SSA Estimate

[BooBoo]

I went to the SSA website for past two months to get an estimate of my benefits. The estimate is the same amount for last two months. I am over FRA. The estimate on the graph shows my current benefit and a higher amount at age 70. When I change my monthly estimated retirement age, the amount does not change? Does not instill great confidence in the SSA. Thoughts?

 

[COcheesehead]

I went to the SSA website for past two months to get an estimate of my benefits. The estimate is the same amount for last two months. I am over FRA. The estimate on the graph shows my current benefit and a higher amount at age 70. When I change my monthly estimated retirement age, the amount does not change? Does not instill great confidence in the SSA. Thoughts?

It’s an estimate. They are updated annually according to the statement.

 

[jazz4cash]

Yeah, seems like it would be very simple to calculate the monthly increases. It provides the option to choose a retirement date or month and year but it only calculates FRA and age 70.

 

[Al18]

The SS estimate is updated in May, to account for any earnings you had the previous year and in November, to account for the following year COLA increase.

For the past few years, the SS estimate has indicated your monthly estimate when you are age 62, 63, thru age 70.

If you are at FRA, you can calculate your benefit increase according to the SSA https://www.ssa.gov/benefits/retirement/planner/delayret.html

 

[MissMolly]

I like using this tool. You load your earnings in from your SS account and if you expect to work a few more years add those estimates in as well. When you run the calculation you can then move the bars on the graph and it will tell you your SS amount for any month of any year. And it is dead accurate. https://ssa.tools/calculator.html

 

[oldtimer]

If you are over FRA, the delayed retirement credits don't get added until the month of January for your SS checks. That is why you are seeing no change to the benefit amount until the following January. You earn the DRCs each month after FRA, but your benefit will not increase until the next January. Basically, if you are retiring after FRA and before age 70, then start your benefits the month of January. The only time SS will pay out the DRCs earned during a year of claiming is for the month you turn 70.

 

[BooBoo]

Thanks, this now makes sense.

 

[Walt34]

I started SS about seven years ago and the calculator they had then was within a few single digits of what the actual amount turned out to be. Evidently the newer one is even more accurate.