$ Difference of collecting SS at 62 or 66?

[racy]

I want to know the dollar amount of waiting till I'm 66 to collect SS vs. what I'd get at 62.

Specifically, I plan to stop working at 57. At the SS Online web site they show the montly benefit if one starts collecting at age 62. I also want to know what I'd collect if I waited to receive benefits at age 66 (my normal date). ...keeping in my I still plan to quit work at 57.

Anyone know where I can find this info?

 

[burch64]

You can go to the Social Security web site and they have a calculator there. You put in all your info and it tell you how much your payment is per month. You can play around with it by putting in different start times to calculate your benefit.

You can also download a calculator from their web site which I did, I think it's called "Any PIA" and you keep it on your computer, but you can also put in different start dates for you SS and it calculates your benefit.

Jim

 

[ats5g]

See the SSA's Estimate Your Benefit calculator.

- Alec

 

[dbr]

Cola

If I am not mistaken the SS calculators may not apply prospective COLA increases for benefits beginning in the future. The reasoning is that they do not know now what the adjustments will be. This means you may have to adjust upward the Age 66 benefit relative to the Age 62 benefit after you get the numbers from the calculator.

I am sure if someone else knows better about this they will weigh in.

 

[FIRE'd@51]

At the SS Online web site they show the montly benefit if one starts collecting at age 62.

If you know the $ amount you will collect at 62, multiply it by 1.33 and you will have the $ amount you will get if you start collecting at 66. All numbers will be in today's dollars.

 

[Sue J]

There is also an option to show the benefit in Today's Dollars or Future Dollars -

Your estimated benefit is shown in today's dollars, unless you choose to have it shown in future (inflated) dollars. If you choose future (inflated) dollars, the calculator bases the results on our estimates of how inflation could affect your benefit amount. (Use caution when using inflated dollar estimates to determine other retirement income sources you may need.)

I have no idea how reliable their estimate would be.