topic Re: SS projection in Personal Finance

SS projection

Anonymous — Mon, 16 Mar 2015 01:31:50 GMT

Hi, I'm 36 and I was wondering if there is a way I can predict how much SS I would be able to draw at 65 whe I retire or hopefully later

is there a specific magic formula or we cannot kno until the time comes

Re: SS projection

Erusidhion — Mon, 16 Mar 2015 01:58:43 GMT

Make an account on SSA.GOV. You'll see a page with your benefits "Estimated Benefit at Full Retirement age (67):" You can click the link right next to it "View Estimated Benefits". This is actually something I found out about a year ago and I don't think a lot of people even bother to look at what their benefits may be in the future. It's fun to track on a yearly basis; I believe they mail something out to you yearly as well stating as such. Not sure if I've received mine this year though. Maybe it's because I'm now signed up for online access.

Good luck!

Re: SS projection

Anonymous — Mon, 16 Mar 2015 04:08:31 GMT

Mine says "Lol... Don't worry Social Security will be long gone when you turn 65."

Re: SS projection

pipeguy — Mon, 16 Mar 2015 10:40:51 GMT

@Erusidhion wrote:

Make an account on SSA.GOV. You'll see a page with your benefits "Estimated Benefit at Full Retirement age (67):" You can click the link right next to it "View Estimated Benefits". This is actually something I found out about a year ago and I don't think a lot of people even bother to look at what their benefits may be in the future. It's fun to track on a yearly basis; I believe they mail something out to you yearly as well stating as such. Not sure if I've received mine this year though. Maybe it's because I'm now signed up for online access.

Good luck!

I think the yearly statements via mail were discontinued a couple of years ago unless you request one (each time, not automatically sent). That said, the online site has several forms that you can play with, one is your actual history and estimates, another you can plug in various factors such as income, age of retirement, etc. IMO the online site is much better than a basic mailed yearly statement (which most people probably didn't even look at).

Re: SS projection

thom02099 — Mon, 16 Mar 2015 14:42:20 GMT

@Anonymous wrote:
Hi, I'm 36 and I was wondering if there is a way I can predict how much SS I would be able to draw at 65 whe I retire or hopefully later

is there a specific magic formula or we cannot kno until the time comes
SocSocial Security benefits are based on earned credits over the course of your employment. You must earn a specific number of credits to qualify.

HERE is a link to the Social Security Retirement Estimator. Please note some of the caveats for using the estimator. You may be too young to get an estimation. Also note that the law can change and that, by 2033, the payroll taxes collected will be enough to pay only about 77 cents for each dollar of scheduled benefits. The law may also change and your full retirement age may (will likely) increase to 70 or more.

The advice to get an on-line account is a sound one. SSA did in fact discontinue the practise of mailing out the annual statement. One can set up their on-line account to get email alerts from SSA.

Re: SS projection

Anonymous — Sun, 22 Mar 2015 02:10:34 GMT

@pipeguy wrote:
@Erusidhion wrote:

Make an account on SSA.GOV. You'll see a page with your benefits "Estimated Benefit at Full Retirement age (67):" You can click the link right next to it "View Estimated Benefits". This is actually something I found out about a year ago and I don't think a lot of people even bother to look at what their benefits may be in the future. It's fun to track on a yearly basis; I believe they mail something out to you yearly as well stating as such. Not sure if I've received mine this year though. Maybe it's because I'm now signed up for online access.

Good luck!
I think the yearly statements via mail were discontinued a couple of years ago unless you request one (each time, not automatically sent). That said, the online site has several forms that you can play with, one is your actual history and estimates, another you can plug in various factors such as income, age of retirement, etc. IMO the online site is much better than a basic mailed yearly statement (which most people probably didn't even look at).

My husband received a statement in the mail last week. We live in FL.

Re: SS projection

Anonymous — Sun, 22 Mar 2015 02:13:17 GMT

@thom02099 wrote:
@Anonymous wrote:
Hi, I'm 36 and I was wondering if there is a way I can predict how much SS I would be able to draw at 65 whe I retire or hopefully later

is there a specific magic formula or we cannot kno until the time comes
SocSocial Security benefits are based on earned credits over the course of your employment. You must earn a specific number of credits to qualify.
HERE is a link to the Social Security Retirement Estimator. Please note some of the caveats for using the estimator. You may be too young to get an estimation. Also note that the law can change and that, by 2033, the payroll taxes collected will be enough to pay only about 77 cents for each dollar of scheduled benefits. The law may also change and your full retirement age may (will likely) increase to 70 or more.
The advice to get an on-line account is a sound one. SSA did in fact discontinue the practise of mailing out the annual statement. One can set up their on-line account to get email alerts from SSA.

My husband received a statement in the mail last week. We live in FL.

Re: SS projection

thom02099 — Sun, 22 Mar 2015 15:31:05 GMT

@beautifulblaquepearl wrote:
@thom02099 wrote:
@Anonymous wrote:
Hi, I'm 36 and I was wondering if there is a way I can predict how much SS I would be able to draw at 65 whe I retire or hopefully later

is there a specific magic formula or we cannot kno until the time comes
SocSocial Security benefits are based on earned credits over the course of your employment. You must earn a specific number of credits to qualify.
HERE is a link to the Social Security Retirement Estimator. Please note some of the caveats for using the estimator. You may be too young to get an estimation. Also note that the law can change and that, by 2033, the payroll taxes collected will be enough to pay only about 77 cents for each dollar of scheduled benefits. The law may also change and your full retirement age may (will likely) increase to 70 or more.
The advice to get an on-line account is a sound one. SSA did in fact discontinue the practise of mailing out the annual statement. One can set up their on-line account to get email alerts from SSA.

My husband received a statement in the mail last week. We live in FL.

Here's the reason why: http://www.reuters.com/article/2014/04/19/us-social-security-idUSBREA3I0GL20140419

Starting this September (2014), the Social Security Administration (SSA) will resume mailings at five-year intervals to workers who have not signed up to view their statements online, an agency spokesman told Reuters. The statements will be sent to workers at ages 25, 30, 35, 40, 45, 50, 55 and 60, he said, adding the agency would continue to promote use of the online statements.

The SSA stopped mailing most paper statements in 2011 in response to budget pressures, and saved the SSA $70 million annually - about 50 cents per mailed statement. But the decision has been a sore point with some critics, who argue the statement provides a valuable annual reminder to workers of what they can expect to get back from payroll taxes in the future.

Re: SS projection

mmmlive1999 — Tue, 24 Mar 2015 16:46:57 GMT

This is great information. I had no idea I could access my SS info.