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Typically there’s a place you can click to view assumptions. I’m guessing the assumption they’re making is if you continue working, making about the same money and paying social security until 62.
Coach
I think the more realistic approach for most professionals is to retire from the stressful job, take some time to travel and pursue passions, then find a lower stress lower paying job to provide insurance and some structure/purpose/extra spending money.
It’s saying if you keep making the same amount of money every year until you turn 67, you will qualify for a $3403 monthly check. That amount will increase with inflation
Almost. They input a retirement age of 62. So, it’s calculating ~same income until 62, then withdrawal SS starting at 67.
Mentor
Change average future salary to $0 to see what it would be if you stopped working now.
Mentor
Lower on the page it says it uses your 35 highest earning years for the estimate. So not working a bunch of years hurts your average.
No, it assumes you will make the same amount from now to retirement. There are other calculators available that you can use to check various amount depending on when you stop working
It has a button to put when you will stop earning money.
Yes
I don’t think that’s right, given they put 62 as a retirement age.
Forgot the exact name used but there are different “inflection points” you might want to look at. That might be more important to selecting retirement date since working much beyond the final inflection - I believe - results in diminished benefit.
please google for specifics - I’m just waiting on some coffee to brew
I get the same!