Hi,
My FRA is 67 yrs. I plan to retire/stop receiving earnings income at 65.However I wanted to wait until I'm 70 to start my SS benefits. How would I calculate my benefits? Currently earning $80K/yr.
Thanks,
William

Hi William,

You could try doing your own calculations following the instructions in Social Security's operations manual (https://secure.ssa.gov/apps10/poms.nsf/lnx/0300605021), but all future benefit calculations can only be approximated until shortly prior to the year that a person reaches age 62. That's because part of the information required to calculate the person's base benefit rate isn't available until then.

You could also try using one of many online calculators, but we believe that the benefit calculator contained in our software (https://maximizemysocialsecurity.com/purchase) provides the most accurate calculations. The software allows you to enter your projected future earnings so that you can determine what effect those earnings would have on your benefit rate. The software would also permit you to explore and compare all of your various filing options so that you can determine the optimal strategy for claiming your benefits.

Best, Jerry