figuring out that pesky SS number

spncity · 02-26-2007, 10:30 AM

Greetings

What's a good way (calculator?) to figure out some "what if" scenarios for future SS payments? Besides looking at the numbers for ages 62, 66 and 70, I'd also like to look at the differences for a variety of different years for pulling the RE trigger.

Also, let's say we do a few ER years, then one or both of us go back to work for a bit (possibly parttime) to earn enough for some goodies like extra travel or new car.... Does this mess things up by taking earnings "lower" ? Or do these years just join the early lowest earning years that are being dropped off for purposes of calculation?

Do I need these figures for future payments in "today's" dollar values in order to plug them into things like Firecalc and Optimal Retirement Planner?

Thanks for any comments!

spncity

REWahoo · 02-26-2007, 10:40 AM

The online calculators at SS.gov will do everything you want.

http://www.ssa.gov/planners/calculators.htm

SecondCor521 · 02-26-2007, 10:46 AM

The government SS site is pretty good. www.ssa.gov I think.

There are a few calculators there. I think you would need the most complicated one, which is a download, to do the scenarios you describe.

All the formulas for retirement benefits are based on your highest 35 years of earnings. It doesn't matter the order in which they occur. If you have fewer than 35 years it will include some zeros to make 35 years. In order to qualify at all you have to have 40 "credits" which is basically 10 years of work history.

Don't know about whether the answers from the SS site are in today's or future dollars, but I bet if you did some research there the answer would be readily available. I think they're in today's dollars, but don't quote me on that.

2Cor521

txdakini · 03-04-2007, 05:06 PM

when using the calculators at the SS site, you can select whether to show the result in today or future dollars.

02-26-2007, 10:30 AM	#1
spncity Recycles dryer sheets Join Date: Jan 2007 Posts: 124	figuring out that pesky SS number Greetings What's a good way (calculator?) to figure out some "what if" scenarios for future SS payments? Besides looking at the numbers for ages 62, 66 and 70, I'd also like to look at the differences for a variety of different years for pulling the RE trigger. Also, let's say we do a few ER years, then one or both of us go back to work for a bit (possibly parttime) to earn enough for some goodies like extra travel or new car.... Does this mess things up by taking earnings "lower" ? Or do these years just join the early lowest earning years that are being dropped off for purposes of calculation? Do I need these figures for future payments in "today's" dollar values in order to plug them into things like Firecalc and Optimal Retirement Planner? Thanks for any comments! spncity

02-26-2007, 10:40 AM	#2
REWahoo Moderator Emeritus Join Date: Jun 2002 Location: Texas Hill Country Posts: 11,516	Re: figuring out that pesky SS number The online calculators at SS.gov will do everything you want. http://www.ssa.gov/planners/calculators.htm __________________ [MODERATOR EDIT]

02-26-2007, 10:46 AM	#3
SecondCor521 Thinks s/he gets paid by the post Join Date: Jun 2006 Location: Boise Posts: 1,331	Re: figuring out that pesky SS number The government SS site is pretty good. www.ssa.gov I think. There are a few calculators there. I think you would need the most complicated one, which is a download, to do the scenarios you describe. All the formulas for retirement benefits are based on your highest 35 years of earnings. It doesn't matter the order in which they occur. If you have fewer than 35 years it will include some zeros to make 35 years. In order to qualify at all you have to have 40 "credits" which is basically 10 years of work history. Don't know about whether the answers from the SS site are in today's or future dollars, but I bet if you did some research there the answer would be readily available. I think they're in today's dollars, but don't quote me on that. 2Cor521 __________________ "At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.

03-04-2007, 05:06 PM	#4
txdakini Recycles dryer sheets Join Date: Jul 2006 Posts: 58	Re: figuring out that pesky SS number when using the calculators at the SS site, you can select whether to show the result in today or future dollars. __________________ Life is short and getting shorter. If not now, when?

Thread Tools	Search this Thread
Show Printable Version Email this Page	Search this Thread: Advanced Search
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
wow 100/70 is my number	perinova	Health and Early Retirement	11	05-06-2007 04:08 AM
Magic Number to Income at Retirement Ratio	bbuzzard	FIRE and Money	24	04-10-2007 05:20 AM
Recruiter asking for Social Security Number	cube_rat	Young Dreamers	22	01-21-2007 10:10 AM
The 'New York' Number	intercst	FIRE and Money	29	01-09-2006 12:04 PM
linking a number to an address	yAyA	Other topics	6	11-15-2005 10:37 PM