Why is the monthly benefit amount on my s.s. statement so much higher than the maximum monthly benefit payable, which for 2019 is $2,861? Same for my husband. We make nowhere near the maximum s.s. wages. When we go to apply, will we be in for a rude awakening? According to my statement, if i wait five years until age 70 to collect, my monthly benefit is estimated to be $3,064. Just how accurate are the figures on the s.s. statement?

Hi,

In past years we've always found the Social Security statements to be pretty accurate, but we recently became aware of an example where the numbers on an individuals statement were way off. For example, on that person's statement their actual age 70 rate was shown as their age 66 rate, and their actual age 66 amount was shown as their age 62 rate. So, you're wise to be skeptical.

That said, if your full retirement age (FRA) is age 66 and your statement says that your age 70 rate would be $3,064, that indicates that your FRA rate would be roughly $2,321. That is significantly below the current maximum possible FRA rate, so I can't tell you whether or not your statement is inaccurate. However, you and your husband may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to both determine your correct benefit rates, and to explore your filing options in order to identify your best strategy for claiming your benefits.

Best, Jerry