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EVENKEEL

First Social Security check - yeehaw

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Congrats EVENKEEL! I am still 1 year 5 months away from full retirement age.  I have been wondering how accurate is the SSA website estimated benefit.  Do any of you who have begun to receive your benefits remember if the actual benefit is close to the estimated benefit that SSA gives a person on the website?

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45 minutes ago, cdemundo said:

Congrats EVENKEEL! I am still 1 year 5 months away from full retirement age.  I have been wondering how accurate is the SSA website estimated benefit.  Do any of you who have begun to receive your benefits remember if the actual benefit is close to the estimated benefit that SSA gives a person on the website?

It depends.  The estimate from the SSA assumes that your current income will continue until Full Retirement Age.  If, however, you have stopped working, but are delaying SS benefits to get the increase from Delayed Retirement Credits, then their estimate will not be accurate.  Also, the inflation adjustment factor that is incorporated in the estimates is not likely to match exactly the actual COLAs that are decided each year.

 

In my case, the amount I received at 70 was a little less than estimates I had received earlier, but not much.

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1 hour ago, Berkshire said:

Congrats.  So you started taking at 62.  I plan to do the same....unless the US GOV changes the law in some way.

It is pretty unlikely that the SSA would change the minimum age for reduced benefits since it has been in effect from 1961 for men and 1956 for women.  The amount of the reduction for taking at 62 was 25% then and is 25% now.  So, that's not likely to change either.

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1 hour ago, cdemundo said:

Congrats EVENKEEL! I am still 1 year 5 months away from full retirement age.  I have been wondering how accurate is the SSA website estimated benefit.  Do any of you who have begun to receive your benefits remember if the actual benefit is close to the estimated benefit that SSA gives a person on the website?

I worked 2 months beyond my 62nd birthdate and I'm getting a little over the estimate so yeah it's pretty accurate.

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6 hours ago, tonray said:

August 2020.....6 months and counting 

As I recall ... 6 months before retirement date is the time to submit your paperwork ....

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4 hours ago, cdemundo said:

Congrats EVENKEEL! I am still 1 year 5 months away from full retirement age.  I have been wondering how accurate is the SSA website estimated benefit.  Do any of you who have begun to receive your benefits remember if the actual benefit is close to the estimated benefit that SSA gives a person on the website?

It is very accurate.

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EVENKEEL, Congratulations for being smart enough to start at 62 (so many people simply do not understand that is the best choice) Although we would not love trying to live on only my SS payment ... I sleep like a baby knowing we always COULD ...  Also, the 2020 election is really a coin toss now, and if Bernie wins .. Retired SS Expat WIN "bigly" 555  Enjoy your new level of comfort, knowing your future in The Kingdom is secured in many positive ways.  Wishing you a long happy retirement!

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