All my earnings over the past 44 years (I am currently 61 and retired) were social security covered. I never worked in any state jobs. My wife had only 7 years of social security covered earnings (1976 to 1982) which did not result in enough credits for her to receive her own social security benefit. However, my wife has worked on a state job the last 14 years and will get a state pension.
I am 69 and receiving SS since I turned 66. My wife is 64. She and I will retire next year. She will postpone SS until she is 70. I thought she was eligible for SS spousal benefits, at about half her eventual benefit, beginning at her age of 66. Dan you helped me set this up and it showed her getting over 15k between ages 66 and 70. I must have done something wrong. I have her filing and suspending. Then I have her receiving SS benefit at age 70, spousal benefit at 66. The ESPlanner report is only showing 9k spousal benefit when she is 70. I've set something wrong I fear.
Over $100 difference between ESP(higher) and AnyPIA from S.S. downloaded program
Seems small, but for me it makes a difference in my planning. I know social security figures a little low but this difference has me question which source to believe. Maybe I'm asking too much & I realize both are just estimates but... Anyone have first hand knowledge in the accuracy of either program to actual payed out benefits?
ESP at 66-2141....S.S.-2037
Given the precarious financial state of SS, I am wondering what adjustments are being made by users as to benefit taxation or reductions. ESP clearly allows for you to adjust some parameters and by different dates. Anyone come up with reasonable ideas?
Because social security is cola adjusted over the years, is the NPV effectively the sum of all years collected? I'm using this to calculate total assets for portfolio asset allocation.
I am 58 and have two children age 8. I'd like to start social security at age 62, suspend it after FRA, and start it up again at age 70.
How do I do this in ESPlanner Plus?
I am reading Kotlikoff, Moeller, and Solman's 2015 book on Social Security. Here are two questions about details that I cannot find answers to in the book.
1. For a person who will be 66 on May 22, 2015, does Social Security consider that he/she will achieve full retirement age (FRA) in May or in June?
2. Then, let's say that the person files for a restricted spousal benefit upon reaching FRA (assume all SS criteria are met), will the first payment be made in (a) the month that benefits are requested to begin or (b) the following month?
I claim-and-suspend. Mine are calculated as $40,638 for ages 71 through 73, then decline to $40,303 for the remainder of retirement. My wife's benefits similarly decline at the same age. What would cause that?
I'll admit, social security benefits calculations have always been a mystery to me; I've never taken time to sit down and calculate my potential benefits.
I'm suprised that, despite only working 22 years in the US, the ESPlanner calculations are showing I'm entitled to maximum benefits. Is that possible, given that for many of the 35 years before taking benefits my income will be $0? I'm assuming that my average income over 22 years is large enough for me to qualify for full benefits. I used my income information from the SSA website, so I know it's correct.