Love your Youtube videos. I have a question regarding the benefit amounts shown on my Social Security Statement. I am 56 years old now and say my amount for waiting until age 70 shows $3600, is that amount in today's dollars or does it accurately represent the actual amount I would get in 14 years? If it is today's dollars, would I be correct to apply a future value calculation at say 2% to cover expected COLA's over 14 years, which would show the amount I would actually receive then being about $4750? Thanks for any clarification you can provide.
Confused about Statement Benefit Amount
in Social Security Questions
Posted
Hi Devon,
Love your Youtube videos. I have a question regarding the benefit amounts shown on my Social Security Statement. I am 56 years old now and say my amount for waiting until age 70 shows $3600, is that amount in today's dollars or does it accurately represent the actual amount I would get in 14 years? If it is today's dollars, would I be correct to apply a future value calculation at say 2% to cover expected COLA's over 14 years, which would show the amount I would actually receive then being about $4750? Thanks for any clarification you can provide.