Yearly Social Security Statement

[johngross]

For people who are age 60 or over and not yet receiving their social security, the SSA mails a yearly estimate of how much your monthly benefit will be if you retire early at age 62, your full retirement age (between 65-67 depending when you were born), or age 70.

For those of you who have received the estimated statement in the past and are now collecting your social security, have you found the estimate to be reasonably accurate (assuming your salary continued to be about the same as noted in the SSA statements).

Thank you, John

 

[sceva]

Yes, pretty accurate

 

[ralph7]

Right in the ballpark.

 

[NYlakesider]

It did a good job.

 

[Bajadoc]

The paper estimates are pretty accurate for that moment in time. Laws and benefits can change year to year. Set up an account on the social security website and you can get accurate real time estimates any time. You can also check your earnings record, order replacement documents, learn about different retirement scenerios and apply for benefits. An account on the social security website is definatly worth getting.

 

[Doug627]

Right on the amount.

 

[red14]

For people who are age 60 or over and not yet receiving their social security, the SSA mails a yearly estimate of how much your monthly benefit will be if you retire early at age 62, your full retirement age (between 65-67 depending when you were born), or age 70.

For those of you who have received the estimated statement in the past and are now collecting your social security, have you found the estimate to be reasonably accurate (assuming your salary continued to be about the same as noted in the SSA statements).

Thank you, John

Very close to what it said on early retirement via disability as well. Uncle Sam did good.

 

[ChuckS1]

You don't have to wait for an annual statement. You can see what your benefit will be by creating an account on the SSA website. You can also use its calculators to see how changing your retirement dates changes your benefit amount.

You can also apply for SSA on line, instead of waiting hours at your local SSA office. My wife applied for hers the first week of January and her first payment was in our checking account the next week.

 

[glenwolde]

They are made with the assumption that your earnings stay the same and there are no changes in the laws or regulations. As you get closer, the estimate proves more accurate as even changes in your earnings has little effect. They have a calculator (or used too) where you could enter a lower assumption for future earnings to see how it affects your benefit. If they still have that try entering $0 for future estimated annual earnings and see how much it affects your benefit.

 

[H Richard]

Was right on, between the wife's and my SS increase we figure we can go to the Village Inn for breakfast once a month.

 

[TheOldPro]

Been receiving my checks for 2 years now. The statements were dead on the money. I was on salary and it never changed the last 5 years I worked. Was easy to calculate.

 

[TheOldPro]

FWIW: My money advisor told me to take checks at first opportunity due to health issues. Get it when you need it. May be a tad less but in the long run it would work better for me. Dead guys don't need money. And if you do live beyond expectations, 65 and active requires more money than most folks over 80 who have slowed down a bit. Everyone is unique. Do your research well. Good luck.

 

[Peak53]

SS has been the easiest major bureaucracy I've dealt with. They are, by definition, used to old folks. On the phone, they speak slowly and carefully then check to be sure you understand. If your computer skills are limited, they will work with you. And, yes, the estimates were quite good. All good from my limited perspective.