Cannot set inflation rate from different time points
For me, the inflation rate set by the user seems to start at a point in time in the past, possibly the FRA point. If a 68 year who has not taken his/her benefits yet, and sets a presumed inflation rate going forward, the table and chart figures are grossly inflated and in error.Pablo of Issaquah
Developer Response
Thanks for using the app and your observation / review. You are correct, COLA (inflation) adjustments begin compounding at age 62, otherwise there would be very little incentive for retirees to delay receiving benefits. The calculator uses the unadjusted full retirement primary insurance amount in the calculations. If a person is already past their full retirement age and entering their current PIA into the calculator, the calculations would indeed be off, because the COLA has already been factored into their present PIA and has been factored in since the age of 62. For situations like this, the person would need to enter what their lower unadjusted PIA would have been prior to the adjustments, otherwise as you noted, they will have additional COLA added to their currently defined amount. If you would like to reach out to me directly I'd be happy to share the resources and formulas used to make these calculations if you might find them useful. There truly are a lot of nuances that can affect calculations and I highly recommend using a professional financial advisor in planning for the timing on when to take Social Security Benefits. **Disclaimer** All the information and tips presented here and in the app are for educational and resource purposes only. It is not intended to provide specific or investment advice. The accuracy of this tool is not guaranteed and it is highly recommended that you consult with your advisor regarding your individual situation.
- Versions
- In-App Purchases History1
- Price History
- Description
- FAQ
Version History of Calculator for Social Security
1.0.4
February 22, 2019
Calculator for Social Security In-App Purchases History
$1.99
Inflation and Life Expectancy
Calculate COLA and Life Expectancy Benefits
Price History of Calculator for Social Security
Description of Calculator for Social Security
You've worked hard and paid into Social Security your entire life. Now it's time to devise a plan for maximizing your benefits! Calculate how taking Social Security benefits at different ages can affect your monthly and lifetime Social Security benefit Income.
Features:
No ads!
100% Personal Privacy and Data Privacy
The free version allows for calculations that do not include inflation.
By upgrading you can calculate using inflation and setting life expectancy.
A bit of bragging....this is the only Social Security calculator that correctly applies cost of living adjustments to delayed benefits at the time of publishing.
Show less
Calculator for Social Security: FAQ
Does Calculator for Social Security work on iPads?
Yes, Calculator for Social Security supports iPad devices.
Who released the app?
The app was developed by Tamber Schorey.
What’s the minimum iOS version needed for the Calculator for Social Security app?
Your iOS device should have iOS 9.0 or later installed to run the app.
How do users rate the Calculator for Social Security app?
The Calculator for Social Security app has an overall user rating of 3.7.
What’s the genre of the Calculator for Social Security app?
The App Genre Of Calculator For Social Security Is Finance.
What’s the current version of the Calculator for Social Security app?
The current version of Calculator for Social Security is 1.0.4.
What is the release date of the most recent Calculator for Social Security update?
The latest Calculator for Social Security update came out on September 19, 2024.
What was the release date of the app?
Calculator for Social Security launched on February 5, 2023.
What is the content advisory rating of Calculator for Social Security?
The Calculator for Social Security app is suitable for children aged Tamber Schorey.
What languages does the Calculator for Social Security app support?
The Calculator for Social Security app is now available in English.
Can I find Calculator for Social Security within Apple Arcade's selection of games?
Sorry, Calculator for Social Security is not available on Apple Arcade.
Are in-app purchases available within Calculator for Social Security?
Absolutely! In-app purchases are accessible within Calculator for Social Security.
Is Calculator for Social Security optimized for use with Apple Vision Pro?
Unfortunately, Calculator for Social Security is not optimized for use with Apple Vision Pro.
Are there commercial ads in Calculator for Social Security?
No, there are no commercial ads in Calculator for Social Security.
Screenshots of Calculator for Social Security
