Social Security with gap years

[qwain76]

All Social Security calculators assume that you work until the day before retiring.
I am looking for a social security calculator that account for "gap" years. In other words, if I work and pay SS taxes from 30 to 55, retire at 55 and start claiming SS checks at 65, how much will my SS be?

Does anyone know of such a calculator?

 

[jazz4cash]

I believe you can use the calculator on the SS website and put zeros in for future years earnings.

Try this one

Quick Calculator

 

[SecondCor521]

There are several tools out there that will do this for you. I like Social Security Calculator

 

[Texas Proud]

Someone on this site put this link down.... I have used it... it does not give your PIA but does recommend when to start taking it...

Open Social Security: Free, Open-Source Social Security Calculator

opensocialsecurity.com

 

[sakowitzm]

All Social Security calculators assume that you work until the day before retiring.
I am looking for a social security calculator that account for "gap" years. In other words, if I work and pay SS taxes from 30 to 55, retire at 55 and start claiming SS checks at 65, how much will my SS be?

Does anyone know of such a calculator?

Two thoughts come to mind. I believe the Social Security website allows you to plug in your income from every year. Using that model, you could simply plug in zeroes for the years from 55 to 65. A second possibility is to fool the calculator. Tell it you're 10 years older than you really are, and that you want to retire at 65 (really 55 for you.) Take that annual figure and just COLA it for 10 years using a nice conservative factor - maybe something like 2.5%.

 

[Lorenzo]

I have rarely earned the same amount every year, and I just enter what I expect to earn, which can be as low as zero.

 

[Al18]

I’ve used the link SecondCor521 a few times - it’s very accurate if you paste your earnings history from the official SS site

 

[skyking1]

Two thoughts come to mind. I believe the Social Security website allows you to plug in your income from every year. Using that model, you could simply plug in zeroes for the years from 55 to 65. A second possibility is to fool the calculator. Tell it you're 10 years older than you really are, and that you want to retire at 65 (really 55 for you.) Take that annual figure and just COLA it for 10 years using a nice conservative factor - maybe something like 2.5%.

That is what I do. I use the SS website and model it there.

 

[Out-to-Lunch]

I like the spreadsheet created/maintained by a Bogleheads member: Downloadable Social Security Benefit Estimator [Updated for 2024] - Bogleheads.org

This allows me to see exactly what the inputs and calculations are.

 

[Rianne]

A bit off topic. If you take SS before FRA, your PIA changes with COLA increases. If I use the opensocialsecurity.com estimator, I enter my current PIA, which is much higher than my original PIA due to the 8% + 3% increases over the last 2 years. DH has not taken SS yet, but his PIA will change with COLA increases as well. We don't know what that is yet.

 

[sakowitzm]

Question - after your reach FRA, does your amount increase by BOTH COLA and 8%

 

[AudiDudi]

Question - after your reach FRA, does your amount increase by BOTH COLA and 8%

Yes. The 8% is based on the FRA amount and not compounded.

 

[Surewhitey]

All Social Security calculators assume that you work until the day before retiring.
I am looking for a social security calculator that account for "gap" years. In other words, if I work and pay SS taxes from 30 to 55, retire at 55 and start claiming SS checks at 65, how much will my SS be?

Does anyone know of such a calculator?

The SSA.gov website allows you to change your future earnings and gives you a 62-67-70 amount of benefit. Didn't change all that much for me.

Waiting from 62-67 pushed my break even point to 12-14 years (79-81 age depending on the return of investment for the 5 years lower benefit). Less years if you are calculating possible added taxes, Roth rollover & RMDs.

 

[EastWest Gal]

To the OP: Remember that FRA is currently 67. You may want to look at starting your SS then instead of 65.

 

[AudiDudi]

All Social Security calculators assume that you work until the day before retiring.
I am looking for a social security calculator that account for "gap" years. In other words, if I work and pay SS taxes from 30 to 55, retire at 55 and start claiming SS checks at 65, how much will my SS be?

Does anyone know of such a calculator?

In 1999, when I was 46, I called the SSA and asked what my benefit would be at FRA if I stopped working and didn't contribute any more. I also asked what it would be if I continued working to FRA. The difference was about 20%. It didn't make a lot of sense to me to work another 20 years just to get 20% more in SS.

 

[MarieIG]

I do have years with very low earnings, and also gap years (due to raising family). For me SS at 62 was (IMHO) small, but waiting to collect makes a huge difference obviously with the greatest gains coming after my FRA (67). I am also using that "space" in income for Roth conversions. If I die before DH turns 70 he has instructions to immediately file under my record and let his benefit continue to grow until he turns 70.