The yearly social security statement provided by the SSA includes an estimated benefits section that tells me how much I will receive if I work until ages 62, 63, etc. This estimate is based on my "current earnings rate." How accurate is this estimate if I only work until 59 or 62, but don't start drawing until 66 or 70? I have to assume that since the estimate is based on me continuing to work, that the SS estimate would be way off if I stopped working early, even though I didn't start collecting until later. Do I have this right? Would your software program give me a reliable answer?

Hi,

The estimates on the Social Security statements issued by Social Security are only as accurate as the earnings data used. If they include a presumed level of future annual earnings that don't end up being earned, for example, the estimates are likely to be inaccurate.

We believe that you can obtain the most accurate possible estimate of your future benefit rates by using our software. We use the same computational formula used by Social Security, and our software allows you to determine what amount of future earnings to include or not include. In addition, our software analyzes your various filing options (including possible benefits for family members and other types of benefits besides regular retirement benefits) in order to help you determine your best strategy for claiming benefits.

Best, Jerry