## Social Security Retirement Age

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Topic Author
happysteward
Posts: 192
Joined: Tue Jun 16, 2015 11:42 am

### Social Security Retirement Age

My official SS statement says this

At full retirement age (66 and 10 months) \$3,000 month
At age 70 \$3,785 month
At early retirement age (62) \$2,108 month

For planning purposes can I interpolate between these ages if say I retire at 63, or 67 ? Is that how it works?
"How much money is enough?", John Rockefeller responded, "...just a little bit more."

Silk McCue
Posts: 4771
Joined: Thu Feb 25, 2016 7:11 pm

### Re: Social Security Retirement Age

Use this table to calculate the other dates below age 66 yrs 10 months. Extrapolation may work but the table will provide precise.

Above 66 yrs 10 months it grows at a fixed dollar amount based upon 8% of FRA amount each year so extrapolate away.

https://www.ssa.gov/planners/retire/1959.html

Cheers

MathWizard
Posts: 4241
Joined: Tue Jul 26, 2011 1:35 pm

### Re: Social Security Retirement Age

happysteward wrote:
Thu Jun 13, 2019 3:10 pm
My official SS statement says this

At full retirement age (66 and 10 months) \$3,000 month
At age 70 \$3,785 month
At early retirement age (62) \$2,108 month

For planning purposes can I interpolate between these ages if say I retire at 63, or 67 ? Is that how it works?
The statement assumes that you will keep working until you file, so the at age 70 figure compared to the age
62 figure includes 8 years of extra income at your current salary (though depending upon your earlier wage inflation
adjusted income, that might not matter.) Looking at your numbers, this make little difference though.

For you, straight interpolation should work very well. The adjustment is about 8%/year that you delay (or file early).

Wakefield1
Posts: 1059
Joined: Mon Nov 14, 2016 10:10 pm

### Re: Social Security Retirement Age

I think you can tell from the verbiage on the statement whether they think you are continuing to work during the time before starting the benefit
once you have stopped working the statements to come should begin to say "\$0." for the expected annual earnings in the future
Look for "expected future annual earnings" or something like that on the statement to try to figure out whether that is juicing up the future estimated monthly benefit

TBillT
Posts: 851
Joined: Sat Sep 17, 2011 1:43 pm

### Re: Social Security Retirement Age

"The maximum monthly Social Security benefit at full or normal retirement age is \$2,788 for 2018 and \$2,861 for 2019. " I am a litle surpirsed there is a value for future out years...my full retirement year is 2019, and even though I contributed max amount for 35 years, I get about 97% of the max PIA based on the way they do the calcs, the earlier years I worked do not get full credit.

Spirit Rider
Posts: 13281
Joined: Fri Mar 02, 2007 2:39 pm

### Re: Social Security Retirement Age

You still get 8%/year delayed retirement credits even if you are not working from your FRA to age 70.

Also, wage indexing stops at age 60. If you continue to work with SS earnings > your age 60 maximum wage base. This will result replacing those years < the maximum with years > the maximum.

smitcat
Posts: 6100
Joined: Mon Nov 07, 2016 10:51 am

### Re: Social Security Retirement Age

TBillT wrote:
Thu Jun 13, 2019 10:48 pm
"The maximum monthly Social Security benefit at full or normal retirement age is \$2,788 for 2018 and \$2,861 for 2019. " I am a litle surpirsed there is a value for future out years...my full retirement year is 2019, and even though I contributed max amount for 35 years, I get about 97% of the max PIA based on the way they do the calcs, the earlier years I worked do not get full credit.
" I am a litle surpirsed there is a value for future out years.."
There is always an adjustment for future years SS growth when they estimate your benefits years into the future.
For 2019 the max would be \$2,861 at FRA and \$3,698 at 70.

longinvest
Posts: 4327
Joined: Sat Aug 11, 2012 8:44 am

### Re: Social Security Retirement Age

Neurosphere's Social Security Estimator can be used to estimate future Social Security payments (expressed in today's dollars). One can simply enter a birth year, historical salaries, and fill future work years with this year's salary, until the planned retirement. The estimator provides the payment amounts when Social Security is claimed at any age from 62 to 70.
Bogleheads investment philosophy | One-ETF global balanced index portfolio | VPW

#Cruncher
Posts: 3002
Joined: Fri May 14, 2010 2:33 am
Location: New York City
Contact:

### Re: Social Security Retirement Age

happysteward wrote:
Thu Jun 13, 2019 3:10 pm
For planning purposes can I interpolate between these ages if say I retire at 63, or 67?
It would be more accurate to interpolate between the four ages shown in the left column of the table below. The "Pct PIA" column shows the percentage of the Primary Insurance Amount (PIA) you'd receive if you started at each of the four ages. [1] The "Mo \$" column shows the corresponding monthly benefit for a PIA of \$2,976. [2] The right column shows the amount the benefit would increase per month for in-between ages. For example, if you began at age 63 the benefit would be \$2,108 + 12 X \$12.40. If you began at 67 it would be \$2,976 + 2 X \$19.84.

Code: Select all

``````  Age  Months   Pct PIA    Mo \$  Incr/mo
------ ------   -------   -----  -------
62.000          70.833%   2,108
22                      12.40
63.833          80.000%   2,381
36                      16.53
66.833         100.000%   2,976
38                      19.84
70.000         125.333%   3,730``````
1. PIA is the monthly benefit you're entitled to at your Normal Retirement Age (NRA). There is a reduction of 5/9% for each month before NRA up to 36 months and 5/12% for each month before that. For each month after NRA the benefit increases 8/12% of the PIA.
2. \$2,976 assumes the same Average Indexed Monthly Earnings (AIME) upon which the \$2,108 age 62 benefit is calculated. Therefore the \$3,000 from your SSA statement must be assuming a slight increase in the AIME if you continued to work until your NRA.

tfunk
Posts: 21
Joined: Sat Apr 02, 2016 11:50 am

### Re: Social Security Retirement Age

I know my ideas on when to take Social Security are not supported by most. When I seriously started my retirement planning 25 years ago I plugged in the payout at 50% of projections - just to cover for some type of future reduction/taxation. Luckily, when I took mine at 62, the payout was still at the projection. So - even though I took it early, I am still ahead of my original planning projection.

The most recent issue of AARP Bulletin states than without changes "...in 2020, the total cost of Social Security will outstrip its annual income...." Page 4, June 2019, Vol 60, No.5.

I still think it is not beyond the possibility that sometime in the future, there will be some type of "needs" based formula that may reduce the level of payment for those who have saved a large enough retirement portfolio.

If it does not happen, great - you will have an upside to your spending plans.

Silk McCue
Posts: 4771
Joined: Thu Feb 25, 2016 7:11 pm

### Re: Social Security Retirement Age

tfunk wrote:
Fri Jun 14, 2019 1:25 pm
I know my ideas on when to take Social Security are not supported by most. When I seriously started my retirement planning 25 years ago I plugged in the payout at 50% of projections - just to cover for some type of future reduction/taxation. Luckily, when I took mine at 62, the payout was still at the projection. So - even though I took it early, I am still ahead of my original planning projection.

The most recent issue of AARP Bulletin states than without changes "...in 2020, the total cost of Social Security will outstrip its annual income...." Page 4, June 2019, Vol 60, No.5.

I still think it is not beyond the possibility that sometime in the future, there will be some type of "needs" based formula that may reduce the level of payment for those who have saved a large enough retirement portfolio.

If it does not happen, great - you will have an upside to your spending plans.

I would like to reply but doing so is inconsistent with the site guidelines.

Cheers

JoeRetire
Posts: 5402
Joined: Tue Jan 16, 2018 2:44 pm

### Re: Social Security Retirement Age

tfunk wrote:
Fri Jun 14, 2019 1:25 pm
I know my ideas on when to take Social Security are not supported by most. When I seriously started my retirement planning 25 years ago I plugged in the payout at 50% of projections - just to cover for some type of future reduction/taxation. Luckily, when I took mine at 62, the payout was still at the projection. So - even though I took it early, I am still ahead of my original planning projection.
So because you arbitrarily decided to plan on only 50%, your reduced benefit due to starting at age 62 makes you feel good. Maybe folks should plan on 0% so no matter what happens they'll feel good too.

Me, I'm not planning on any arbitrary reductions, and I'll be starting my benefits at 70. I'll feel good. And I'll feel better knowing my wife will get the maximum survivor benefit should I predecease her (a likely occurrence).
It's the end of the world as we know it. | It's the end of the world as we know it. | It's the end of the world as we know it. | And I feel fine.

smitcat
Posts: 6100
Joined: Mon Nov 07, 2016 10:51 am

### Re: Social Security Retirement Age

JoeRetire wrote:
Fri Jun 14, 2019 3:53 pm
tfunk wrote:
Fri Jun 14, 2019 1:25 pm
I know my ideas on when to take Social Security are not supported by most. When I seriously started my retirement planning 25 years ago I plugged in the payout at 50% of projections - just to cover for some type of future reduction/taxation. Luckily, when I took mine at 62, the payout was still at the projection. So - even though I took it early, I am still ahead of my original planning projection.
So because you arbitrarily decided to plan on only 50%, your reduced benefit due to starting at age 62 makes you feel good. Maybe folks should plan on 0% so no matter what happens they'll feel good too.

Me, I'm not planning on any arbitrary reductions, and I'll be starting my benefits at 70. I'll feel good. And I'll feel better knowing my wife will get the maximum survivor benefit should I predecease her (a likely occurrence).
Well JoeRetire - I could not have said it better .....and we are doing the same thing.

jabberwockOG
Posts: 2188
Joined: Thu May 28, 2015 7:23 am

### Re: Social Security Retirement Age

smitcat wrote:
Fri Jun 14, 2019 7:59 pm
JoeRetire wrote:
Fri Jun 14, 2019 3:53 pm
tfunk wrote:
Fri Jun 14, 2019 1:25 pm
I know my ideas on when to take Social Security are not supported by most. When I seriously started my retirement planning 25 years ago I plugged in the payout at 50% of projections - just to cover for some type of future reduction/taxation. Luckily, when I took mine at 62, the payout was still at the projection. So - even though I took it early, I am still ahead of my original planning projection.
So because you arbitrarily decided to plan on only 50%, your reduced benefit due to starting at age 62 makes you feel good. Maybe folks should plan on 0% so no matter what happens they'll feel good too.

Me, I'm not planning on any arbitrary reductions, and I'll be starting my benefits at 70. I'll feel good. And I'll feel better knowing my wife will get the maximum survivor benefit should I predecease her (a likely occurrence).
Well JoeRetire - I could not have said it better .....and we are doing the same thing.

Agree. We have no need to take it early. And makes sense to begin to draw down our 401k down a little once we are on Medicare, before claining SS. This method seems to minimise overall income taxes and allows for the opportunity to maximise Roth conversions at minimal tax margin rate before taking SS benefit. A max SS benefit cola adjusted for my wife's lifetime seems like a pretty good deal to me.

tibbitts
Posts: 11129
Joined: Tue Feb 27, 2007 6:50 pm

### Re: Social Security Retirement Age

JoeRetire wrote:
Fri Jun 14, 2019 3:53 pm
tfunk wrote:
Fri Jun 14, 2019 1:25 pm
I know my ideas on when to take Social Security are not supported by most. When I seriously started my retirement planning 25 years ago I plugged in the payout at 50% of projections - just to cover for some type of future reduction/taxation. Luckily, when I took mine at 62, the payout was still at the projection. So - even though I took it early, I am still ahead of my original planning projection.
So because you arbitrarily decided to plan on only 50%, your reduced benefit due to starting at age 62 makes you feel good. Maybe folks should plan on 0% so no matter what happens they'll feel good too.

Me, I'm not planning on any arbitrary reductions, and I'll be starting my benefits at 70. I'll feel good. And I'll feel better knowing my wife will get the maximum survivor benefit should I predecease her (a likely occurrence).
While not planning for arbitrary reductions, presumably you're planning for the projected reductions already provided for by existing law.

tooluser
Posts: 638
Joined: Sat Oct 01, 2011 7:04 pm

### Re: Social Security Retirement Age

happysteward wrote:
Thu Jun 13, 2019 3:10 pm
My official SS statement says this

At full retirement age (66 and 10 months) \$3,000 month
At age 70 \$3,785 month
At early retirement age (62) \$2,108 month

For planning purposes can I interpolate between these ages if say I retire at 63, or 67 ? Is that how it works?
The Social Security website seems to be down right now, but there is an online calculator that provides an accurate estimate of what you will get for any age that you stop working and (potentially different) age that you start collecting. It requires you to enter some personal information to use your actual earnings history.
https://www.ssa.gov/retire/estimator.html

JoeRetire
Posts: 5402
Joined: Tue Jan 16, 2018 2:44 pm

### Re: Social Security Retirement Age

tibbitts wrote:
Fri Jun 14, 2019 8:23 pm
JoeRetire wrote:
Fri Jun 14, 2019 3:53 pm
Me, I'm not planning on any arbitrary reductions, and I'll be starting my benefits at 70. I'll feel good. And I'll feel better knowing my wife will get the maximum survivor benefit should I predecease her (a likely occurrence).
While not planning for arbitrary reductions, presumably you're planning for the projected reductions already provided for by existing law.
There's no planning needed.

We'll be fine in the unlikely event that congress doesn't bother to change the laws and benefits get reduced. We'll be finer if the laws are amended and benefits aren't reduced, as I would expect.
It's the end of the world as we know it. | It's the end of the world as we know it. | It's the end of the world as we know it. | And I feel fine.

smitcat
Posts: 6100
Joined: Mon Nov 07, 2016 10:51 am

### Re: Social Security Retirement Age

tibbitts wrote:
Fri Jun 14, 2019 8:23 pm
JoeRetire wrote:
Fri Jun 14, 2019 3:53 pm
tfunk wrote:
Fri Jun 14, 2019 1:25 pm
I know my ideas on when to take Social Security are not supported by most. When I seriously started my retirement planning 25 years ago I plugged in the payout at 50% of projections - just to cover for some type of future reduction/taxation. Luckily, when I took mine at 62, the payout was still at the projection. So - even though I took it early, I am still ahead of my original planning projection.
So because you arbitrarily decided to plan on only 50%, your reduced benefit due to starting at age 62 makes you feel good. Maybe folks should plan on 0% so no matter what happens they'll feel good too.

Me, I'm not planning on any arbitrary reductions, and I'll be starting my benefits at 70. I'll feel good. And I'll feel better knowing my wife will get the maximum survivor benefit should I predecease her (a likely occurrence).
While not planning for arbitrary reductions, presumably you're planning for the projected reductions already provided for by existing law.
We are planning for SS to follow the history that has already occurred during its lifetime - and we will be fine no matter what happens.

smitcat
Posts: 6100
Joined: Mon Nov 07, 2016 10:51 am

### Re: Social Security Retirement Age

JoeRetire wrote:
Sat Jun 15, 2019 5:59 am
tibbitts wrote:
Fri Jun 14, 2019 8:23 pm
JoeRetire wrote:
Fri Jun 14, 2019 3:53 pm
Me, I'm not planning on any arbitrary reductions, and I'll be starting my benefits at 70. I'll feel good. And I'll feel better knowing my wife will get the maximum survivor benefit should I predecease her (a likely occurrence).
While not planning for arbitrary reductions, presumably you're planning for the projected reductions already provided for by existing law.
There's no planning needed.

We'll be fine in the unlikely event that congress doesn't bother to change the laws and benefits get reduced. We'll be finer if the laws are amended and benefits aren't reduced, as I would expect.
"We'll be finer if the laws are amended and benefits aren't reduced, as I would expect."
As has occurred in the past with SS.

JoeRetire
Posts: 5402
Joined: Tue Jan 16, 2018 2:44 pm

### Re: Social Security Retirement Age

smitcat wrote:
Sat Jun 15, 2019 6:10 am
JoeRetire wrote:
Sat Jun 15, 2019 5:59 am
tibbitts wrote:
Fri Jun 14, 2019 8:23 pm
JoeRetire wrote:
Fri Jun 14, 2019 3:53 pm
Me, I'm not planning on any arbitrary reductions, and I'll be starting my benefits at 70. I'll feel good. And I'll feel better knowing my wife will get the maximum survivor benefit should I predecease her (a likely occurrence).
While not planning for arbitrary reductions, presumably you're planning for the projected reductions already provided for by existing law.
There's no planning needed.

We'll be fine in the unlikely event that congress doesn't bother to change the laws and benefits get reduced. We'll be finer if the laws are amended and benefits aren't reduced, as I would expect.
"We'll be finer if the laws are amended and benefits aren't reduced, as I would expect."
As has occurred in the past with SS.
Right. That's what leads me to my expectations.

The past has only shown minor "reductions" like taxing benefits, gradually increasing the full retirement age, and playing games with the source of inflation numbers used for COLAs. I don't expect any major changes in philosophy this time.
It's the end of the world as we know it. | It's the end of the world as we know it. | It's the end of the world as we know it. | And I feel fine.

smitcat
Posts: 6100
Joined: Mon Nov 07, 2016 10:51 am

### Re: Social Security Retirement Age

JoeRetire wrote:
Mon Jun 17, 2019 7:39 am
smitcat wrote:
Sat Jun 15, 2019 6:10 am
JoeRetire wrote:
Sat Jun 15, 2019 5:59 am
tibbitts wrote:
Fri Jun 14, 2019 8:23 pm
JoeRetire wrote:
Fri Jun 14, 2019 3:53 pm
Me, I'm not planning on any arbitrary reductions, and I'll be starting my benefits at 70. I'll feel good. And I'll feel better knowing my wife will get the maximum survivor benefit should I predecease her (a likely occurrence).
While not planning for arbitrary reductions, presumably you're planning for the projected reductions already provided for by existing law.
There's no planning needed.

We'll be fine in the unlikely event that congress doesn't bother to change the laws and benefits get reduced. We'll be finer if the laws are amended and benefits aren't reduced, as I would expect.
"We'll be finer if the laws are amended and benefits aren't reduced, as I would expect."
As has occurred in the past with SS.
Right. That's what leads me to my expectations.

The past has only shown minor "reductions" like taxing benefits, gradually increasing the full retirement age, and playing games with the source of inflation numbers used for COLAs. I don't expect any major changes in philosophy this time.
I agree that the past is a very good source of future projections. Also ...surveying all the potential remedies (15+) for both probability and efficacy reduces this potential risk greatly.
Time will tell.