Social security question

[viking111]

I did a quick estimate on the SS website.

It gave me a number at starting dates 62, 67,and 70 years old.

It did not state if those numbers were in todays dollars or inflation adjusted dollars. I need to know this to be able to input it into a retirement calculator.

Any insight?

 

[SecondCor521]

They're in today's dollars. I believe it mentions that right on the estimate.

 

[rk911]

They're in today's dollars. I believe it mentions that right on the estimate.

+1

 

[Yoheadden]

It also makes a difference if you are going to ER before those dates. There is a choice/setting to make on the site. The amount will be slightly less if you stop working earlier.

 

[BlueberryPie]

Yes the estimate assumes you will work till 62,67,or 70
I recently ran some numbers and in my case at least, retiring at 62 or 70 makes little difference (less than 2%)
The estimates are also low-ball in that it assumes no inflation between now and your retirement. For example for 2020 contribution is capped to $137,700. The SS sheet in 2020 assumes that it will stay that way between now and retirement, but the 2021 number is actually $142,800.

I like https://www.bogleheads.org/forum/viewtopic.php?t=262772 because it takes an educated guess at what future limits will be.

 

[Surewhitey]

I've also done a spreadsheet with the indexed income multipliers for the past years. Gives me an idea of how many early, low years I can get off the 35 years' calculation. Also allows me to put in $0 years if I needed to.

My mom & SD is getting like $24k annually for not making a lot in their lifetime, so this is a bare minimum of what I would expect. Currently I'm around this much for just myself if I stopped today and took it at 65... The new 62.