My spouse and I are planning to retire from full-time work when we are 60. I am one year older than him. We are planning to claim Social Security at age 70. The SSN website includes a statement with the projected monthly earnings that it is based on someone working until they claim SSN benefits (for us that would be at age 70). What is the best methodology to estimate the monthly SSN payment at age 70 if you stop working full-time at age 60? Thank you in advance for your help with this question.

Hi,

Your retirement benefit rate will be computed using your highest 35 years of wage-indexed covered earnings. The following Social Security publication explains the methodology used, but the data required for a precise calculation of your benefit rate won't be available until shortly before the calendar year in which you reach age 62: https://www.ssa.gov/pubs/EN-05-10070.pdf.

We believe that using our maximization software is the most accurate way to calculate your future benefit rates. The software employs the exact same calculation formula used by Social Security, although as mentioned above benefit rates can only be approximated until shortly prior to the year in which a person reaches age 62. The software can also help you determine your filing options and permits you to compare your options in order to help you identify the best time to claim benefits.

Best, Jerry