I received an estimated benefits statement from Social Security today. In bold letters it states:
The law governing benefits amounts may change, because by 2034 the payroll taxes collected will be enough to pay only 79 percent of the scheduled benefits.
I am planning on delaying benefits until age 70 (2029). Is there a calculator that can compare my options for collecting earlier vs. age 70 assuming a reduction in benefits starts in 2034?
Calculator to compare social security payout options including assumption of 21% benefit reduction in 2034?
Re: Calculator to compare social security payout options including assumption of 21% benefit reduction in 2034?
This was exactly what I wanted. Thank you!
Re: Calculator to compare social security payout options including assumption of 21% benefit reduction in 2034?
https://maximizemysocialsecurity.com/ lets you enter both a reduction percent and a starting year for whenever you believe that benefits will be reduced.
This isn't just my wallet. It's an organizer, a memory and an old friend.