Your advisor estimated your Social Security benefit using the SSA bend-point formula.
Formula thresholds and maximum benefit cap are grown to your retirement year at 3.8%/yr
(SSA 2024 Trustees Report intermediate AWI assumption).
Claiming before age 67 permanently reduces your benefit (up to -30% at 62).
Delaying past 67 increases it (+8%/yr, capped at 70, max +24%).
The spousal benefit (50% of primary earner's PIA) does not grow with delay past 67.
The 2034 trust fund projection (81% payable) is a conservative planning assumption.
For your official benefit visit my.ssa.gov.
Enter current income and years already on SS record. Future years to retirement are added automatically. Benefit is capped at the SSA FRA max, grown to your retirement year at 3.8% AWI.
⚠ 2034 SS Trust Fund Reduction
SSA 2024 Trustees Report: trust fund covers ~81% of scheduled benefits after 2033.
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