|
SS estimation, drawing years after "retirement"
07-27-2016, 02:51 PM
|
#1
|
Thinks s/he gets paid by the post
Join Date: Mar 2013
Posts: 1,016
|
SS estimation, drawing years after "retirement"
Maybe I'm missing something, but I am looking for a SS estimate. I am planning on retiring a month shy of my 55th birthday, but not drawing SS until 67. The SS admin website estimator always assumes one "retirement" age (in my case 67) and assumes that I will work, making an average of what I make now until 67 (and thus contributing via SS tax).
Is there a tool/site out there that will estimate my SS monthly payments given 12+ years between actual "retirement" and drawing SS?
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
07-27-2016, 02:55 PM
|
#2
|
Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,299
|
Quote:
Originally Posted by doneat58
Is there a tool/site out there that will estimate my SS monthly payments given 12+ years between actual "retirement" and drawing SS?
|
It's been a while but...
Yes, it is right on the ssa.gov site. Do a regular estimate (link at the bottom of the page) and then click on the button for doing another estimate. For the years you'll be retired and before starting SS, enter "0" for your future earnings. Not working will reduce you benefit some but probably not by much.
__________________
When I was a kid I wanted to be older. This is not what I expected.
|
|
|
07-27-2016, 03:53 PM
|
#3
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,010
|
Next will be the question about taking $$$ out of 401K (could be allowed without penalty check with your company as company has final say in the rules for withdrawal)
OP - Do you have a bunch of $$$ in regular accounts (not 401K, IRA, etc) that you can spend from 55 -> 59.5 ??
|
|
|
07-27-2016, 04:13 PM
|
#4
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2009
Posts: 6,682
|
There is also a little program you can download from the SSA's website. It's called ANYPIA or something like that. Once you have it, you enter your wage income history and it calculates your future benefit. I also created a spreadsheet to mimic that calculation which got me to within a dollar of the ANYPIA's amount.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.
"I want my money working for me instead of me working for my money!"
|
|
|
07-27-2016, 04:23 PM
|
#5
|
Thinks s/he gets paid by the post
Join Date: Dec 2014
Posts: 2,509
|
you can do a custom calculation and assume you have some on other income (0 in your case) for future years. I've done that in my case... except I look at taking mine at 70 and RE one month shy of 54.
just use ssa.gov benefit estimation tool. It will first give the the 3 normal cases, but you can do others.
|
|
|
07-27-2016, 06:28 PM
|
#6
|
Full time employment: Posting here.
Join Date: Jan 2014
Location: Austin
Posts: 661
|
Not to mention the results returned are in today's dollars. By the time you get around to collecting those benefits, they will have increased by the COLA for each year until you do.
__________________
ER'd 6/1/2014 @ age 53. Wow, is it already 2022?
|
|
|
07-27-2016, 06:34 PM
|
#7
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2013
Location: Les Bois
Posts: 5,761
|
there are a few calculators - it isn't that hard to calculate it yourself in a worksheet - if you can match SSAs numbers just zero out your earnings and see what you get. It may not be that different. Don't forget the cpiu/cpiw assumptions
__________________
You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
|
|
|
07-28-2016, 09:39 AM
|
#9
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Location: Charleston, SC
Posts: 13,566
|
I use and like the downloaded tool from SS, called AnyPia. It does what you want.
__________________
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way
|
|
|
07-28-2016, 09:41 AM
|
#10
|
Thinks s/he gets paid by the post
Join Date: Mar 2013
Posts: 1,016
|
I DL'ed ANYPIA and put the wage history in it but haven't got results yet, but I will continue to work with it.
The answer to income sources between retirement and SS draws is "it's complicated". My DW will continue to work 3-4 years past me, then there will be a period where we will have to pay healthcare out of pocket, then Medicare but no SS, etc. Meeting with for fee FA next week to discuss portfolio draws during those periods, will see what he says.
|
|
|
07-28-2016, 03:24 PM
|
#11
|
Recycles dryer sheets
Join Date: May 2010
Posts: 497
|
I think it will be different, lower, when you get the answer you are looking for. SS bases off 40 of your best years, currently they are assuming that you will be working 10 years at your current wage. So if your past 40 year are lower than what they are assuming then your benefits will also be lower.
If you still have trouble with these free calculators I found "maximize your social security" very good but it cost 40 dollars.
__________________
You've got to ask yourself one question: Do I feel lucky? Well, do ya, punk?
Retired July '11 investments in very low cost index and mutual funds, balance once a year at best.
|
|
|
07-28-2016, 03:39 PM
|
#12
|
Thinks s/he gets paid by the post
Join Date: Dec 2014
Posts: 2,509
|
Quote:
Originally Posted by ducky911
I think it will be different, lower, when you get the answer you are looking for. SS bases off 40 of your best years, currently they are assuming that you will be working 10 years at your current wage. So if your past 40 year are lower than what they are assuming then your benefits will also be lower.
|
I thought it was 35 years... and SSA.gov says it is highest 35 years for 2016. I know there are some proposals to change the calculations. Where did you get 40 years?
|
|
|
07-28-2016, 04:43 PM
|
#13
|
Thinks s/he gets paid by the post
Join Date: Mar 2010
Location: Kerrville,Tx
Posts: 3,361
|
Actually in anypia there is a line in the estimate called indexed monthly earnings. (that is the indexed average earnings you have up till now. The program also provides the bend points and if you are above 4624 then you are in the 15% benefit range i.e. if you increase your average indexed monthly wage by $1 you get .15 in increased benefits. So once you clear the 33% bend point (4624) by a reasonable amount, you wont get a lot by working longer. Note if high inflation happens your early wages will also be indexed higher.
|
|
|
07-28-2016, 05:04 PM
|
#14
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2009
Posts: 6,682
|
Quote:
Originally Posted by meierlde
Actually in anypia there is a line in the estimate called indexed monthly earnings. (that is the indexed average earnings you have up till now. The program also provides the bend points and if you are above 4624 then you are in the 15% benefit range i.e. if you increase your average indexed monthly wage by $1 you get .15 in increased benefits. So once you clear the 33% bend point (4624) by a reasonable amount, you wont get a lot by working longer. Note if high inflation happens your early wages will also be indexed higher.
|
When I trying to predict my future SS benefit, I had to include about 12 zeroes for all the missing years of wage earnings. (I had a few tiny wage earnings years in my summer jobs while in college, but that has a negligible effect.) Even with all those zeroes, I was barely in the 15% benefit range. I also projected out my last year of wage earnings to figure out about how much more my SS benefit would be had I kept working long enough to fill in those zeroes. Those years of wage earnings would not be much because I was working only part-time at the same job after again voluntarily cutting my pay the year before I retired. The benefit reduction from retiring when I did was about 10%, hardly a big deal.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.
"I want my money working for me instead of me working for my money!"
|
|
|
07-30-2016, 03:25 PM
|
#15
|
Recycles dryer sheets
Join Date: May 2010
Posts: 497
|
Quote:
Originally Posted by bingybear
I thought it was 35 years... and SSA.gov says it is highest 35 years for 2016. I know there are some proposals to change the calculations. Where did you get 40 years?
|
My mistake thanks for the clarification.
Bob
__________________
You've got to ask yourself one question: Do I feel lucky? Well, do ya, punk?
Retired July '11 investments in very low cost index and mutual funds, balance once a year at best.
|
|
|
08-02-2016, 01:10 PM
|
#16
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,666
|
I DL the AnyPia spreadsheet (Thanks for that). I plugged in all the numbers from the Salary for SS purposes sections from 1988 till the last year before I FIRED. The Number it provides for the benefit I will receive at FRA is 350 more than is posted on the SSA.GOV. Website. Not sure why, any ideas?
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|