social security statements updated.

[Rukh O'Rorke]

My payment at 62 went up $7/month, payment at 67 (FRA) went up $19 a month.

counting on every penny these days.

If I quit now and only do side gig, at 62 I will get 1712/month.....

Anyone else checking the new info?

[resolution]

I haven't really looked at mine. I figure it will be wrong because it projects my current income until my retirement age, and I plan to retire before I reach social security eligibility.  I will mostly likely have a lot of zero earning years, or at least it will pick up some of the lower earning years in my late teens/early 20s to make up my 35 years. So anything I see there now will probably be higher than what I actually receive.

[Miss Tequila]

Apr 1, 2021 9:55:32 GMT -5 resolution said:

I haven't really looked at mine. I figure it will be wrong because it projects my current income until my retirement age, and I plan to retire before I reach social security eligibility.  I will mostly likely have a lot of zero earning years, or at least it will pick up some of the lower earning years in my late teens/early 20s to make up my 35 years. So anything I see there now will probably be higher than what I actually receive.

That’s where I’m at. I retired the month after I turned 49. Because of bonuses and payouts, I still had a normal annual salary in 2020. 2021 is where it drops to zero. Well, not quite zero as I’m doing some consulting but not enough to matter.

I will have to wait until next year to see the revised projections. I’m sure it will be significantly lower. Which is ok as I’ve always assumed SS of zero in my retirement projections.

[minnesotapaintlady]

For early retirement you can use this calculator and plug in your actual earnings and retirement date.  Mine doesn't change a lot from the statement retiring at 59.5 instead of 62.  It goes from $1216/month starting at 62 to $1207/month.

www.ssa.gov/cgi-bin/benefit6.cgi

[Miss Tequila]

Apr 1, 2021 10:16:06 GMT -5 minnesotapaintlady said:

For early retirement you can use this calculator and plug in your actual earnings and retirement date.  Mine doesn't change a lot from the statement retiring at 59.5 instead of 62.  It goes from $1216/month starting at 62 to $1207/month.

www.ssa.gov/cgi-bin/benefit6.cgi

Thank you!

[minnesotapaintlady]

Apr 1, 2021 10:16:38 GMT -5 Miss Tequila said:

Apr 1, 2021 10:16:06 GMT -5 minnesotapaintlady said:

For early retirement you can use this calculator and plug in your actual earnings and retirement date.  Mine doesn't change a lot from the statement retiring at 59.5 instead of 62.  It goes from $1216/month starting at 62 to $1207/month.

www.ssa.gov/cgi-bin/benefit6.cgi

Thank you!

It would be nice if it just pulled from your earnings record so you didn't have to manually type every year in, but whatever.  It works anyhow.

[countrygirl2]

You take a real hit at 62, I sure did.

They base your rate now on your last 30 years.

Hubs gets $2900.60 a month and he had no earnings reported the last 14 years as he worked overseas. We worried it would kill his SS. It would have maxed out if more earnings had been posted to it. That amount is after Part B is deducted, its now $148.50.

[Rukh O'Rorke]

Apr 1, 2021 10:06:47 GMT -5 Miss Tequila said:

Apr 1, 2021 9:55:32 GMT -5 resolution said:

I haven't really looked at mine. I figure it will be wrong because it projects my current income until my retirement age, and I plan to retire before I reach social security eligibility.  I will mostly likely have a lot of zero earning years, or at least it will pick up some of the lower earning years in my late teens/early 20s to make up my 35 years. So anything I see there now will probably be higher than what I actually receive.

That’s where I’m at. I retired the month after I turned 49. Because of bonuses and payouts, I still had a normal annual salary in 2020. 2021 is where it drops to zero. Well, not quite zero as I’m doing some consulting but not enough to matter.

I will have to wait until next year to see the revised projections. I’m sure it will be significantly lower. Which is ok as I’ve always assumed SS of zero in my retirement projections.

once you log into your benefits page, at the bottom is an interactive graph where you can put in whatever guess you want on your new annual earnings and retirement date and it will give you your payment if you take at 62, 64, 69, etc. only goes up to 70 however. 

That's how I could see what I'd get if I did nothing but my side job til 62. If I do only side job till 67 I'd get  2489. It's really useful for planning...

[Rukh O'Rorke]

Apr 1, 2021 10:27:19 GMT -5 minnesotapaintlady said:

Apr 1, 2021 10:16:38 GMT -5 Miss Tequila said:

Thank you!

It would be nice if it just pulled from your earnings record so you didn't have to manually type every year in, but whatever.  It works anyhow.

see my post above - easy peasy!

[Miss Tequila]

Apr 1, 2021 10:55:26 GMT -5 Rukh O'Rorke said:

Apr 1, 2021 10:06:47 GMT -5 Miss Tequila said:

That’s where I’m at. I retired the month after I turned 49. Because of bonuses and payouts, I still had a normal annual salary in 2020. 2021 is where it drops to zero. Well, not quite zero as I’m doing some consulting but not enough to matter.

I will have to wait until next year to see the revised projections. I’m sure it will be significantly lower. Which is ok as I’ve always assumed SS of zero in my retirement projections.

once you log into your benefits page, at the bottom is an interactive graph where you can put in whatever guess you want on your new annual earnings and retirement date and it will give you your payment if you take at 62, 64, 69, etc. only goes up to 70 however. 

That's how I could see what I'd get if I did nothing but my side job til 62. If I do only side job till 67 I'd get  2489. It's really useful for planning...

Thank you! I will have to check it out

[Tiny]

I read elsewhere that the "My Social Security" website now has the ability to tell you what your SS distributions will be for any stop working/distribution age scenario.

I'm not sure if the My social security website is the governments site or not... but I was going to look for this capability when I check the ssa.gov website tonight or tomorrow.

This feature would really help me because I fully expect to NOT have my high paying job until I'm 67. And I'm having trouble guesstimating what my SS payout might be at FRA or 70yo...

ADDED:  I see this has been discussed above by Ruhk!   

[Miss Tequila]

Apr 1, 2021 10:55:26 GMT -5 Rukh O'Rorke said:

Apr 1, 2021 10:06:47 GMT -5 Miss Tequila said:

That’s where I’m at. I retired the month after I turned 49. Because of bonuses and payouts, I still had a normal annual salary in 2020. 2021 is where it drops to zero. Well, not quite zero as I’m doing some consulting but not enough to matter.

I will have to wait until next year to see the revised projections. I’m sure it will be significantly lower. Which is ok as I’ve always assumed SS of zero in my retirement projections.

once you log into your benefits page, at the bottom is an interactive graph where you can put in whatever guess you want on your new annual earnings and retirement date and it will give you your payment if you take at 62, 64, 69, etc. only goes up to 70 however. 

That's how I could see what I'd get if I did nothing but my side job til 62. If I do only side job till 67 I'd get  2489. It's really useful for planning...

I couldn't find the interactive dashboard so I typed everything like MPL.  I estimated I will earn $20k a year from hear on out with my consulting.  It's probably a little low but I also don't know how long I will actually want to do it.  With Covid, it isn't like there is anything else to do!

I'm definitely taking a huge hit by retiring so young and only estimating $20k a year (which makes sense!).  If I take my benefits at 62, it will only be $1489.  If I take them at 66 and 2 months (full retirement age) it will be $1983.  I took out the $20k a year and it dropped it to $1954.  So really very little impact.  

The good news is that I never counted on SS so anything I receive will be extra.  

[teen persuasion]

Apr 15, 2021 8:17:54 GMT -5 Miss Tequila said:

Apr 1, 2021 10:55:26 GMT -5 Rukh O'Rorke said:

once you log into your benefits page, at the bottom is an interactive graph where you can put in whatever guess you want on your new annual earnings and retirement date and it will give you your payment if you take at 62, 64, 69, etc. only goes up to 70 however. 

That's how I could see what I'd get if I did nothing but my side job til 62. If I do only side job till 67 I'd get  2489. It's really useful for planning...

I couldn't find the interactive dashboard so I typed everything like MPL.  I estimated I will earn $20k a year from hear on out with my consulting.  It's probably a little low but I also don't know how long I will actually want to do it.  With Covid, it isn't like there is anything else to do!

I'm definitely taking a huge hit by retiring so young and only estimating $20k a year (which makes sense!).  If I take my benefits at 62, it will only be $1489.  If I take them at 66 and 2 months (full retirement age) it will be $1983.  I took out the $20k a year and it dropped it to $1954.  So really very little impact.  

The good news is that I never counted on SS so anything I receive will be extra.  

That doesn't sound right, unless you were born 1955.  Anyone born from 1960 forward has a FRA of 67. 

Sometimes things are written in a confusing manner: "if you are reaching FRA" (now implied, so born 1955 and thus you've hit FRA = 66 2 mo for someone born 1955).

SS FRA chart

[Deleted]

I logged in but couldn't find an update of what I'd get at various ages on my own record (I'm retired and collecting a Survivor benefit). Last time I got numbers it looked like I'd get another $1,300/month on my own record at age 69, $1,500 at age 70. I can't see taxes going anywhere but up (and my SS is taxed now) so I'm planning to file next year at age 69. Unfortunately, most of that increase will go towards taxes on SS (currently about 25% is clawed back in the form of Federal and State taxes) and a likely increase in IRMAA surcharges.

[Miss Tequila]

Apr 16, 2021 8:33:06 GMT -5 teen persuasion said:

Apr 15, 2021 8:17:54 GMT -5 Miss Tequila said:

I couldn't find the interactive dashboard so I typed everything like MPL.  I estimated I will earn $20k a year from hear on out with my consulting.  It's probably a little low but I also don't know how long I will actually want to do it.  With Covid, it isn't like there is anything else to do!

I'm definitely taking a huge hit by retiring so young and only estimating $20k a year (which makes sense!).  If I take my benefits at 62, it will only be $1489.  If I take them at 66 and 2 months (full retirement age) it will be $1983.  I took out the $20k a year and it dropped it to $1954.  So really very little impact.  

The good news is that I never counted on SS so anything I receive will be extra.  

That doesn't sound right, unless you were born 1955.  Anyone born from 1960 forward has a FRA of 67. 

Sometimes things are written in a confusing manner: "if you are reaching FRA" (now implied, so born 1955 and thus you've hit FRA = 66 2 mo for someone born 1955).

SS FRA chart

Oops...you are correct. My SIL just retired and her age is the 66 and 2 mos so I had that on the brain!

[countrygirl2]

85% of our SS is taxed but that is because of RMD's and rental income.

[seriousthistime]

Apr 16, 2021 14:42:35 GMT -5 @athena53 said:

I logged in but couldn't find an update of what I'd get at various ages on my own record (I'm retired and collecting a Survivor benefit). Last time I got numbers it looked like I'd get another $1,300/month on my own record at age 69, $1,500 at age 70. I can't see taxes going anywhere but up (and my SS is taxed now) so I'm planning to file next year at age 69. Unfortunately, most of that increase will go towards taxes on SS (currently about 25% is clawed back in the form of Federal and State taxes) and a likely increase in IRMAA surcharges.

I'll be 70 later this year. I decided since I was so close, the extra $2,000 above the spousal amount I've collected since my FRA would be good to have for a few extra months between now and my birthday month, and after monitoring my SS benefit going up month by month, I figured it wouldn't change that much if I collected now versus waiting until age 70.

Right?

Wrong. 

I found that if I collect my own benefit now, it will be the benefit I would have been entitled to if I'd started to collect it in January 2021 (not in April 2021, or June 2021 when I could actually get a phone appointment with someone who could take and process the change).  I think the rep called it a mid-year election. There was talk of backdating it to November of last year for an even more reduced benefit but with a bulk payment of cash in hand, which the rep ballparked for me. If I do that, I would collect $250 per month less than if I wait until my birth month, but receive the cash in hand.  If I did the mid-year election and collect what I would have gotten on January 1 of this year, it would be $170 per month less than if I wait until my birth month, no cash in hand, and starting with my birth month I would receive $120 per month less going forward, because I started collecting prior to age 70. 

I decided to wait until I turn 70 to collect my full benefit on my own record. So if you are going to collect at age 69, just be careful of the month you actually do that. It's worth spending some of your time on the phone with SSA to figure all this out.  Call your local SSA office for assistance.