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Mike T

Confused about Statement Benefit Amount

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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.

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