Are The Estimated Payments Provided By Social Security Accurate?

Sep 9 2018 - 11:11am

I will be 62 next month. I am single, never married, no children, no
disability, don't need the money, I have over $500k saved up and I spend
about $20,000 per year total. I use the ACA Marketplace health insurance,
with income very low from interest income and a small pension from a company.
My house is paid for.
My worry is the govt. will reduce SSI payments - I have read by 21% sometime
in the next few years.
I want to maximize my SSI payments even though I'll probably never need the
money unless I get very sick and have to pay 20% of medical care costs.
Now my coverage is 100% over $1950, with monthly premiums of $50/month.
Why would I need a calculator? I smoked cigarettes 40 yrs but am healthy, I
expect to die age 80-85 or so.
**ARE the estimated payments from SS Admin. accurate????

Hi,

I would say that the estimates provided by Social Security are generally fairly accurate, but certain variables are sometimes involved that can cause the estimates to be off by a significant amount.

When people use the Social Security benefit calculator in our software, we solicit all of the pertinent information needed to provide accurate benefit estimates. The software also permits people to run various what-if scenarios, allowing them to compare all of their filing options tailored to their particular set of circumstances and their presumptions about the future.

Best, Jerry