I'm a long way from reaching the age at which social security theoretically would provide any benefits, and to be conservative (and realistic, maybe) I have always completely avoided relying on any social security income when I do my FIRE calculations.
But I received my annual "estimated SS benefits" form in the mail the other day, and just for fun I was playing around with FireCalc to see if/how SS benefits would impact my FIRE plans. When I started thinking about it, I realized that I know very little about social security and what the rules are.
My question is this: how can I computer my (theoretical) expected social security benefits that'd I'd receive at 67 if I retire early? The form that the SSA sent me provides me with an estimate of my benefits, but the language indicates that they are basing this calculation off on the assumption that I continue to work until I receive benefits (age 67) at about the same income level that I currently enjoy. That's obviously not going to be the case if I FIRE!
But how would I go about calculating my SS benefits at any given point in time? Is that even possible? How do you guys who plan to retire at age 40 or 50 or whatever calculate the estimated SS benefits you'd receive when you reach 67?
But I received my annual "estimated SS benefits" form in the mail the other day, and just for fun I was playing around with FireCalc to see if/how SS benefits would impact my FIRE plans. When I started thinking about it, I realized that I know very little about social security and what the rules are.
My question is this: how can I computer my (theoretical) expected social security benefits that'd I'd receive at 67 if I retire early? The form that the SSA sent me provides me with an estimate of my benefits, but the language indicates that they are basing this calculation off on the assumption that I continue to work until I receive benefits (age 67) at about the same income level that I currently enjoy. That's obviously not going to be the case if I FIRE!
But how would I go about calculating my SS benefits at any given point in time? Is that even possible? How do you guys who plan to retire at age 40 or 50 or whatever calculate the estimated SS benefits you'd receive when you reach 67?