I am trying to figure out the proper way to input correct SS benefit's for our current model.
We both will quit working prior to our SS ages. I will retire and quit working in 2041 @ 58 and she retired this last month 9/2025) @ 51.
When I have put our information into the estimators on the SS website, it shows estimates at 62 years of age. It is my understanding that I must enter our expected SS benefit at FRA (67) into the software.
Since we will both have pensions and very little SS taxable income after our "Retirement" ages (58, 51) How is the best way to get correct numbers to input into the model? Should I just use our estimate at 62 or is there another way to accurately model this?
I have tried various different things, but nothing seems to be matching right, sorry if I am missing something simple.
@pm0084 You should indeed enter your expected FRA amounts and THEN tell Pralana when you actually expect to start taking benefits. It will then do the computations to determine your actual benefits at that time, including any spousal benefits.
Stuart
@pm0084 From my experience, the SS Administration's website will show your benefit amount as of your Full Retirement Age. As Stuart said and assuming it shows your benefit as of your FRA, you should enter that amount and select "Benefit at FRA (not started" from the dropdown.
If you cannot get your benefit at your full retirement age (your Primary Insurance Amount or 'PIA') from the SS Administration's website, please let me know. Earlier this year we modified Pralana because the SS website DOES NOT show the PIA for people who are currently over the FRA. Thus we added the ability to show the amount as age 70 which I believe the website always shows.
Just a quick note that the AnyPia app (from social security) allows you tailor wage base and inflation increases to match the 2025 actuary's report assumptions I (optimistic), II, or III (pessimistic), or no increase in either (what the SS shows on your statement). All of these (even the pessimistic III) are higher than what social security gives you on your statement, which unrealistically assumes 0% increase on both from now till retirement. Given how important SS is for most of our retirements I highly recommend using assumptions II or III to generate your PIA amount. I find Anypia much more useful than the generic SS statement.
https://www.ssa.gov/oact/anypia/anypia.html
The SS website shows a graph of the benefit at 62, Full Retirement Age and age 70. If you really can't find the FRA number, realize that the formula is that the age 62 benefit is 30% less than the PIA, which is at age 67 (FRA) for your age group.
While the SS site it does not assume an increase in the average wage index, it does assume you will keep working at your current salary unless you enter zero for future earnings.
Thanks for the replies and help, looks like things make better sense now.
