This week I extended my tool to provide future RIB estimates – which is what I ultimately care about for doing the FI/RE financial analysis I’ve discussed previously.
I’ve been wanting to code up a tool to compute social security income for quite some time now, and I finally made some significant progress on that front!
To build this tool, I had to gather all the relevant steps and calculations from across various ssa.gov and third-party sites – which was not trivial.
So, the objective of this post is to have every calculation and table needed to compute standard social security income, which the Social Security Administration (SSA) refers to as retirement insurance benefits (RIB), in a single page.
Social security income (SSI) is a bit tricky when it comes to taxes. Though “a bit” might be an understatement for many folks.
Now you may be wondering why I’m talking about social security income on a blog about FIRE. Isn’t social security going to be gone by the time any of today’s early retirees reach their 60’s?