My spouse and I are planning to retire in about a year. We're 53 so we have 17 years until we collect Social Security (at 70). The SS website allows us to enter future salaries at zero (to reflect early retirement) and then displays our monthly payment amounts. I check this number in November each year and have watched it increase as I expect it would based loosely on inflation.
The payment amounts shown on the SS website appear to be in today's dollars so I'm not sure what value to plug in to a retirement planning calculator. Should I add a two to three percent annual increase in the payment amount going forward 17 years and then enter that amount into the retirement planner (such as FireCalc, FI Calc, Fidelity Retirement Planner, Flexible Retirement Planner, etc)?
The payment amounts shown on the SS website appear to be in today's dollars so I'm not sure what value to plug in to a retirement planning calculator. Should I add a two to three percent annual increase in the payment amount going forward 17 years and then enter that amount into the retirement planner (such as FireCalc, FI Calc, Fidelity Retirement Planner, Flexible Retirement Planner, etc)?
Statistics: Posted by JSparks — Fri Mar 29, 2024 9:39 am — Replies 4 — Views 291