How accurate are the benefit estimates on my Social Security statement?

Thanks for explaining! I didn't even think about checking my earnings record. I'll definitely look that over. Did you have to provide proof when you found that missing income?

Yikes, that's a huge difference! I'm planning to work part-time the last few years too, so this is really good to know. I'll look more carefully at those assumptions.

You're right that the basic calculator doesn't account for WEP (Windfall Elimination Provision) or GPO (Government Pension Offset). However, there's a specialized WEP calculator on the SSA site specifically for people with non-covered pensions. But I agree they should make this much clearer in the main estimates!

That's encouraging to hear! $50 difference isn't bad at all.

This is super helpful, thank you! I'll check out that detailed calculator. And good point about the three different ages - I've been focusing on my FRA amount at 67.

I was having the same problem until I found this service called Claimyr (claimyr.com). They somehow get you through to a real SSA agent without the crazy wait times. I was skeptical but they got me through in about 15 minutes when I'd been trying for days on my own. They have a video showing how it works: https://youtu.be/Z-BRbJw3puU. Totally worth it to actually get my questions answered about my survivor benefits.

That's a good point. I did take about 8 months off between jobs back in 2012, so that probably shows as a lower-earning year for me.

I am married, and my spouse earned significantly less than me over the years. I'll definitely look into spousal benefit options - thanks for mentioning this!

This is really comprehensive advice, thank you! I hadn't thought about how inflation would affect my other retirement income differently than Social Security. That's a great point about the COLAs. I'm definitely leaning toward working until 70 now - that 8% yearly increase sounds pretty attractive compared to what I might earn in the stock market. Do you have any recommendations for finding a Social Security specialist, or should I just look for any certified financial planner?

Great insights about using multiple sources for planning! I'm curious about something you mentioned - when you say the estimates don't factor in inflation's impact on other retirement income, are you referring to how a fixed pension or 401k withdrawals lose purchasing power over time while Social Security keeps up with inflation? I have a small pension from an old job and never really thought about how that would compare to Social Security over a 20-30 year retirement. This makes me think I should probably rely more heavily on Social Security than I originally planned.

This is excellent advice, especially about using multiple planning sources! I've been relying pretty heavily on just the SSA estimates, but you're right that I should cross-reference with other tools. The point about inflation really hits home - I have about $400k in my 401k that I was counting on, but if those withdrawals don't keep pace with inflation while Social Security does, that changes my whole retirement income picture. Quick question: when you mention delayed retirement credits of 8% per year, is that 8% of the full retirement age benefit amount, or 8% compounded? I'm trying to figure out if working those extra 3 years from 67 to 70 would actually be worth it versus just enjoying retirement earlier.

This is really valuable perspective from a professional! I'm the original poster and this helps put everything in context. I hadn't considered how Social Security's inflation protection makes it more valuable over time compared to other fixed income sources. One follow-up question - you mentioned third-party retirement calculators. Are there any specific ones you'd recommend that do a good job incorporating Social Security optimization strategies? I'd like to model a few different scenarios before making any final decisions about my retirement timeline. Also, that 8% delayed retirement credit is pretty compelling. I'm currently planning to retire at 67, but if I could handle working until 70, that's essentially a 24% increase in my monthly benefit for life. Definitely worth considering!

Thank you for such detailed professional insights! As someone approaching retirement, this really helps me understand the bigger picture. I'm particularly interested in your point about Social Security becoming a larger portion of retirement income over time due to COLA adjustments. I have a question about timing - if I'm planning to work until 70 for those delayed retirement credits, should I still apply for Medicare at 65? I've heard conflicting information about whether you can delay Medicare enrollment if you're still working and covered by an employer plan. Don't want to miss any enrollment windows while trying to maximize my Social Security benefits. Also, do you have any thoughts on how recent economic conditions (inflation, market volatility) might affect the reliability of current Social Security projections? I'm wondering if I should be more conservative in my planning assumptions.

This is incredibly helpful advice! As someone who's been relying mainly on the SSA estimates, I really appreciate the perspective about using multiple planning tools. The inflation point is eye-opening - I never considered how my 401k withdrawals won't have the same protection as Social Security's COLAs over a 20+ year retirement. I'm definitely intrigued by those delayed retirement credits. Working until 70 instead of 67 for an extra 24% monthly benefit for life does sound attractive, especially given the inflation protection you mentioned. Do you have any specific recommendations for third-party calculators that handle Social Security optimization well? And when you work with clients on this, how do you typically factor in the uncertainty around future COLA adjustments - do you use historical averages or more conservative projections?

This professional perspective is exactly what I needed to hear! I've been relying too heavily on just the SSA calculator, and your point about inflation's different impact on various income sources really opens my eyes. I never thought about how Social Security's COLA protection makes it more valuable over time compared to my 401k withdrawals. The delayed retirement credit information is particularly compelling - that 8% per year essentially guaranteed return for waiting until 70 is hard to ignore, especially in today's uncertain market environment. I'm curious though, from your experience with clients, how do you typically help people weigh the financial benefits of delayed filing against the personal/health considerations of working longer? At 57, I'm in good health now, but three extra years of work is still three years I won't get back. Also, do you have any recommended third-party calculators that do a good job modeling different Social Security claiming strategies alongside other retirement income sources?

This is really reassuring to hear from someone who's actually been through the process! Being within $75 of the estimate seems pretty darn accurate. I'm definitely going to be more diligent about checking my earnings record - it sounds like errors are more common than I thought. Your point about taxes is really important and something I hadn't considered. I was so focused on the benefit amount itself that I forgot about the tax implications. Do you have any suggestions for good resources to estimate the tax impact on Social Security benefits? I have a 401k and a small pension that will also generate income in retirement. It's encouraging to know I still have 10 years to optimize things. I'm feeling much more confident about using these estimates for planning, but with the understanding that I need to keep monitoring and adjusting as I get closer to retirement.