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Social security question
Old 02-21-2021, 05:59 PM   #1
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Social security question

I did a quick estimate on the SS website.

It gave me a number at starting dates 62, 67,and 70 years old.

It did not state if those numbers were in todays dollars or inflation adjusted dollars. I need to know this to be able to input it into a retirement calculator.

Any insight?
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Old 02-21-2021, 06:03 PM   #2
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They're in today's dollars. I believe it mentions that right on the estimate.
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Old 02-21-2021, 08:08 PM   #3
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Quote:
Originally Posted by SecondCor521 View Post
They're in today's dollars. I believe it mentions that right on the estimate.
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Old 02-21-2021, 09:12 PM   #4
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It also makes a difference if you are going to ER before those dates. There is a choice/setting to make on the site. The amount will be slightly less if you stop working earlier.
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Old Yesterday, 06:41 PM   #5
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Yes the estimate assumes you will work till 62,67,or 70
I recently ran some numbers and in my case at least, retiring at 62 or 70 makes little difference (less than 2%)
The estimates are also low-ball in that it assumes no inflation between now and your retirement. For example for 2020 contribution is capped to $137,700. The SS sheet in 2020 assumes that it will stay that way between now and retirement, but the 2021 number is actually $142,800.

I like https://www.bogleheads.org/forum/viewtopic.php?t=262772 because it takes an educated guess at what future limits will be.
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