Please critique my retirement expenses work-around

[8arclay]

8arclay, I had no idea about SS amount until I signed into my account, and it shows you your earning history and expected SS income.

Neat, didnt know this existed. Good looking out

[STATscans]

So after reading this thread, I was curious and set up an account at the social security site and got this:


So these numbers are for like in 20 some years. $3800 a month 25 + years from now doesn’t sound like a lot of money????? Wife doesn’t work so will not contribute much to SS. Am I wrong reading this? Are these numbers inflation adjusted?

Is there a calculator that estimates if you go part time? This calculator seems to assume you will continue contributing the same amount till you retire, which isn’t going to be my case.

[Hatton]

The math behind SS is complex. Mike Piper has a book on the subject. So does Larry Koltikoff (?sp). Basically it use your highest earnings over 35 years, inflation adjusts them and calculates your benefit. There is a max each year so earning above a threshold does not help you. It is better to work more years earning moderately as far as SS is concerned. Social security is indexed to inflation.