I played with this brilliant tool I found off reddit: https://socialsecurity.tools/app.html
You have create your account in order feed some data into the tool.
Anddd holy shit if this ends up being accurate... I used a bunch of assumptions for this. I assumed my average yearly income would be $16,000 lower than what I currently make (it's likely that I would earn at the very least 25%+ more over my career though). I also set it so that I would stop working entirely at the age of 50 (again, this isn't likely, but just wanted to see what numbers would look like since this what I'd be going for ideally).
I've also seen that starting in 2034 if the current law isn't amended, we would see a reduction to 79% of social security benefits (not sure if this applies to all retirees or new ones only). To stay conservative, I took whatever yearly benefit they are estimating and multiplied by 60% (so I took an extra 19% off the estimated 21% reduction). If I layer this on top of my existing retirement plan, I'm actually at an incredible spot. Based on all of these, they are saying that I would receive a social security benefit of 25,000 at the age of 67. 60% of that is 15,000. If I adjust few sliders up to something a little more likely and change the age to 55 for when I stop working, I get to 30,000 yearly benefit, which 60% is 18,000, using my conservative estimate. If the reduction is only ~20%, an extra 24,000 a year would be amazing...
For the whole time I was only putting like 8,000 in the personal capital retirement assumptions, lol...
You have create your account in order feed some data into the tool.
Anddd holy shit if this ends up being accurate... I used a bunch of assumptions for this. I assumed my average yearly income would be $16,000 lower than what I currently make (it's likely that I would earn at the very least 25%+ more over my career though). I also set it so that I would stop working entirely at the age of 50 (again, this isn't likely, but just wanted to see what numbers would look like since this what I'd be going for ideally).
I've also seen that starting in 2034 if the current law isn't amended, we would see a reduction to 79% of social security benefits (not sure if this applies to all retirees or new ones only). To stay conservative, I took whatever yearly benefit they are estimating and multiplied by 60% (so I took an extra 19% off the estimated 21% reduction). If I layer this on top of my existing retirement plan, I'm actually at an incredible spot. Based on all of these, they are saying that I would receive a social security benefit of 25,000 at the age of 67. 60% of that is 15,000. If I adjust few sliders up to something a little more likely and change the age to 55 for when I stop working, I get to 30,000 yearly benefit, which 60% is 18,000, using my conservative estimate. If the reduction is only ~20%, an extra 24,000 a year would be amazing...
For the whole time I was only putting like 8,000 in the personal capital retirement assumptions, lol...
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