

If I were still working, or if I were much younger, I'd probably estimate differently.

Quote:
Or are you using Bedrock's SS Analyzer tool and if so, what COLA pct are you using?
Last time I used that tool, I believe I used 2.39% for COLA (the defaulted average over the past 25 years).
It seems as good an assumption as any.

You can always vary the COLA assumption and run multiple iterations to learn their effects.

(Note that the Bedrock tool asks for your FRA benefit estimate, not your Age 70 benefit estimate).
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Old 02-26-2018, 01:00 PM   #3
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I use the Retirement Estimator from SSA Gov. Supposedly fairly accurate and you can plug in various scenarios.
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Old 02-26-2018, 01:50 PM   #4
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I so all my planning with today's dollars.

I use the SSA numbers reported, but I also discount them by 25%.
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Old 02-26-2018, 03:13 PM   #5
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I so all my planning with today's dollars.

I use the SSA numbers reported, but I also discount them by 25%.


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Old 02-26-2018, 03:29 PM   #6
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ANYPIA tool from SSA allows me to plug in all my years earnings and gives me (what I hope is) a pretty accurate estimate of my payout at age 70 in today's dollars.
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Old 02-26-2018, 04:14 PM   #7
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I use the following:
Access the Retirement Estimator available at ssa.gov

Since I no longer have earned income, I be sure to enter '$0' for last years earnings so that assumes no future earnings.

I use the age 70 benefit number (which is listed in today's dollars if I am not mistaken).

Note that a login id / password is not required currently at ssa.gov. You just need your SSN and related information to do the forecast.

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Old 02-28-2018, 07:00 AM   #8
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I so all my planning with today's dollars.

I use the SSA numbers reported, but I also discount them by 25%.
Give yourself a raise...you only need to discount by 23%.
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Old 02-28-2018, 07:04 AM   #9
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Or are you using your age 70 benefit as it's reported today (today's dollars) by SSA?
Yes
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Old 02-28-2018, 07:48 AM   #10
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Here's another tool: https://socialsecurity.tools/
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Old 02-28-2018, 08:23 AM   #11
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Quote:
Originally Posted by Carpediem View Post
When entering your age 70 SS benefit into your favorite retirement planning tool, what are you using to project out your age 70 SS benefit? Or are you using your age 70 benefit as it's reported today (today's dollars) by SSA?

Or are you using Bedrock's SS Analyzer tool and if so, what COLA pct are you using?
I do everything in today’s dollars, so I use today’s projected 70 benefit. We’ve been retired for a long time so lots of 0s in work history and future projections are already 0.
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Old 02-28-2018, 09:20 AM   #12
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I use 70% of the SSA statement estimate. I'm planning on starting at FRA but I just use 70 % to be conservative.
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Old 02-28-2018, 01:35 PM   #13
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I take the number on my SSA statement and inflate it with a 3.01% COLA, then take a 60% haircut.
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