Thanks for taking the time to create this video. One very slight clarification/correction; your Social Security benefit is based upon your highest 35 years of _indexed_ earnings. Meaning, inflation is taken into account. For example, earning $50,000 in 2023 is not higher earning than $49,999 earned in 1978. $49,999 in 1978, despite being a dollar less than $50,000, would still be considered a higher _indexed_ earning.
Yeah I didn't really get into detail on that. My latest video breaks down the actual calculation of your benefit: th-cam.com/video/GFypeFQEE_s/w-d-xo.html
Yeah I usually assume 67 to make the videos more straightforward but most who are already retired have an earlier FRA. Just gets messy trying to take into account all the variation!
Thanks, very clear and informative.
Thanks for taking the time to create this video.
One very slight clarification/correction; your Social Security benefit is based upon your highest 35 years of _indexed_ earnings. Meaning, inflation is taken into account.
For example, earning $50,000 in 2023 is not higher earning than $49,999 earned in 1978. $49,999 in 1978, despite being a dollar less than $50,000, would still be considered a higher _indexed_ earning.
Yeah I didn't really get into detail on that. My latest video breaks down the actual calculation of your benefit: th-cam.com/video/GFypeFQEE_s/w-d-xo.html
In the top 1% - Woo-Hoo!!!
But will I live long enough to see any of it?
You’re FRA numbers are
misstated. It depends on the year you were born. Example, my FRA is 66 years and 8 months. Not 67.
Yeah I usually assume 67 to make the videos more straightforward but most who are already retired have an earlier FRA. Just gets messy trying to take into account all the variation!