Social Security is retirement income you can choose to start taking as early as 62 and delay as late as age 70. Each year that you delay starting, the amount you get will be higher, typically around 7-8% higher each year that you delay benefits. Your estimate is based on the average of your highest 35 years of income.
You can visit the Social Security Administration website SSA.gov at any time to view your estimate. When you download your estimate, you’ll want to verify all your income amounts are accurate on page 2. Let’s look at the example of Wanda Worker. On page 1 of her estimate, you’ll notice a very interesting statement: “These personalized estimates are based on your earnings to date and assume you continue to earn (in the example) $54,489 per year until you start your benefits.”
A few years ago, a retired client in their late 50s brought in their Social Security estimate. They were confused how their estimated income had gone down from the year prior. Since they had retired early, even though their prior year estimate assumed they were going to continue to work and earn a similar amount until at least age 62, their age years of 59, 60, and 61 were $0 income years which altered the previously assumed estimate.
It’s important if you’re planning to retire early, or if you’re planning to retire at 62 but delay your Social Security until age 67 or 70, you know the amount you’re seeing on your estimate may be higher than what you’re actually going to receive; The estimate is making the assumption you will continue to work and make the same income until you begin your benefit.
The SSA website also has a handy calculator where you can change your average future annual salary and see what your benefit would be at various ages. If you are looking for guidance in your investment journey, meet with a BCU Wealth Advisor to talk through your financial plan.
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