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Old 06-13-2020, 07:00 AM   #41
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[QUOTE=mountainsoft;2440547]This is my favorite Social Security Calculator: https://ssa.tools/

This is exactly what I was looking for! Thank you!

It was fun to see that If I'd worked one more year as I'd originally planned to do, I'd have earned $11 more per month Social Security - not a whole lot (of course, I'd also have another full year's salary (smile!)) But I do not regret retiring last year one bit!)
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Old 06-18-2020, 03:05 PM   #42
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Is it possible to save a thread for later reference?
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Old 06-18-2020, 03:16 PM   #43
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Is it possible to save a thread for later reference?
Just bookmark it.
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Old 06-19-2020, 10:54 AM   #44
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This is a great tool, told me exactly what I needed much easier than anything else.

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Originally Posted by mountainsoft View Post
This is my favorite Social Security Calculator: https://ssa.tools/

You log in to your MySocial Security account, and copy your actual earnings record, then paste it into the tool on the web site above. You can tell it how many years you still plan to work, and how much you expect to earn those years (For example, if you just want to work part time the next five years). It will calculate what your benefits will be at various ages (62-70).

I personally create entries in Flexible Retirement Planner using each of those values. Then I can play around with different filing age combinations to see what gives us the best overall results.

I've been reducing these estimated benefits by 25% for the expected SS "haircut" around 2034, but recently started reducing them by 31% after reading how COVID may affect social security.
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Old 06-23-2020, 02:03 PM   #45
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I just wanted to post that opensocialsecurity.com has a neat new feature:
Quote:
the output now includes a color-coded graph that shows the desirability of many of the different filing dates all at once. (In most cases, it shows all of the options, but there are some situations where a 2-dimensional graph simply cannot represent every possible option.) The benefit is that you can immediately see which filing dates are almost as good as the recommended filing date(s), which dates are “pretty good,” and which dates are not so good.

In addition, you can click on that graph to very quickly compare many different alternative options. (It functions as an alternative to the dropdown inputs for filing dates on the “test an alternative claiming strategy” part of the page.)
The little light green box is the "optimal" strategy, and the little black box is the combination that your selected as an alternative claiming strategy.... I chose at age 65 for each as an example.
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Old 12-20-2020, 01:39 PM   #46
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Just tried opensocialsecurity.com.

It recommends waiting until 69 years and 7 months.

In previous threads about when to claim social security, I believe the breakeven period between claiming at 62 and 67 was like sometime in your 80s?

That is if you claimed at 67 (or maybe it was 70), it would take 15 years give or take a couple of years before you catch up to the SSA payments you didn't collect between 62 and 67 or 62 and 70?

In my case, it would be about 10k more a year at 67 and 17k more at 70.

I wonder if the pandemic has changed people's decision-making considerations.

Of course if SSA income was a key part of your ER planning, it shouldn't change things too much.

OTOH, we've lost a year of ER, which probably means reduced spending in addition to time lost from things you wanted to do.

So maybe there's more of an impulse to make up for lost time, spend more earlier?

I can live without SS payments until 70 but maybe I'm inclined to increase my budget before then.

Maybe decide on something in between, like wait until 65 to claim?
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Old 12-20-2020, 10:32 PM   #47
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I would wait a few months to see what the impact of COVID and the payroll tax holiday will be on SS. I suspect the new run out of money date will be shocking, and this may effect your calculations. But, I don’t know much about this. Someone here probably does.
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Old 12-21-2020, 08:24 AM   #48
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I think the expected present value concept used by opensocialsecurity.com is much preferable to break even, since it explicitly considers mortality tables.
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