Social Security Benefit Estimate and Recent Inflation

Hi Terry.

Thanks for your commonsense advice. My wife and I are always happy when we catch your segment on WGN TV. We have a question about social security benefit estimates.

We’re considering the possibility of collecting my social security benefit next year at age 62, along with the dependent child benefit for our young daughter, as well as the benefit for my wife caring for our dependent c under the age of 16. We’re only considering it at this point, but it looks like this option could work out better in our case.

I’ve been out of the workforce for 8-years and my annual benefit estimate has INCREASED for the past several years (after first dropping when I left the workforce). We actually expected to see a BIG estimate increase this year because of recent high inflation. But my estimate actually DECREASED slightly.

I’ve learned about NAWI since then and that benefit estimates are more accurate after age 60 (my last estimat( the first one I’ve received since turning 60), so what we’re seeing might not be that unusual. But I’d like to have an understanding of what to expect next year.

It seems we’re missing out on the BIG inflation adjustments. Is that actually the case? Or can we expect those inflation adjustments to be reflected in the upcoming benefit estimates? More importantly, can we expect the recent inflation adjustments to be reflected in our actual benefits?

Thanks so much.