...here's the deal:
Last December I submitted online requests for SSI estimates for my wife & I based on 4 more years of over SS max earnings then retiring at 47 & 48
The SSI estimates came back projecting a bit over $900/mo for my wife, and a bit over $1200/mo for me, with payments starting at age 62.
I've been reducing those numbers by 25% when using FIREcalc because I figure the paragraph on the front page titled, "About Social Security's Future" is a less than subtle hint about what the future holds.
While reading another thread here I read that SSI estimates are in current dollars - I then pulled out those December estimates and spotted the following:
"These estimates are in today's dollars. After you start receiving benefits, they will be adjusted for cost-of-living increases"
The way I read that suggests that I ought to increase the current SSI estimates of $900 & $1200 per month to reflect COLA for the next 17 - 18 years, and reduce those numbers by my 25% SSI Benefits Haircut Factor when using FIREcalc to avoid being overly conservative. Is that correct?
Thanks,
Cb
Last December I submitted online requests for SSI estimates for my wife & I based on 4 more years of over SS max earnings then retiring at 47 & 48
The SSI estimates came back projecting a bit over $900/mo for my wife, and a bit over $1200/mo for me, with payments starting at age 62.
I've been reducing those numbers by 25% when using FIREcalc because I figure the paragraph on the front page titled, "About Social Security's Future" is a less than subtle hint about what the future holds.
While reading another thread here I read that SSI estimates are in current dollars - I then pulled out those December estimates and spotted the following:
"These estimates are in today's dollars. After you start receiving benefits, they will be adjusted for cost-of-living increases"
The way I read that suggests that I ought to increase the current SSI estimates of $900 & $1200 per month to reflect COLA for the next 17 - 18 years, and reduce those numbers by my 25% SSI Benefits Haircut Factor when using FIREcalc to avoid being overly conservative. Is that correct?
Thanks,
Cb