Answer is a lot less than you'd think. You can go to the SS site and manually enter your data for an exact answer.
Thanks everyone. I've run some numbers.
The problem is if you enter a lower retirement age, the site only shows you the benefit that you'd receive at 62.
Can I assume that the deflator is constant for the other ages?
In other words:
If I retire at 45, and take payments at 62, I'd get 78% of the benefit that I would receive if I worked until retirement. From that, can I assume that retiring at 45 and collecting starting at 70 would give me 78% of the benefit I'd receive at 70 if I worked until retirement? (i hope that question is clear, I'm trying to infer the numbers that the site doesn't give me by assuming linearity)
You don't.Ok, looks like I need to download the detailed calculator for that. I'll try it.
Thanks.
You don't.
Go through the normal estimation.
Click on the "Create Scenarios" button.
Select retirement age of 70, and future earnings of zero.
You don't.
Go through the normal estimation.
Click on the "Create Scenarios" button.
Select retirement age of 70, and future earnings of zero.
Thanks everyone. I've run some numbers.
The problem is if you enter a lower retirement age, the site only shows you the benefit that you'd receive at 62.
Can I assume that the deflator is constant for the other ages?
In other words:
If I retire at 45, and take payments at 62, I'd get 78% of the benefit that I would receive if I worked until retirement. From that, can I assume that retiring at 45 and collecting starting at 70 would give me 78% of the benefit I'd receive at 70 if I worked until retirement? (i hope that question is clear, I'm trying to infer the numbers that the site doesn't give me by assuming linearity)