SS benefits estimate...with early retirement

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msa6
Posts: 48
Joined: Wed Oct 22, 2008 5:22 am

SS benefits estimate...with early retirement

Post by msa6 » Sun Feb 10, 2019 9:16 pm

Calculator is down tonight, but I'm trying to understand how to get an estimate for future SS benefits if one retires early. I've checked the calculator previously, and it was unclear to me how to get estimates if, say, you will work through 2019, and then retire at age 58, with no additional contributions..with a plan on taking SS benefits down the road. Can the calculator(s) provide an estimate for this sort of scenario?

Jimmie
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Re: SS benefits estimate...with early retirement

Post by Jimmie » Sun Feb 10, 2019 9:24 pm

msa6 wrote:
Sun Feb 10, 2019 9:16 pm
Can the calculator(s) provide an estimate for this sort of scenario?
The ones at the Social Security website can. I've played with the numbers. They assume you will finish your working career at the same income you last earned, but I know I changed that in my doodling around.

ionball
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Re: SS benefits estimate...with early retirement

Post by ionball » Sun Feb 10, 2019 9:35 pm

The anyPIA calculator will get the job done. Search the SS website for "anyPIA" which you can use to enter all your data and get a result that does not assume continued contributions.

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WoodSpinner
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Re: SS benefits estimate...with early retirement

Post by WoodSpinner » Sun Feb 10, 2019 10:44 pm

AnyPIA will certainly work but it is a pain. Windows only, you have to download and install, and the user interface is confusing. For a quick read, check out https://socialsecurity.tools/

Topic Author
msa6
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Re: SS benefits estimate...with early retirement

Post by msa6 » Mon Feb 11, 2019 1:44 pm

Thanks for suggestions. I don't have a Windows machine (except at work, and it's locked down in terms of new software installations), and while there is a Mac anyPIA version on the SS website, I can't seem to get it to open after downloading it.

Any other ideas?

Carl53
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Re: SS benefits estimate...with early retirement

Post by Carl53 » Mon Feb 11, 2019 2:24 pm

http://www.ssa.gov/pubs/EN-05-10070.pdf

This will get you how to calculate your benefit for a person turning 62 this year. I used the one for my year of birth and a spreadsheet representation of it worked matching anyPIA.

Each year they publish a new one with new inflation factors applied to the bend points.

Look at one for last year or a prior year to compare the bend points. http://www.ssa.gov/pubs/EN-05-10070-1956.pdf or earlier years substituting early years of birth for the 1956.

I suspect that when you use anyPIA for out years and specify no inflation that it keeps current year bend points and allows you to enter expected earnings with the then current info in this document. I suppose you could guess inflation til you are 62 and adjust bend points and the AIME calculation.

marcopolo
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Re: SS benefits estimate...with early retirement

Post by marcopolo » Mon Feb 11, 2019 2:39 pm

msa6 wrote:
Mon Feb 11, 2019 1:44 pm
Thanks for suggestions. I don't have a Windows machine (except at work, and it's locked down in terms of new software installations), and while there is a Mac anyPIA version on the SS website, I can't seem to get it to open after downloading it.

Any other ideas?
Have you tired this:
https://www.ssa.gov/benefits/retirement/estimator.html

You out in your information, it will use your record to date, and assumes you keep making same amount until retirement.
But, when the estimate comes up, click on the button at the bottom that says "Add Another Estimate".
This will allow you enter an earlier retirement age, and expected earning until then. You can only enter one number, it assume same income until specified retirement date.

This will provide the estimated benefit at your specified retirement age, or 62, if you specify younger than that. You can then easily compute benefits at any later age by using delay credit amounts.
Once in a while you get shown the light, in the strangest of places if you look at it right.

scrabbler1
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Re: SS benefits estimate...with early retirement

Post by scrabbler1 » Mon Feb 11, 2019 5:14 pm

My wage earnings history ended in 2008, so I have several years of zero wages to get to 35 total years of wage earnings. I looked at the SSA website and was able to create a spreadsheet to mimic the benefit calculation including the PIA and AIME. I tried to get the AnyPIA program to work but had some trouble with it for a while. Eventually, I was able to get it to work properly and used it as a check on my spreadsheet. After that, I just stayed with my spreadsheet and cut-and-pasted updated wage index factors I saw in the SSA website. My monthly benefit has changed only very slightly (rounding difference, probably) over the years.

retiredflyboy
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Re: SS benefits estimate...with early retirement

Post by retiredflyboy » Mon Feb 11, 2019 8:47 pm

Use the social security quick calculator. Google it.
Facts are stubborn things. Everything works until it doesn’t.

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