Jump to content

soc sec calculator (for fun, of course!)


Tom Poje

Recommended Posts

ok, modified my indexed limit spreadsheet to now include a calculation of soc sec.

all you have to do is enter your DOB and the most recent comp entered. then enter your comp history.

after that, the spreadsheet needs to be updated each year with the most recent avg wage (govt releases every year late oct) , the latest taxable wage base, and you latest comp.

 

I've tried some different scenarios and have been able to

produce the same results found at https://www.ssa.gov/planners/retire/AnypiaApplet.html

well, ok, since I am not rounding, my results might be a $1 more or so. and once you have your historical comps entered you never have to do that again. they used to send you an annual statement listing all your comp, now you have to go out to the website to get this every year.

found this quite interesting how it is actually calculated. and it is not: have soc sec taken out and then never see again. at least not yet. ok, if you are really young I might not have extended my fields far enough.

indexed limits and soc sec.xlsx

Link to comment
Share on other sites

It appears Tom has some free time.

I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.

Link to comment
Share on other sites

Social (in)Security? My assumptions are that I'll get just enough to live in a yurt and eat pine needles. Maybe once in a while my kids will drop off their compost so I  can make a salad or a soup out of it. But remember, Washington is going to give tax cuts to us "hard working Americans" so we'll be rolling in money shortly...

Link to comment
Share on other sites

Quote

all you have to do is enter your DOB and the most recent comp entered. then enter your comp history.

Quote

they used to send you an annual statement listing all your comp, now you have to go out to the website to get this every year.

I guess efficiency was not a goal in preparing this, eh Tom?

Ed Snyder

Link to comment
Share on other sites

Bird - actually, efficiency was the goal. once you have entered the comps you don't have to reenter them again every year. you have something that can be updated rather simply each year.  you could easily modify future comps to assume a salary increase. etc.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...