Social Security retirement calculator question (federal, 2013, state, retired)

[luv4horses]

So, you can go to Retirement Estimator and calculate what your benefits will be depending on the age at which you sign up to receive benefits.

If you take the benefit at age 70 instead of age 66, for example, your benefit will be 1.32X that at age 66. My question is, are the dollars used in the calculations all 2013 dollars? The reason I ask is that I am confused about whether the COL is part of the calculation. If it is in future dollars, then that 8% increase per year is actually less because it includes all of the COL changes. Does anyone know for sure?

[akck]

I didn't go into the calculator, but in the past there was a selection box where you picked today's $$ or future $$. I think the default is today's $$. Your actual benefit paid will be in inflated $$. The 8% increase is above the inflated benefit. If it wasn't, smarter people than me would be all over the boards saying how you aren't getting 8%.

[theoldnorthstate]

this does not answer your question but is an opinion. Having worked for the federal government for 35 years I have come to the belief that anytime the Government encourages an individual to do something or not to do something; then it is for the best interest of the Government - not the individual.

Hence I would believe that it is in the Government's interest to encourage people to pay into SS and to work as long as possible past minimum retirement age.

[alpineprince]

Originally Posted by theoldnorthstate

this does not answer your question but is an opinion. Having worked for the federal government for 35 years I have come to the belief that anytime the Government encourages an individual to do something or not to do something; then it is for the best interest of the Government - not the individual.

Hence I would believe that it is in the Government's interest to encourage people to pay into SS and to work as long as possible past minimum retirement age.

Say it ain't so!

[volosong]

Originally Posted by luv4horses

...Does anyone know for sure?

I don't know for sure, but it is most likely in today's dollars. My reasoning is that there is no way of knowing what a COL increase would be in any given year in the future. Lately, inflation has been low, so COL increases have been low. In times of rampant inflation, the yearly COLs have been larger. Since none of us know the future, the calculations are most likely at today's currency values.

[caco54]

I will retire at 62 and take SS then. Father died at 68 uncles at 57 and 71 so I don't think I have the genes to make it to 82 and the break even. At 84 I won't have the ability to kick myself in the butt for being wrong.

[highcotton]

Originally Posted by caco54

I will retire at 62 and take SS then. Father died at 68 uncles at 57 and 71 so I don't think I have the genes to make it to 82 and the break even. At 84 I won't have the ability to kick myself in the butt for being wrong.

Damn. I wouldn't be buying green bananas if I were you.

[jim9251]

I took social security at 62 got my first deposit this month. The difference between taking it now and waiting isn't that much and it's nice to get that extra money now.

[highcotton]

Originally Posted by jim9251

I took social security at 62 got my first deposit this month. The difference between taking it now and waiting isn't that much and it's nice to get that extra money now.

Let's be specific please. "Waiting" how long? How much "difference...isn't that much"? Do you need the "extra" money? If not, why did you elect to take it early? Maybe you plan to die soon...

[TuborgP]

I have been tracking mine at age 70 for a number of years, I have been retired for almost six years and my age 70 total keeps going up as the COLA is given.