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Logging into the social security website, you can get a projected amount you will get when you retire based on age. In my case, I got these numbers.
12/15/2022
62 Early $2,078
67 Full $3,060
70 delayed $3,872
Today I logged in and came up with these numbers
9/25/2023
62 Early $2,068
67 Full $3,038
70 delayed $3,837
These numbers are less than when I checked it before, I would assume as having a higher income than last year, that these numbers would increase, not decrease. Anyone have any clue why these numbers deceased?
Thanks.
I suspect why you're seeing the decrease is that those estimates include projected income up to your retirement date.
Inflation and projected inflation were somewhat higher in 2022 than 2023, so due to expected inflation your expected income up to retirement would be projected to be higher using the projected numbers from 12/15/2022 than numbers projected from 9/25/2023's inflation rate..
I'm an older Gen X and I have a pension and I was a stay at home mom for 20+ years. It's not going to amount to much but I'll be glad to have it.
I took a practical job with less pay but it had decent benefits when I was in my 20's. I know plenty who went for the bigger paycheck in lieu of benefits because they were young and healthy and felt that they needed the money then and there.
I'm in a similar situation, minus kids/SAHM.
I have a vested union pension, 100% employer-funded, and am close to my 25 years now at 46. I chose to forgo a career path that would have paid more with fewer benefits that would have eaten up some of the extra money earned.
I'm also thrilled that when I was in my early 20s and started my career, while still living at home, my parents pushed me to take extra money and allocate it to both a 401K and a 403B. The extra money, in the beginning, was the rent I paid them- I had to show them my W2 each year to confirm all the rent money was contributed as we agreed. In the ensuing years as my salary grew and I went out on my own/married, I continued to keep the rent money going in and a small increase each year.
I'm in decent shape with another maybe 16-20 years to go, even if SS goes the way of the dodo, especially since once I hit my 25 my present medical insurance becomes the hole filler with Medicare, and I keep my present dental, vision and prescription coverages all at no cost.
if you are near retirement, you REALLY should be reading this and you REALLY should have your account created by now.
It is inexcusable if you are near retirement age and in the dark.
The FRA hasn't been raised for anyone since it was raised to 67. While there's a good possibility that it will get raised again along with benefit cuts, none of that has happened yet.
I've had a mySS account for over 10 years. I check my account several times a year just to check for any changes.
I started working in 90 and have a pension. What difference does it make? My pension has no relevance to SS and I was paid less salary all along in part due to having the pension. . . I'd have had better hourly pay without it and thus more opportunity to save and more SS.
because the poster I was responding to was calling for cuts to SS benefits because all boomers have pensions.
Last edited by Lizap; 01-09-2024 at 11:24 AM..
Reason: Deleted combative comment
because the poster I was responding to was calling for cuts to SS benefits because all boomers have pensions, which you would have seen if you followed the thread.
The thread is full of statements that are simply nonsense. FRA has not changed in some time.
keep in mind, it takes anywhere from 6-12 months to get the first check. If you continue to work that 6-12 months, the earnings in that check year, decrease your eligibility for that year. So either have a cash hoard on hand or.....
Huh??
I got mine the month that I asked for my retirement benefits it to start. This was less than 4 months after I filed.
I got mine the month that I asked for my retirement benefits it to start. This was less than 4 months after I filed.
yes, that was once true. in fact the online process advises 3-5months to get approved. however, along with every other govt agency, the backlog is massive at present The agency is suffering the same 1/3 or greater retirements with no replacements we all are.
handling a case for someone right now, its taking 2 months just to change the DD account.
''at present? age 56/57, its when I got mine a few years back, its when my bro got his last summer
I do know that at work as each of my peers in varying years got it, we had 'I got my letter' parties in the cafe and IIRC the ages held. half my friends are retired or will within the next 24 months.
I guess it didn't make much of an impression on me if I got it a year or two ago. I would still have it if I got it I can say that. It probably didn't tell me anything that I didn't already know. I am aware that my FRA is 67 for instance. Is there anything else other than the recommendation to sign on to SS to see your projected benefits?
I was dealing with HS/college kids, helping my elderly mom, working and taking classes so it probably was one of those things that needed no immediate action and went into my bin of paperwork that I plan to go through soon. I'll be sure to look for it.
yes, that was once true. in fact the online process advises 3-5months to get approved. however, along with every other govt agency, the backlog is massive at present The agency is suffering the same 1/3 or greater retirements with no replacements we all are.
handling a case for someone right now, its taking 2 months just to change the DD account.
I guess YMMV but the SSA site has ALWAYS said it was 3-5 months for decades and posts the warning on continuing to work at your big boy (or girl) salary and the tax/eligibility/funding implications. That its taking longer with the mess we got, not exactly startling news. A coworker who retired end of 22, like in dec, finally got paid oct 23...thats 10 months and he was gubmint too - no favoritism here.
Of note, the case I am working for an elderly 'relative', the VA disability took just one month to change accounts. SSA still sez at least 2 months. To change an account. Sad. Its not like they use computers and ACH or anything.....
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