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How To Calculate Social Security Benefits [3 Easy Steps]

Devin Carroll, CFP® 130 views

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Thank you
Comment from : @jluke6861

Hey I need help calculating my monthly benefits they taking forever I'm only 35 I have my history earnings can u help me please
Comment from : @RayvellMcqueen-p8q

Very interesting to see how big a joke SSA is I don't think it is worth wasting my time trying to calculate such a mess of math for a few dollars
Comment from : @libertysmith-l4x

what if your totally disabled at 47??
Comment from : @freshaziisfreshaziis5064

Lot of people are dead before 60 what bs
Comment from : @DayJay-rh2tr

Thanks Very helpful
Comment from : @skygh

As a soon retiree, keeping my 401k on course is my top priority I have been reading of investors making up to 250k ROI in this current crashing market, any recommendations to scale up my ROI before retirement will be highly appreciated
Comment from : @FarukStingl

Why does anyone need to calculate Social Security benefits manually when the calculations are done for you, and explicitly, on the Social Security website?
Comment from : @scottjackson163

Very helpful video
Comment from : @edzamoracollegeprepchannel3820

You are receiving less than our true cost of living for many many years There is evidently much to criticize Social Security (SS) and more specifically the manner in which SS uses the Bureau of Labor Statistics (BLS) inflation figures for Cost-of-Living Adjustments (COLAs) and taxation There are number of ways COLAs can be calculated and the most egregious is the current way To keep this short, over the years for one example that since 2007 starting with $15,000 yearly benefit to 2023, that same beneficiary would fall behind approximately $500 per month in spending power or $6,000 for the year 2023 Another example: a review one tax return, one taxpayer exceeding a single filing amount of gross income, 85 of the taxpayer’s SS benefit was subject to tax The result was for 2023 tax year, the taxpayer went from a roughly $1500 refund to a $1400 tax payment at the taxpayer cost of $2900 – a total loss of their 2023 COLA and significantly more For more details and what we can do about it, type SocialSecurityTakeawayorg SS beneficiaries are paying for their own COLAs in a convoluted manner br brThere is a lot of information on the webpage, but it is a real eye opener
Comment from : @richardjohns6409

The "assumed increase" in the bend point calculator is the amount you assume your income will increase every year from now until I turn 62?
Comment from : @ForAnAngel

What if you are 66 and still working and planning to work till 70 Is formula is still the same?
Comment from : @gunkeshirajoria2111

2024 are there any new things we need to know?
Comment from : @IMaPOSSE2

This is limited The bend points, as far as I can tell from the website footnote, aren't necessarily from the year you reach 62 - "[a] Year of eligibility; that is, the year in which a worker attains age 62, becomes disabled before age 62, or dies before attaining age 62" ( wwwssagov/oact/cola/bendpointshtml#fn ) Also, what happens if you have years bafter/b you reach 62 that pay into the SSA account? My partner has 28 years of regular earnings, 17 years showing $0 for SSA wages due to being on disability, and recently 5 years of income from online piecework, those 5 years starting the year she was 62brbrSeems like you're assuming the person trying to calculate their SSA benefits is 1) younger than the year of eligibility, 2) hasn't been on disability, and 3) doesn't earn anything after their year of eligibility
Comment from : @Tara_Li

Sounds like a silly question When I look my social security Earnings Record there are two columns Taxed Social Security Earning and Taxed Medicare Earnings When I compare those numbers for a specific year, they do not match what's on my tax return So how do I know if the SS office has my correct earnings AND more importantly, what number on my W2 or tax return should I use to compare to what I see on the ssagov website and if it's correct?
Comment from : @TheK9Shepherd

I know this video is four years old, but shouldn’t there be a seventh column after the Indexed Earnings are calculated? It seems that there should be an upper limit you can use after adjusting for each year based upon the Yearly Maximum Taxable Earnings Limit for Social Security Otherwise, the maximum SS received by a consistently high wage earner would be excessive I had found an actual Social Security Form several years ago that I used for estimating Unfortunately, I can’t find that form now and can’t remember it’s form number On that form there were actual upper limits you could not exceed after indexing your yearly salaries I wish that you would address this Thanks
Comment from : @elisabethmiller8335

What if a person is disabled, do they add zeros for the years they were unable to work due to a disability? And if not, how/doesthis change the formula?
Comment from : @kellyyork3898

What about the Cola if your are over 62? Is that added into the online estimate or do you add it?
Comment from : @sherrytaylor5046

Please answer, If Canadian Citizen working in USA last 20 Year and he/she is Canadian citizen NOT a US Citizen/Greencard Do He/She will get Social Security at the age of 62 or higher?
Comment from : @ShahzadUmar17

hi I am force to file at age 57 for ss I am now fully disabled May I please ask is there a formula for this ?
Comment from : @MsJimw

Do you have a video that shows how to calculate a potential WEP reduction??
Comment from : @gretawedepohl2384

Thank you, Devin, for a good educational video! You have made something "mysterious" to me understandable
Comment from : @wb6csh

Great information!
Comment from : @michael7054

I am trying to decipher the reduction per year for retiring early My FRA is 67 If I go at 62 is 30 (5 each for 62 and 63, total 10 plus 666 each for 64, 65, 66, total of 20)?
Comment from : @JoseRodriguez-on9il

Very educational in terms of the calculation method I am more interested in your example spreadsheet shown in the video Could you please consider to share the example spreadsheet? I want to use the example to build my own spreadsheet to work on my SS benefit Thanks again
Comment from : @jinliu9081

Can I do still do my bend points after receiving benefits for several years? Just found out about bend points
Comment from : @victoregalvan1

Can I also find this portion of information in your book?
Comment from : @paulgalloway4042

My FRA is 66yrs 8mos To get the full benefit of waiting until 70yrs and get the 32 bonus, is it actually 70yrs 8mos?
Comment from : @1134Bigguy

Yours is by far the clearest and best explanation I have heard Thank you so very much I do have a question What happens to contributions after 62, do they fall under the highest 35 years calculations?
Comment from : @peterweng4800

So how bad can high income people get screwed by that 15 bend point What is the max PIA that can be in that third bend that we are paying full price on I think this is important to explain for those that think the “rich” don’t pay their fair share Be good to see how much money can be in that third 15 Replacement
Comment from : @walkingdude8779

This was not 3 easy stepslol
Comment from : @msnzbody3712

I am 63 and plan on taking SS at FRA (67) I went to the SS website and it gives me my estimate at the 3 points Does this estimate include the COLA's between 62 and 67 or does the monthly payouts have the COLA go back to age 62 through 67 and recalculate this estimate of my SS when I go to draw SS? In otherwards, are the estimates I am seeing on the SS website updated each year on the SS website after age 62 or do I have to wait until a final calculation is done to take into account COLA's?
Comment from : @meltdownman1

I am 63 years old and came to us in Nov 2013 as immigrant, l have only 9 years work history, how SSA would calculate my benefit?
Comment from : @waleedeng60

Great information Thanks!
Comment from : @hhhhhhsieh

Please send me the SS benefits calculation Thank you
Comment from : @ashfaqshaikh3915

If I retire at 63, but delay taking my social security benefits till age 70, do I earn the delayed retirement credits? Or do you have to work to your full retirement age to qualify for the credits?
Comment from : @brej

This was great but I could never get it to come out what I was told when I called SS
Comment from : @Judes121

Hello How does the COLA figure in ? Thank you for a wonderful explanation
Comment from : @romeksypko6568

I am on SSDI for last 20 years and am turning 65 in November 2022 at which time I’m told they will switch to retirement benefits I spoke with two people from SS who told me my benefit amount should be the same as my SSDI amount I am fearful that that is not true I have 20 years of Zeros and had my own small business in the five years prior to being I’ll I am petrified as I cannot live on much less and I wish I had not become chronically I’ll, like I had a choice I should have planned better and thought about this I did not file taxes while on SSDI and MediCal I have received an inheritance also, which I am trying to figure out how I can stay on full MediCal with MSP extra help Also, I change automatically from SSDI to retirement at 65 My fra should be 66/6months Will that also lower my benefit Please help
Comment from : @annlaselva2323

I’m self employed, do i need to sign up now if i’m not retired yet?
Comment from : @benjiebarker

If you are fat, take it at 62
Comment from : @walterknox5953

If you are fat or smoke you should probably start collecting Federal welfare, SS, at 62
Comment from : @edrodgers4581

Is this the actual amount we are getting or estimated?
Comment from : @juliet2756

Hello,need some advice, I stop working at 57 1/2 I’ve been working since I was 18-2 years of unemployment that comes out to 39 years I haven’t been back to work at all I’m coming to 62 years old , is your calculation or you’re thinking I should go back to work too I’m 67 or just file at 62 and do the calculations
Comment from : @rubensifuentes5044

When doing my bin points I quit paying Social Security when I was turned 50 I went to work for a place to do not pay Social Security so last time I paid was 2013 is that when I figure my been points or I’m still working but I’m not paying Social Security do I figure my Ben points up the current year I’m trying 22?
Comment from : @boostedthirdgenracing

the SS staement has 2 earning numbers: Taxed Social Security Earnings and Taxed Medicare Earnings br - which one do u use in this calculation?? (the Taxed Medicare Earnings br??)
Comment from : @clare4nys

When you take your early retirement benefits at 62, there is a limit on your earnings before SSA witholds a portion of your benefitsbrIf I have RENTAL INCOME Does that count as part of that limit of income?brI can't find the informationbrCan someone who knows, please comment?
Comment from : @myutube1960

It would be better to simplify the system It would also be a big help if the government would use the top 30 years, instead of 35 Low earning years can really bring your average way down
Comment from : @billquattlebaum1577

PSbrI apologize for the misspell on Yourbrname
Comment from : @blazefleetwood76

Hi Devon, brMy eligible retirement age of 62 wasbr2016 I worked full time until November of 2021 I see that the indexing factor for Me at 60 and 61bris 10000000 Is the IF the samebrfor My age up to 67?
Comment from : @blazefleetwood76

I'm greatful for your video and sharing your knowledge and expertise with the public
Comment from : @eb1266

How to calculate spouse SS income ? Some wives do not work, so how are they paid? Some do work but made less than husband so how do they can pay? Is it based on the higher of the two? What if one passed away what will the window get? Can you make another clip covering spouse calculation? Thanks,
Comment from : @Eddie-qo2wt

Drew as @age 67 but continued working part up until 2019 went full time again Now at 70 I want to retire but the income for the past 2 years higher than any of my previous years How do we calculate for current income?
Comment from : @jeanschultz8857

You made my life so much simple I’m retiring before 50, so blessed to be able to do it
Comment from : @miminyc8093

Thank you Mr Carroll, this is helping me a great deal
Comment from : @99TheHarbinger

Good points to get a closer estimate but what about how to calculate the new 59 COLA that just came out? Can we take our monthly estimate and add the 59 or do the calculations change in the formula you gave us? As an example, if I retired lets say in January My current monthly would be approximately $1856 per estimator calculator Because this is calculated prior to January 1, would it be assumed that I could add 59 and see $1965?
Comment from : @rfbos

I went to your web site to download your Blueprint book but on the site there isn’t a way to download it
Comment from : @crissiecook2207

How does this calculated amount compare to the estimate the SSA mails to us (assuming they have our work history correct)?
Comment from : @generic_official

Very well explained, thank you MrDevin Carrolli'm seeing you from chicago
Comment from : @mariofiallos6880

Start paying my sss contribution at age 58 and that is year 2015 I will complete my 40 quarters on the last quarter of 2024 and my age by that time will be 67 My anual taxable income is aproximately $32,000 per year for this last 10 years( or for the whole 40 quaters) Please give me an estimate if how much pention I could be receiving if I deside to retire right after I complete my 40 quaters contribution Thank you
Comment from : @ramonrisos122

Can you dispute if SSA calculations is inaccurate
Comment from : @Gokywildcats11

This is fantastic! Running these calculations, I show my payout is more than the current max allowed payment for FRA using 2 inflation Can I assume 2 inflation on the current 3,113 max payout and therefore by 2037, the max payout would be 4,358?
Comment from : @jobowman369

I will be 62 in 2023, I ran the index factors today 5/29/21 Will these factors change next year or definitely what mine will be?
Comment from : @wilma6235

Very helpful Thank you
Comment from : @RetireCertain

Sorry if this has already been asked—I didn’t read all 134 comments—I have figured my PIA I am retiring at 59 and will not take Social Security until 67 Will my PIA increase due to COLA’s for the next 8 years even though I’m not receiving the benefit or will I still get what I estimated originally? Thanks for the terrific work you do
Comment from : @frankofva8803

This video was very helpful this guy awesome
Comment from : @CC-hr4vr

I was quoted the amount I would receive at full retirement age several years before I was full retirement age I have been working full time and still do , so I don’t understand how the SS Admin Is correct as my income has increased yearly?
Comment from : @bonniefleener3924

My dear l pray yo meet you one day when l will be due for my Retairment, well God Bless you for your good job well done Thank you very much
Comment from : @mamimaningouekomadeleine8839

What about people on ssdi
Comment from : @other1163

@Devin Carroll, this is great information I used all the artifacts you mentioned in this video, including download of your spreadsheet After applying a 4 inflation rate in your bend point calculator, I got a way better number for my social security monthly payment amount that the estimated amount on my social security annual statement I will be 62 in 2022, so I think the calculations should be correct Would like to know your thoughts if possible before I become over optimistic 🙏🏼☮️
Comment from : @mrmtest1

Hi, sorry if this was covered If I am planning to file at 625 months and my full retirement is 666 (1957), would I pay the additional 5 penalty for the entire year because I’m not within three years of retirement?
Comment from : @mikemorin6609

Totally different (now)!!!!!!!!!
Comment from : @charleneferguson7564

Blue printer
Comment from : @elvarezbryant3579

I can never calculate my benefits they are not enough
Comment from : @tupacshakur6104

He we go math,math,math ,that nobody UNDERSTAND,S!@!!@@@@@@
Comment from : @skidmark7119

Is social security taken out of a retirement pension if you have one?
Comment from : @timknake9672

CAUTION: You cannot access your "MyAccount", on the SSAGOV website, outside of regular business hours
Comment from : @EJ42955

None of this seems easy to me
Comment from : @Jefleopard

Let me save you 13 minutes: 1 Open an online account @ssgov 2 Go to "benefit estimates" 3 Go have a beer and wait until you are 70 to collect No bend points, no indexing, no sweat I love you Mr Carroll
Comment from : @uncareid5557

How often does Social Security underpay your retirement income assuming the earning record is correct to your knowledge? And if it does, how do you get back the amount that they underpay you?
Comment from : @katel7727

Thanks for the informative video FYI, the SS account link isn't working I found this one which you might want to update in your links:br wwwssagov/myaccount/
Comment from : @stevebishop3796

If you continue to work past FRA, does your income still factor in as one of the brhighest 35 years
Comment from : @thomasdamico2107

Ummm typo in the social security website link?
Comment from : @thedebaterness

😳
Comment from : @kathystewart6091

I started receiving my disability when i was 57, Now I'm 63 Can i apply for my SS?
Comment from : @txbiker57

Mr Devin, if my wife passed away in 2014 at 56 years old what are the following ?brbr1 Would the bend points be for the year of death 2014 or the year she would have been at year she would of reached 62 2020? brbr2 Would the wages indexing factors be for the year of death 2014 or year she would have reached 62 which would be 2020?brbrThanks!
Comment from : @forgednotcast612