How to Predict Your Social Security Payout

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are cost of living increases still given in this economy? and do disabled people on disability social security get the cost of living raises?

ken of KY 6:35PM September 16, 2011

If you are pretty healthy, have good genes and don't need SS now, activitate the "File & Suspend" option - maximally waiting until age 70 which will give you about 8% more in lifetime benefits for each yeear you have postponed receiving SS. In other words your annual SS payment could be as much as 33% more for as long as you live or for your spose if you die. Of course you need to live beyond 78 to come out ahead financially. The Social Security people either don't know about this option or they pretend to not know about it. Of course, there are risks like Congress doing means testing your SS benefits, taxing at a full 100% or just plain cutting benefits, so be prepared to activate your benefits if they start changoing the game.

old doc of CO 1:44PM August 09, 2011

Response to The Math Doesn't Add Up
Emily, what am I doing wrong here: $749 x 0.9 = $674 plus $3,768 x 0.32 = $1,206 plus $4,383 x 0.15 = $657. The $674 + $1,206 + $657 = $2,527/mo. That is more than the $1,775 stated as the max at 62. It is even more than the $2,366 stated as the max at age 66.
Actually on the first 749 dollars the amount is $674.10. The next 3768 in earning is 1205.76. When you total your salary indexed for inflation you divide it by 420 which is your monthly adjusted earning (35years). In your case you subtract 4517 from your monthly adjusted benefit and multiply that times .15 or 15% and you round down to the nearest dollar the total of all three numbers . You can get a detail of the calculation here from the gov web site. http://www.socialsecurity.gov/pubs/10070.html

Bill of TX 1:01PM August 07, 2011

Emily, what am I doing wrong here: $749 x 0.9 = $674 plus $3,768 x 0.32 = $1,206 plus $4,383 x 0.15 = $657. The $674 + $1,206 + $657 = $2,527/mo. That is more than the $1,775 stated as the max at 62. It is even more than the $2,366 stated as the max at age 66.
The $2,410 is the monthly amount at age 62 assuming incremental amounts, which is still too much. I'm assuming the last result to be $106,800/12 - $749 - $3,019 or $5,132.

Ward Fridrich of WA 12:45AM August 04, 2011

Can you also begin your benefits at an early age (62) then when your spouse begins, say at 66 you can then go and reclaim benefits on their work record if the benefit is then at a higher rate than you are now receiving?

terrie of CA 7:27PM August 01, 2011