SS @ 70 Poll, How much will U & UR SO Get, Please SS @ 70 Only, No External Pensions

[jollystomper]

Based on my most recent SS statement, if I wait to age 70, in current dollars and not accounting for future increases: we will get $5,617 monthly (mine at $4,027 + DW spousal, which is greater than her own, at $1,590).

 

[Dtail]

DGF is already claiming SSDI. So using her current number plus my number at 70, puts over the 6k monthly figure.
Still less than our current spending budget.

 

[Retireby45ish]

Wow these are much higher than I thought. 6k+ per month for a couple is good. I’m only 40 and DW is 37 and we are up to $4800 combined if we wait till 70. But still lots of 0 years in there still. We hope to fill 2-3 more of those 0s before calling it quits.

But we figure if we can bring in 55k a year through SS that will go far as we only spend 80k or so per year now. That SS is 70% of the way towards our needs.

Of course in all my projections I only use 60% of that number for future SS.

 

[ShokWaveRider]

I am surprised how many folks here (Think what ER means), have their SS so high. We retired twice, the first time when we were at 48 and 43 respectively. We did go back to work after our travels for a few years but not enough to fully pay into SS.

 

[cathy63]

I am surprised how many folks here (Think what ER means), have their SS so high. We retired twice, the first time when we were at 48 and 43 respectively. We did go back to work after our travels for a few years but not enough to fully pay into SS.

I retired at 53, with exactly 35 years of earnings on my SS statement. 3 of those years I earned less than $10K and 21 of them I maxed out on SS tax. If I wait until age 70, I'm looking at $3849/mo, though that's also around the time that the potential across-the-board cut would hit.

I only worked about 5 years longer than your first retirement age, and that still seems like ER to me. With DH's fairly similar record (though he has a few more zero years because he worked for the state longer than I did when we were in school and retired a year earlier), we're easily over your $6K mark.

 

[Jenna]

The plan is:
DW takes her's at FRA (in ~ 2 yrs). Estimated at $998/mo.
I take it at 70 (in ~ 6 yrs). Estimated at $4,060/mo
DW claims spousal after I claim at 70. Estimated from my FRA/2 is $1572/mo.

So, total is $5632/mo.

Data from March, 2021 SSA statement.

This maximizes it. Before I studied SS, I didn't realize that you could do this.

 

[Retire2023]

If we both wait until 70 to claim, it will be $6,609. ($2,549 for me and $4,060 for DH) BUT, that assumes we work until then making the same as on our last estimate. We won't be doing that so, the actual will be lower for me (no max years), and a bit lower for DH (will have 28 max years)

 

[Teacher Terry]

I claimed at 65 and mine is 377 due to WEP.

 

[RetiredHappy]

Wow these are much higher than I thought. 6k+ per month for a couple is good. I’m only 40 and DW is 37 and we are up to $4800 combined if we wait till 70. But still lots of 0 years in there still. We hope to fill 2-3 more of those 0s before calling it quits.

But we figure if we can bring in 55k a year through SS that will go far as we only spend 80k or so per year now. That SS is 70% of the way towards our needs.

Of course in all my projections I only use 60% of that number for future SS.

If your SS said $4800 combined at age 70 and you are still currently working, that amount assumes that you will keep working and making your current amount. If you stop now, your SS will be way less than the $4800 on your statement.

 

[Retireby45ish]

If your SS said $4800 combined at age 70 and you are still currently working, that amount assumes that you will keep working and making your current amount. If you stop now, your SS will be way less than the $4800 on your statement.

I used the estimator on the site assuming we stop
working now actually. If I kept at it it would be more. The breakdown is $2800/mo for me and $2000 for DW at 70.

 

[1242Vintage]

Had a SS estimate run a couple years ago and the estimate was $3,918 per month if I claim at 70. The updated maximum from SS admin is $3,895.

Have a dozen years to go before I reach 70 and am sure the number will change, and likely not in a positive way.

 

[RetiredHappy]

I used the estimator on the site assuming we stop
working now actually. If I kept at it it would be more. The breakdown is $2800/mo for me and $2000 for DW at 70.

Excellent! You got it right then.

 

[2017ish]

I answered based on what SSA administration promises to us. (PIAs total right at 5500 as of end of last year.)

Still not counting on it, as we have no legally enforceable right to it and things could change. But, to the extent it is there for us under the current structure, we'll each take at 70.

 

[Retireby45ish]

Excellent! You got it right then.

Thanks for checking me though

Been trying to get this retirement thing right by looking at it from every angle. So many details to get right to optimize everything.

It always boggles my mind that people spend most waking hours of their lives working to earn money. And yet they put so little time and energy and emphasis on how to maximize this resource so they can live their actual lives!

 

[skyking1]

DW and I each would get 34K @70, so 5700 a month.

 

[RetiredHappy]

My husband started his at 70 ($3,965 pm) and I will start mine at 62 ($1,596 pm). He contributed for almost 50 years while I contributed for 18 years. Total of $5,561 pm. If I wait until I am 70 to collect, which I won't, mine would be $2,810, making a total of $6,775. These are 2022 numbers. I am not getting the COLA bump, just the CWI increase.

 

[ShokWaveRider]

We only paid in for 25 and 23 years respectively. The reason is we only have been in the USA 31 years, I am originally from the UK and DW is from Canada.

 

[GalaxyBoy]

DW claimed at 62 but I plan on waiting until 70. But I voted for the number it would have been if we both waited. As it is, we will get about $5500 per month, so if she had waited it would have been over $6000.

 

[Retireby45ish]

I was just reading about taxes on SS. Anything over 44k of income for a couple gets taxed at 85%!!?

So, say, you have dividend income of 50k per year, you are in the 0 federal bracket.

But if you earn 50k in SS for that year you are only getting 7500 of that after taxes (you will pay 42500)

So you only have 57500 to spend? What a hit.

Do people try to keep their income low (not sure how if you have a big enough nest egg throwing off that 50k) ?

 

[MissMolly]

No. It means 85% of the SS amount is taxable in whatever tax bracket you are in 15% is not taxed). It does not mean they hold back 85% of the SS.

 

[Retireby45ish]

No. It means 85% of the SS amount is taxable in whatever tax bracket you are in 15% is not taxed). It does not mean they hold back 85% of the SS.

Ah, I just looked through a few more sites. There is a lot of bad info on the internet. This makes much more sense to me.

Sigh of relief!

 

[Car-Guy]

^^^^^


Maybe you just misunderstood what you read or got info from someone that didn't have a clue about what they were talking about... Try the link below for the facts.

File a joint return,

• between $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefits.
• more than $44,000, up to 85 percent of your benefits may be taxable.

https://www.ssa.gov/benefits/retirement/planner/taxes.html

 

[pb4uski]

I agree. My age 70 benefit projection from SSA is also over $4,000/month, with all or almost all years earnings over the SS cap.

+1 28 years over the cap and my age 70 benefit on my SSA statement is $3,898/mo.

 

[Retireby45ish]

Does anyone have any idea how much an additional year of working to knock out a 0 would add? Assume you max out the salary in that year to add the most possible. Just curious how that OMY would add to the SS piece.

 

[Mulligan]

I am surprised how many folks here (Think what ER means), have their SS so high. We retired twice, the first time when we were at 48 and 43 respectively. We did go back to work after our travels for a few years but not enough to fully pay into SS.

You wont think mine is too high. I will net about $250 a month if I wait until 70 to collect. Im a WEP/GPO victim though, and mostly had various Mickey Mouse jobs over the years including HS and college as my career did not contribute to SS.