How to read Social Security benefit estimates:
Share to linkedinA lot of people these days believe they’ll receive little or nothing from Social Security. They’ll hear otherwise from Social Security, which will provide statements of estimated benefits to those who request. Most workers who are age 60 or over are mailed the statements each year, whether they ask for them or not.
When making retirement plans, the key part of the statement contains the estimates of future benefits. There’s an estimate of the monthly benefit you’ll receive at full retirement age and estimates of benefits payable at age 62 and age 70 if you claim at those ages. The assumptions used for economic growth and wage inflation in particularly are low. These assumptions understate benefits, because your earnings history is indexed, or inflated, for wage growth during your lifetime before the earnings are used to calculate your benefits.
The estimates also assume there are no annual inflation increases in Social Security benefits. In other words, they assume no inflation.
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