When I log into SSA it shows the following. My question is, these are assuming I continue to work until age 62, 67 and 70? What if I stop now or in 5 yrs? how significantly low would they be? say at my planned retirement age of 50 (in year 2025)?
My Social Security benefits say...
- Thread starter dvalley
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CardsFan
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Use the retirement estimator located here: https://secure.ssa.gov/acu/ACU_KBA/main.jsp?URL=/apps8z/ARPI/main.jsp?locale=en&LVL=4
You can enter zero for future earnings.
You can enter zero for future earnings.
I tried that but for some reason they can't verify my information. If I login successfully and then try the link it still asks and then errors out.
I guess I'm trying to confirm my understanding that the amounts shown is assuming I'll continue to work until the respective ages but if I stop working earlier then the benefits would be reduced?
I guess I'm trying to confirm my understanding that the amounts shown is assuming I'll continue to work until the respective ages but if I stop working earlier then the benefits would be reduced?
Big_Hitter
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we used to to SS calculations by hand back in the day with pay history....just sayin
i bet if you did a search you could find a pdf or xls that contains the logic you need to diy
i bet if you did a search you could find a pdf or xls that contains the logic you need to diy
CardsFan
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Make sure you are logged out of MySocial security. I know I had problems once when I was logged in.
I found this useful. I used the details wherein to build a spreadsheet that I could play around with various scenarios offline.
https://www.kitces.com/blog/calcula...efits-statement-reduced-for-early-retirement/
https://www.kitces.com/blog/calcula...efits-statement-reduced-for-early-retirement/
HI Bill
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For an exact estimate based on retiring early (before 62), you'll need to download, install, and run SS's AnyPIA calculator. You'll need to obtain your entire earnings history before you do this, and enter the data year by year, using $0 for the years that you'll be retired.
https://www.ssa.gov/oact/anypia/download.html
I've been on SS for several years now and the software may have changed, but the online estimator worked fine for me, and was either spot on or within a dollar or two, I forget now. I did have about a five-year period of zero W-2 income.
Maybe try a different browser, or with and without javascript?
RunningBum
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Yes, they'll be reduced, but most people find they aren't reduced by too much. Especially if you already have 35 years with wages. This has been discussed a lot on here. Not sure what to search on but I'm surprised you haven't seen this already.
steady saver
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My difficulty in using the ssa.gov calculator is that I can't seem to figure out how to figure out a delayed SS. For example, I put in 57 for years worked and then 0 for future earnings, but it will only show me what my benefit will be at age 62. No matter what I do. I want to know what my SS benefit would be if I retired at 57 and then took SS at full retirement (age 67) or at age 70, but not adding to it after age 57. I go round and round on this with that page and nothing I put in will give me what I'm looking for. I merely assumes my current income when I try to determine taking it at 67 or 70. What am I missing here?
I tried different browsers too and they locked my account for too many attempts. I think there's some mixup with my information.
Anyway, I found this...I should be able to calculate based on this?
https://www.ssa.gov/OACT/quickcalc/early_late.html
Anyway, I found this...I should be able to calculate based on this?
https://www.ssa.gov/OACT/quickcalc/early_late.html
OK good to know. Yes I will have at least 35 yrs by then. I probably missed it because I just didn't think much about SS until just now. I've been guesstimating $19k a yr (taking it at 62) for my calculations. So anything more will be icing on the cake.
jazz4cash
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If you know the age 62 amount, isn’t it 75% of the FRA amount and age 70 benefit is 132% of FRA benefit?
HI Bill
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It's not that simple. The online estimator assumes you'll earn the same amount from the present to your FRA. If you have 17 years of $0 earnings, it cuts the benefits. That's why I suggested using the anyPIA Excel spreadsheet.
CardsFan
Thinks s/he gets paid by the post
If you use the Retirement Estimator (not my social security), you have the option to "add a new estimate". It asks when you plan to stop working, and your average earnings until then. For the past, it uses your actual earnings.
Not perfect, but pretty darn close, and a lot easier than entering all your historical income.
The online calculators at ssa.gov are limited. I use the following so that I can put in any early retirement year and use ages such as 65, 67, and 70 for taking benefit.
https://www.ssa.gov/OACT/anypia/anypia.html
https://www.ssa.gov/OACT/anypia/anypia.html
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steady saver
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Okay, I'll try that. I'd gotten on their site and their dire warning about how complicated it was threw me off. I was hoping there was a simple solution.
I'll buck up and try it. Thanks.I've tried it in the past and tried again just now to see if it's any better, but it still says, "If you select an age prior to 62, we will estimate your benefits starting at age 62."
I've found delaying my benefits until age 65 to 70 increases my benefit significantly, which is what I plan to do, so the "retirement estimator" won't provide a useful benefit estimate for me. I really like the downloadable detailed calculator. You only need to enter your historical earnings one time, and then you can save calculations and make new calculations without having to enter it all again.
Here's a nice online calculator that allows you to simply copy and paste your earnings history directly from the ssa.gov site, and it will let you select how many years you will work and your expected income, and then it will give you a list of what your benefit will be for various ages you may opt to choose to start taking your SS benefits. It also shows where your earnings are in respect to the SS bend points.
https://socialsecurity.tools/
Example of increasing monthly and yearly benefit by holding off on benefits:
62 Jun 2019 $1,276.. $15,312
63 Jun 2020 $1,353.. $16,236
64 Jun 2021 $1,466.. $17,592
65 Jun 2022 $1,579.. $18,948
66 Jun 2023 $1,692.. $20,304
67 Jun 2024 $1,827.. $21,924
68 Jun 2025 $1,962.. $23,544
69 Jun 2026 $2,098.. $25,176
70 Jun 2027 $2,233.. $26,796
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I had problems with the downloaded PIA calculator. The online Retirement Estimator - using $0 as my income last year so it uses 0 for the remaining years - works ok but seems to have a different answer every time I've tried it. Since the numbers show a slight upward creep though (COLA?) I just go with the current estimate and believe it should be slightly higher when I do start pulling SS.
As a long time gov employee, I'm used to it though; they did the same thing with my pension estimates.
As a long time gov employee, I'm used to it though; they did the same thing with my pension estimates.
That is the one I use too, and highly recommend.
A couple of spreadsheets and a web tool that work well for calculating an individual's benefit:
- The 'SocialSecurity' tab of the case study spreadsheet.
- The Downloadable Social Security Benefit Estimator (repost)
- Social Security Calculator
A web tool that evaluates SS benefit start dates for a couple: Open Social Security: Free, Open-Source Social Security Calculator
- The 'SocialSecurity' tab of the case study spreadsheet.
- The Downloadable Social Security Benefit Estimator (repost)
- Social Security Calculator
A web tool that evaluates SS benefit start dates for a couple: Open Social Security: Free, Open-Source Social Security Calculator
Dtail
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This is the one I use. Supposedly very accurate and can enter zeros etc.
No pasting required.
Big problem with it:
If you select the option to "add a new estimate" so that you can select an early retirement age, it says "If you select an age prior to 62, we will estimate your benefits starting at age 62." And even if you enter age 62 or later, it calculates your benefit based on receiving benefits beginning the year that you stop working. You can NOT figure retiring early and delaying SS benefits past age 62 with that calculator, which is an issue on an early retirement forum where many people plan to stop working before age 62 and delay benefits until later into their 60's or age 70 to get a larger benefit.
There's only one field to enter your average future income, so you would not want to enter zeros unless you were not earning any additional income ever. There's no year by year option.
The two options I provided earlier do not have that limitation. I can easily enter that I'll stop working in my 50's and not take SS benefits until age 67, for example. Once you login to ssa.gov, the copy / paste takes only a few seconds - it copies all of your history at once.
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jazz4cash
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I didn’t think that would apply since the estimator already acknowledged retirement before age 62 and is providing an estimate starting BEFORE FRA at age 62 (eg 0 earnings from the selected age to age 62).
As you posted:
"Your estimates are based on the assumption that you will earn $128,400 a year from now until retirement."
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