The tool's website states:
"Everything is done in "real" (i.e., inflation-adjusted) dollars. So there is no need for you to make manual inflation adjustments."
I'd like clarity on this statement. Is he saying that it is using today's dollars for my benefit at full retirement age (15+ years away), or future dollars adjusted for some assumed inflation rate?
I chose to input my PIA values in as today's dollars from the SSA site, and the Opensocialsecurity.com tool appears to be projecting the amount in the same, today's dollars. Can someone confirm for me how this is working? Are the tool's projected benefits in terms of today's dollar value of purchasing power?
This is a key question for me because if the reported amount is in today's dollars, then I think social security will cover my basic essential expenses. But, if it's reporting benefit values in inflated future dollars, then that purchasing power would not be enough to cover basic essential expenses & I'd change my strategy to seek additional secure fixed income.
thanks!
"Everything is done in "real" (i.e., inflation-adjusted) dollars. So there is no need for you to make manual inflation adjustments."
I'd like clarity on this statement. Is he saying that it is using today's dollars for my benefit at full retirement age (15+ years away), or future dollars adjusted for some assumed inflation rate?
I chose to input my PIA values in as today's dollars from the SSA site, and the Opensocialsecurity.com tool appears to be projecting the amount in the same, today's dollars. Can someone confirm for me how this is working? Are the tool's projected benefits in terms of today's dollar value of purchasing power?
This is a key question for me because if the reported amount is in today's dollars, then I think social security will cover my basic essential expenses. But, if it's reporting benefit values in inflated future dollars, then that purchasing power would not be enough to cover basic essential expenses & I'd change my strategy to seek additional secure fixed income.
thanks!
Statistics: Posted by Airco_DH2_pilot — Mon Oct 21, 2024 5:43 pm — Replies 6 — Views 363