Social Security Account Updates

[Llep]

Another recent thread prompted me to post this question here. I am interested in knowing how retiring early affects my SS estimates for 62,FRA,70. I just filed (3/29/17) my 2016 taxes. It was the first year without W2 income. I have done the estimated calculator but imagine once the 2016 return is received I will get a better estimate. For those of you that file investment income only have you paid much attention to how quickly the data shows up on your SS account? I filed TT and got a confirmation that it was received on 3/29 by IRS, almost 6 weeks ago. Thanks.

 

[Blue Collar Guy]

Another recent thread prompted me to post this question here. I am interested in knowing how retiring early affects my SS estimates for 62,FRA,70. I just filed (3/29/17) my 2016 taxes. It was the first year without W2 income. I have done the estimated calculator but imagine once the 2016 return is received I will get a better estimate. For those of you that file investment income only have you paid much attention to how quickly the data shows up on your SS account? I filed TT and got a confirmation that it was received on 3/29 by IRS, almost 6 weeks ago. Thanks.

you can do the estimator now and put in all zeros i just did it.

 

[Fedup]

Investment income doesn't show up in SS account.

 

[braumeister]

I seem to recall that they update your account from your tax return at some point in the fall, like October IIRC. I imagine they're rather busy at the moment.

 

[Llep]

Investment income doesn't show up in SS account.

Right now for 2016 it says "not yet recorded". Do you know the mechanics of how it will work going forward for my SS account? I have filed with the IRS. Will they eventually realize there will be no SS income and switch it to zeros?


Oops, posted at the same time as braumeister. Looks like I will be waiting until October.

 

[Blue Collar Guy]

Investment income doesn't show up in SS account.

Investment income doesnt count for soc sec benefits +1 i didnt see that part hahah

 

[Fedup]

Right now for 2016 it says "not yet recorded". Do you know the mechanics of how it will work going forward for my SS account? I have filed with the IRS. Will they eventually realize there will be no SS income and switch it to zeros?

My husband w-2 income for 2016 has been recorded. However his 1099 income has not because we just paid tax in April.

 

[Llep]

Investment income doesnt count for soc sec benefits +1 i didnt see that part hahah

I understand investment income doesn't count for soc sec benefits. I am just trying to figure out when SS realizes you have stopped working and recalcs their estimates based on this.

 

[Alan]

Sometime this year, maybe the Fall, maybe later, you can check your SS record and with no W2 income it should show zero SS earnings for 2016.

 

[Llep]

Sometime this year, maybe the Fall, maybe later, you can check your SS record and with no W2 income it should show zero SS earnings for 2016.

Cool. Thanks Alan.

 

[SecondCor521]

You can also get your hands on a detailed social security calculator where you can put in your own earnings record and put the zeros in yourself to see how it affects your estimate. I don't recall offhand where it is, but I bet if you google for "detailed social security estimator" you'll probably find it easily.

 

[SecondCor521]

You can also get your hands on a detailed social security calculator where you can put in your own earnings record and put the zeros in yourself to see how it affects your estimate. I don't recall offhand where it is, but I bet if you google for "detailed social security estimator" you'll probably find it easily.

First link at google:

https://www.ssa.gov/oact/anypia/anypia.html

 

[Llep]

You can also get your hands on a detailed social security calculator where you can put in your own earnings record and put the zeros in yourself to see how it affects your estimate. I don't recall offhand where it is, but I bet if you google for "detailed social security estimator" you'll probably find it easily.

Yeah I just did this a few minutes ago and it showed at 62 I will get about 92% of what SS estimates now assuming I am still working. It didn't give FRA or 70 estimates. It was nice to see it higher than my last estimate.

 

[N02L84ER]

Maybe this was just because I was a contract worker, but I quit working in 2012.
My SSEC calculation in Jan 2012 assumed I continued to earn my 2011 earnings.
My SSEC calculation in Jan 2013 assumed I continued to earn my 2012 earnings.
My SSEC calculation in Jan 2014 also assumed I continued to earn my 2012 earnings.
My SSEC calculation in Jan 2015 finally assumed I had 0 earnings going forward.

 

[Alan]

Maybe this was just because I was a contract worker, but I quit working in 2012.
My SSEC calculation in Jan 2012 assumed I continued to earn my 2011 earnings.
My SSEC calculation in Jan 2013 assumed I continued to earn my 2012 earnings.
My SSEC calculation in Jan 2014 also assumed I continued to earn my 2012 earnings.
My SSEC calculation in Jan 2015 finally assumed I had 0 earnings going forward.

Wow, you must have thought they were never going to catch up with their estimates.

 

[N02L84ER]

Wow, you must have thought they were never going to catch up with their estimates.

They frequently did not have my earnings for more than a year after I filed taxes. One time, they did not have them for 3 years and I had to go to the SS office with my 1099 and 1040 tax form to get them to correct their files. I just tend to be lucky this way.

 

[CardsFan]

Out of curiosity, I just checked my SSA account. My 2016 earnings are already posted, but I did file in February.

 

[Blue Collar Guy]

I understand investment income doesn't count for soc sec benefits. I am just trying to figure out when SS realizes you have stopped working and recalcs their estimates based on this.

right from the horses mouth so to speak"The Social Security Administration is committed to recalculating your earnings and benefits each year after receiving your tax returns. However, it may take a long time for the agency to receive the returns. For example, in 2014, SSA is receiving returns from the 2012 tax year. Thus it can take as long as two years for a benefit to be adjusted. If you feel your benefit hasn't been adjusted and should be, contact the SSA directly at (800) 772-1213."


January 17, 2014
.I think we have a winner.

 

[SecondCor521]

Out of curiosity, I just checked my SSA account. My 2016 earnings are already posted, but I did file in February.

My 2016 earnings have also posted. I filed in March.

Also of note, my estimated retirement benefit dropped significantly, presumably because my 2016 earnings were quite minimal (I retired in February 2016 but was on leave from about November 2015). Point being that they clearly recalculate your benefit as soon as your earnings post (which is what common sense would dictate).

 

[SevenUp]

Yeah I just did this a few minutes ago and it showed at 62 I will get about 92% of what SS estimates now assuming I am still working. It didn't give FRA or 70 estimates. It was nice to see it higher than my last estimate.

You can enter a specific month to start benefits under "Forms>Supplemental Worker Info...".

There is also a spreadsheet at the MMM site with a SocialSecurity tab that seems to match the anypia results, if you prefer spreadsheets: https://forum.mrmoneymustache.com/forum-information-faqs/case-study-spreadsheet-updates/

 

[evilanne]

Out of curiosity, I just checked my SSA account. My 2016 earnings are already posted, but I did file in February.

I think if your employer properly filed W-2, earnings on SSA should be current through 2016. I think the folks with 1099s would have delay due to filing self employment form in tax return.

The SSA "online calculator" seems to be more accurate if you stop working early providing slightly lower amount. Wasn't able to use their download version on Mac

Link to various calculators https://www.ssa.gov/planners/benefitcalculators.html

 

[braumeister]

Wasn't able to use their download version on Mac

There is a version that works on a Mac. This link will download a disk image you can use to install it:

https://www.ssa.gov/oact/anypia/download/Anypia.dmg

 

[Cat-tirement]

There is a version that works on a Mac. This link will download a disk image you can use to install it:

https://www.ssa.gov/oact/anypia/download/Anypia.dmg

Be aware that this only works on old PowerPC Macs, or an early Intel based Mac running OS X 10.6 (which has a built-in emulator). They say they are working on updating this, but they have been saying that for 5 years. They do however seem to update the rate calculation each year. I still have an old PowerBook that I use to occasionally run this tool.

 

[Hyper]

Seems like it was well over a yr before they finally updated my first -0- yr. Been over 3 yr without a paycheck now. We always file asap in Feb. Mine has gone up ever so slightly once it finally started showing -0-. Concern now is that I will actually get the estimated benefit that is shown ?? Be nice to know I'm not missing something.