SSA Retirement Estimator

[brokrken]

Hi all, I've searched and can't seem to find an answer to my question. If it exists, mods, please direct me to it.

When I am using the retirement estimator on ssa.gov and add an estimate for an early retirement, the only output it gives me for that early retirement is to take at 62. The estimate for taking at FRA still considers that I work up to that time. Is there a way I can get an estimate for RE and waiting to take until FRA, or 70?

Thanks for the help.

 

[Markola]

I had better luck inputting $0 as my income through age 70.

 

[HenryD]

If you are using a Windows PC you can download this calculator. It will let you calculate what you need. https://www.ssa.gov/oact/anypia/anypia.html

 

[Out-to-Lunch]

You can get a nice spreadsheet that can handle any situation on Bogleheads here: https://www.bogleheads.org/forum/viewtopic.php?t=262772

 

[Time2]

If you are using a Windows PC you can download this calculator. It will let you calculate what you need. https://www.ssa.gov/oact/anypia/anypia.html

I'm 65, no FICA taxes for 3 years, I get my yearly SS statement, and have used
those numbers as my future SS income.
Are these not correct because they are still assuming income about the same for the last 3yrs and 2 more years forward, when in fact I have none?

 

[brokrken]

I had better luck inputting $0 as my income through age 70.

Thanks, I did this, but I will have income until I retire. So, I also took the total of my income over the next 5 years (until RE) and averaged it until age 67 and input that as my income, rather than $0. The difference is about $400/mo, so not insignificant.

 

[brokrken]

Henry and Out to Lunch, thanks, but my work computer doesn't seem to like these files. It absolutely will not let me install the SSA one and the bogleheads one will only open in view only mode.

I'll try again this evening from our home laptop

 

[GalaxyBoy]

After getting the initial result, did you try clicking on the add a new estimate (or whatever it’s called) button?

 

[brokrken]

After getting the initial result, did you try clicking on the add a new estimate (or whatever it’s called) button?

Yes, but it only gives you the same options and output choices

 

[HenryD]

Henry and Out to Lunch, thanks, but my work computer doesn't seem to like these files. It absolutely will not let me install the SSA one and the bogleheads one will only open in view only mode.

I'll try again this evening from our home laptop

The program is not particularly easy to install or use. I know DW's IT policy would not allow it anywhere near her work laptop. I'm surprised they put it out there, to be honest. Seems like the pet project of someone at SSA, but it's also possible it's just a wrapper around the libraries they use to do the actual benefit calculations.

I couldn't find a way to import my earnings history in bulk, so entering that was the most tedious part, but it only needs to be done once. It does allow me to estimate a few more years of contributions until I turn 56, then no contribution for 10+/- years until I expect to start withdrawal.

 

[HenryD]

I'm 65, no FICA taxes for 3 years, I get my yearly SS statement, and have used
those numbers as my future SS income.
Are these not correct because they are still assuming income about the same for the last 3yrs and 2 more years forward, when in fact I have none?

I'm not sure, but this tool lets you use any number you want for each individual year you want to consider, as far back or forward as you'd want.

 

[Dtail]

I find this official SS estimate site easy to use and you can estimate income until SS distribution or no income until that time.

https://www.ssa.gov/benefits/retirement/estimator.html

 

[brokrken]

I find this official SS estimate site easy to use and you can estimate income until SS distribution or no income until that time.

https://www.ssa.gov/benefits/retirement/estimator.html

DTail, This is the site I'm using. Problem is if I put that I want to retire at, say, 50 and make xxx amount until then, it assumes I will take the money at 62. It doesn't tell me how much I could take at 67 (my FRA). It only tells me the amount I could take at FRA if I continue working until then.

 

[Out-to-Lunch]

the bogleheads one will only open in view only mode.

Click on the "File" tab in the upper left. Then choose "Save As..."

 

[CDRE]

Here is a graphic from the downloaded SSA's software "ANYPIA" that indicates entitlement control. The year specific earnings is in a separate tab.

View attachment 36632

 

[Dtail]

DTail, This is the site I'm using. Problem is if I put that I want to retire at, say, 50 and make xxx amount until then, it assumes I will take the money at 62. It doesn't tell me how much I could take at 67 (my FRA). It only tells me the amount I could take at FRA if I continue working until then.

You should be able to add a new estimate. So it can show how your payouts at for example 62, 67 and 70.
However, I believe it would default to you earning the monies until each age. So you can't calculate earning the monies until 62, but then not taking SS until 67.

 

[scrabbler1]

After viewing the SSA's website back in 2007-08 (the years leading up to my ER) to see the steps determine the monthly benefit amount, I created a spreadsheet to mimic the calculation. I wanted to use the AnyPIA program to check my work but had trouble getting that program to work. After I retired in 2008 at age 45, I was finally able to get the AnyPIA program to work and the results were very nearly the same as in my spreadsheet.


In my spreadsheet, I simply entered a bunch of zeroes so I could get enough years of income to average out further into the calculation. I was also to figure out how much more my monthly benefit would have been had I kept working (part-time) enough years to replace all those zeroes. My benefit would have been maybe 10% higher.

 

[bada bing]

I find the graphical presentation by the app at:
https://ssa.tools/
to be the simplest and most straightforward way to view SS.
Just copy your earnings record from ssa.gov and paste it into
the window at ssa.tools.

 

[Sunset]

I find the graphical presentation by the app at:
https://ssa.tools/
to be the simplest and most straightforward way to view SS.
Just copy your earnings record from ssa.gov and paste it into
the window at ssa.tools.

Really nice site.
Note it is not a .gov site, and is straight forward about that.

While it suggests printing to PDF, that didn't work well for me, with some graphs overlapping other information.

Overall the site is good and would be great with slightly better printing.

 

[neihn]

I find the graphical presentation by the app at:
https://ssa.tools/
to be the simplest and most straightforward way to view SS.
Just copy your earnings record from ssa.gov and paste it into
the window at ssa.tools.

+1 .

With lot of explanation too. I like the way the author explains how the PIA amount is calculated. It shows after 35 years of earning, adding few more years would not increase the PIA much.

 

[Perryinva]

If the OP is not yet 50, and plans to retire by then, then honestly the SSA PIA estimates are practically SWAG. Inflation adjustments alone will determine the actual amount more than 17 years from now, more than anything else.

 

[brokrken]

You should be able to add a new estimate. So it can show how your payouts at for example 62, 67 and 70.
However, I believe it would default to you earning the monies until each age. So you can't calculate earning the monies until 62, but then not taking SS until 67.

Right, this is the issue

 

[HenryD]

I find the graphical presentation by the app at:
https://ssa.tools/
to be the simplest and most straightforward way to view SS.
Just copy your earnings record from ssa.gov and paste it into
the window at ssa.tools.

+2

I like this too. Better output and more convenient than the desktop app.

 

[Dtail]

Right, this is the issue

Okay then.
It is quite possible that you have many years at or near the maximum earnings subject to SS withholding taxes, plus have gone through the 2nd bend, the incremental earnings might have little effect on your potential increases in SS payouts.

 

[larstbone]

Use ssa.tools to find your PIA. It will ask for the table of your income from ssa.gov.

Now take your PIA to OpenSocialSecurity and it supposedly gives you an optimum way to maximise your take. YOu can also include a spouse's PIA and it purports to give you the optimal way to declare for both of you.

Sorry if this was already covered.