Estimate for ER and SSI at 70

[Live And Learn]

I think I'm dense .... I can't figure out how to use the ssa.gov SSI's estimator if I stop work today and start collecting at age 70. My full retirement age is 67. If I stop work now the estimate is $1500 / month starting at age 62. I'm trying to determine if I eliminate longevity risk (ie: can I survive on SSI alone) if I wait until 70 to collect .... impossible to do if I don't know what the amt at 70 would be !! Is there a way to calculate this ? If I called SSA could they tell me ?

 

[Alan]

I think I'm dense .... I can't figure out how to use the ssa.gov SSI's estimator if I stop work today and start collecting at age 70. My full retirement age is 67. If I stop work now the estimate is $1500 / month starting at age 62. I'm trying to determine if I eliminate longevity risk (ie: can I survive on SSI alone) if I wait until 70 to collect .... impossible to do if I don't know what the amt at 70 would be !! Is there a way to calculate this ? If I called SSA could they tell me ?

Where it asks for your last wages, enter 0. The calculator then assumes you will earn nothing from that point on. Sure, you'll miss 1 year of earnings but that is a very small difference in what you'll receive in the estimate.

 

[pb4uski]

I had the same "problem". I estimated it by taking the amount that I would get if I worked until I retired at 70 divided by the amount I would get at 62 times the $1,500 that you would get at age 62 if you stopped working now.

 

[Live And Learn]

I had the same "problem". I estimated it by taking the amount that I would get if I worked until I retired at 70 divided by the amount I would get at 62 times the $1,500 that you would get at age 62 if you stopped working now.

That is exactly what I thought of doing also. But being the worrywart I am wanted something more "concrete" from SSA.gov (oxymoron for sure !!)

 

[Independent]

I think I'm dense .... I can't figure out how to use the ssa.gov SSI's estimator if I stop work today and start collecting at age 70. My full retirement age is 67. If I stop work now the estimate is $1500 / month starting at age 62. I'm trying to determine if I eliminate longevity risk (ie: can I survive on SSI alone) if I wait until 70 to collect .... impossible to do if I don't know what the amt at 70 would be !! Is there a way to calculate this ? If I called SSA could they tell me ?

If your NRA is 67, then your benefit at age 62 is 70% of your age 67 benefit. Therefore, your age 67 benefit is $1,500 / .70 = $2,143.

If you defer beyond age 67, your benefit goes up 8% (not compounded) for every year after 67. So at age 70 you will get $2,143 * 1.24 = $2,657.

Retirement Planner: When to start your benefits
Delayed retirement credits

(This all assumes, of course, that you don't work after age 62.)

 

[2B]

If your NRA is 67, then your benefit at age 62 is 70% of your age 67 benefit. Therefore, your age 67 benefit is $1,500 / .70 = $2,143.

If you defer beyond age 67, your benefit goes up 8% (not compounded) for every year after 67. So at age 70 you will get $2,143 * 1.24 = $2,657.

Retirement Planner: When to start your benefits
Delayed retirement credits

(This all assumes, of course, that you don't work after age 62.)

This also assumes that you work until you are 62.

 

[MasterBlaster]

This also assumes that you work until you are 62.

Actually, it assumes that you have the maximum 35 years of service credit at an (inflation) adjusted income inline with previous earnings.

If you start working full time at 25. Then somewhere around age 60 you don't get any additional credit. If you started at 20 then 55 is the magic number.

caveots for low paying early working years.

 

[Independent]

This also assumes that you work until you are 62.

?? I think it just assumes that your work record, whatever it is, doesn't change after 62.

 

[pb4uski]

?? I think it just assumes that your work record, whatever it is, doesn't change after 62.

+1 since the starting point for the calculation was what the OP would receive at age 62 if the OP stopped working now.

Independent's calc seems reasonable to me.

 

[Live And Learn]

If your NRA is 67, then your benefit at age 62 is 70% of your age 67 benefit. Therefore, your age 67 benefit is $1,500 / .70 = $2,143.

If you defer beyond age 67, your benefit goes up 8% (not compounded) for every year after 67. So at age 70 you will get $2,143 * 1.24 = $2,657.

Retirement Planner: When to start your benefits
Delayed retirement credits

(This all assumes, of course, that you don't work after age 62.)

PERFECT - thank you

I'm knocking myself out trying to figure out if I can live on SS alone once I'm 85 years old (90% success rate point in the calculators).