Vaughn's Summaries logo Vaughn's Summaries

Economics Summaries
Social Security

U.S. Social Security Retirement
Estimated Monthly Payments
Chart

by Vaughn Aubuchon

Here is a table which provides a quick estimate of your expected Monthly Social Security retirement benefits payment.


These retirement benefit estimates were compiled by me from the official Social Security Administration website. Use this as a guide only - each individual's situation is different. This SSA chart is intended for quick general estimates only.

Table 1. Estimated Monthly Payment
Table 2.
Early Retirement Penalties
Table 3.
Work Earnings Penalty

NEW - Example Online Application Form to Begin Receiving SS Retirement Benefits. This will help you prepare to fill out the government form online.

300

140


top of page

Table 1.
Estimated Social Security Retirement
Benefit Monthly Payment
based upon Estimated
Recent Average Annual Income

.
Estimated Recent Average Annual Income

.
Retirement
Age
$5K
$15K
$25K
$35K
$45K
$55K
$65K
$75K
$85K
$95K
105K
115K
125K
150
and
Up
Age 62
(early retire)
199
530
671
813
954
1,095
1,236
1,378
1,444
1,511
1,575
1,628
1,668
1,714
Age 66
(full benefits)
263
673
860
1,048 
1,235
1,422
*1,609
1,745
1,833
1,920
1,998
2,060
2,106
2,162
Age 70
(delayed retire)
377
921
1,190
1,458
1,727
1,996
 2,253
2,379
2,505
 2,631
2,728
2,802
2,854
2,929

.1. The numbers in the Table above are in current U.S. whole dollars.
2. In Table 1. above, the "Retirement Ages" apply to those born between 1943 and 1954.
3. This benefits table does not take into account any disability benefits that you may be entitled to.
4. *1,609 ($65K income level) = This amount is used in the early retirement penalties example below.

100 - 768

48

48

48

48

48

48

48

48

48

48

48

48

48

48


top of page

Table 2.
Early Retirement - Benefit Penalty
How Your Social Security Benefit is Reduced
(Full Benefits example = $1,609 per month)

If you
START getting benefits at age =

And you are the
Wage Earner, the Retirement Benefit you will receive is
REDUCED to

Penalty
percentage
Example Monthly Payment
@ 65K
Annual
Earning
Level
Dollars Lost Per Month (forever, until death)
Due to
Early Retirement

62

 75.0%

- 25%
$1,207
- $ 402

62 + 1 month

75.4

62 + 2 months

75.8

62 + 3 months

76.3

62 + 4 months

76.7

62 + 5 months

77.1

62 + 6 months

77.5

- 22.5 %
$ 1,247
- $ 362

62 + 7 months

77.9

62 + 8 months

78.3

62 + 9 months

78.8

62 + 10 months

79.2

62 + 11 months

79.6

Age 63

80.0 %

- 20%
$1,287
- $ 322

63 + 1 month

80.6

63 + 2 months

81.1

63 + 3 months

81.7

63 + 4 months

82.2

63 + 5 months

82.8

63 + 6 months

83.3

- 16.7 %
$ 1,340
- $ 269

63 + 7 months

83.9

63 + 8 months

84.4

63 + 9 months

85.0

63 + 10 months

85.6

63 + 11 months

86.1

Age 64

86.7 %

- 13.3 %
$ 1,395
- $ 214

64 + 1 month

87.2

64 + 2 months

87.8

64 + 3 months

88.3

64 + 4 months

88.9

64 + 5 months

89.4

64 + 6 months

90.0

- 10.0 %
$ 1,448
- $ 161

64 + 7 months

90.6

64 + 8 months

91.1

64 + 9 months

91.7

64 + 10 months

92.2

64 + 11 months

92.8

Age 65

93.3 %

- 6.7%
$ 1,501
- $ 108

65 + 1 month

93.9

65 + 2 months

94.4

65 + 3 months

95.0

65 + 4 months

95.6

65 + 5 months

96.1

65 + 6 months

96.7

- 3.3 %
$ 1,556
- $ 53

65 + 7 months

97.2

65 + 8 months

97.8

65 + 9 months

98.3

65 + 10 months

98.9

65 + 11 months

99.4

Age 66

100.0 %

Full benefits
$1,609
No Penalty

.
For every year that you delay applying for your
retirement benefits, your monthly benefit payment
will be increased until age 70.

If you
START getting benefits at age =

And you are the
Wage Earner, your Age 66 Retirement Benefit will be
INCREASED to
Benefit
percentage
Increase
Example Monthly Payment
@ 65K
Annual
Earning
Level
Dollars Gained
Per Month
(forever, until death)
Due to
Late Retirement
Age 67
108%
? + 8%
$ 1,737
+ $ 128
Age 68
116%
? + 16%
$ 1,866
+ $ 257
Age 69
124%
? + 24%
$ 1,995
+ $ 386
Age 70
132%
? + 32%
$ 2,124
+ $ 515

When you reach age 70, your monthly
benefit stops increasing, even if you
continue to delay taking benefits.
The numbers above are ESTIMATES.

140 - 450

100

70

70

70


top of page

Table 3.
Benefits Penalty -
When Receiving Benefits
While Working

While you are working, your earnings
will reduce your benefit amount only until
you reach your full retirement age.

If you start getting benefits at

Your work earnings limit is (...)
Beyond which your monthly benefit is reduced by

.

Retirement
Age
Earnings
Limit
Dollars Reduction
Note
Age 62
$12,960
$1 of every $2
earned above
$12,960

Early retirement

Age 63

.

Age 64
Age 65
Year you
turn 66
$34,440
$1 of every $3
earned above
$34,440

Pre-birthday

none
none

Post-birthday

Age 66
until Death

No reduction in benefits due to income received from working.

.

Numbers are in U.S. dollars

140

90

120

100

top of page

Applying Online to
Receive S.S. Retirement
Benefits

Go to http://www.socialsecurity.gov/retireonline/

Be careful when filling out the online Application Form to Begin Receiving S.S. Retirement Benefits.

I made the mistake of filling in the data too quickly.
The form is ambiguous regarding address.
It says, "Street". I assumed that they wanted my physical address.
They actually wanted my Mailing address, without telling me so.

What you filled in for "Street", suddenly becomes "Mailing Address" on the final, completed form. THAT IS WRONG. My mailing address is a PO Box. The entry was mislabeled "Street" on the data entry form.

ONCE SUBMITTED, THE FORM CANNOT BE EDITED.

Don't screw yourself like I did. Now, I must physically go down to their office. Just what I was trying to avoid.

BEWARE. The SS site shuts down every night. If you start too late, you may get cut off on your unfinished form, and perhaps have to enter the data again, at a later date.
Shuts down every night? Hey. It's the Internet. What gives?
It's the government way. Inexplicable.

Example Form
So you can be ready when you apply,
Here are the questions

Identification : Initial Information

1. Identification

Applicant Name : First Middle Last
SS # : xxx-xx-xxxx
Gender: Male/ Female
Date of Birth: xx-xx-xx



Page 1

2. Contact Information

Street Address (it comes out "Mailing Address" on the final form)
Address: xxx xxxx Ave.
Reside at this address: Yes

Phone and Email
- Daytime phone number: (xxx) xxx-xxxx
- Best time to call: Between 9AM and 5PM
- Email address: xxxxx@xxxxx.com
- Confirm Email address: xxxxx@xxxxx.com

Language Preferences
- Preferred language for speaking: English
- Preferred language for reading: English

3. Birth and Citizenship Information

- Place of Birth: xxxxxxxx, State
- U.S. Citizen: Yes
- Type of Citizenship: US citizen born inside US

Identification : Personal Information

4. Other SS Numbers and Names

- Other SS #s used: No
- Other names used: No

5. Disability

- During the last 14 months, unable to work: No
- Blind: No



Page 2

General : Family

6. Marriage Information

- Currently married: No

7. Prior Marriages

Any prior marriages: Yes
- Any unmarried children under age 18: No

8. Children

- Any children disabled before age 22: No
- Any unmarried children under age 18: No

General : Earnings

9. Employer Details

- Worked or will work for employer in 2014: No

10. Self Employment Details

- Self-employed in 2014: Yes
- 2014 self-employment type of business: xxxxxxxxxx
- 2014 self-employment net income greater than $400: Yes

11. Supplemental Information

- Worked outside the US: No
- Agree with earnings history on SS statement: Don't know
- A Corporate Officer of employer: No
- Related to a Corporate Officer of an employer: No
- Receive earnings from Family Corporation: No

12. Total Earnings

- Total of all wages from 2014: $xxxxx (estimate)
- Self-employed income 2014 over $3450: Yes
- Worked outside the US in 2014: No
- Include specials payments earned in another year: No

13. Other Pensions/ Annuities

- Work in job with no withholding?: No



Page 3

General : When to Start Benefits

14. When to Start Retirement Benefits

- Benefits to start in 01/2014: Yes

15. Direct Deposit Details

- Account Type: Checking
- Routing Number: xxxxxxxxx
- Account Number: xxxxxxxxxxxx

Other Benefits : Benefit Information

16. Benefit Information

- Recent application for Supplemental
- Intend to apply for Supplemental Security Income Benefits: No
- Any previous
- Types of benefits for which application submitted: Medicare
- Application for benefits submitted on own SS Number: Yes

17. Health Insurance

- Already enrolled in Medicare Part B: Yes
- Enrolled on own SS Number: Yes
- Receiving Medicaid: No
- Covered under a group health plan: No

18. Remarks

- (500 or so characters allowed)

330

100



top of page

Vaughn's Other
INSURANCE-Related Pages

* AARP Offers

*
Cal-Auto Insurance

*
Cal-Health-Insurance

*
Medicare Enrollment

*
Personal SS Payments

*
SS Payment Estimator




Disclaimer
The author is not perfect, and errors can occur. I compiled the SSA site retirement benefits data above. Please check any questioned data for yourself, by visiting the official SSA Website.
Determine your own personal, detailed monthly payment estimate at the official government website.

top of page


Vaughn Aubuchon
Vaughn's Summaries
©2012, 2013 Vaughn Aubuchon
www.vaughns-1-pagers.com
All Rights Reserved

This Vaughns SSA Retirement Benefit Estimator
Chart was last updated on 2014-09-19.