Need clarification on spreadsheet regarding Social Security

[tealduck]

Hello Mustachian Community!

I'm happy to have come upon this site a few months ago.  Since discovering this fountain of knowledge I've read many postings, I've learned and been inspired by many of you...thanks to all of you for that!

On to my inaugural post...My question relates to a cell on the spreadsheet, cell B144.  This cell is asking what if any additional income my wife and I will have access to after RE?  My wife and I are both age 54, based on what we've already contributed, if we stopped working today we'd receive a total of $48,000 annually at age 70. 

My confusion is simply that the answer to the question would be $48,000 annually.  But, doesn't the spreadsheet need to know when I'd access this additional income?  Doesn't it need to know if I'm going to take SS money at age 62, 67 or wait until age 70?

Thanks in advance for any assistance. 

[MDM]

My confusion is simply that the answer to the question would be $48,000 annually.  But, doesn't the spreadsheet need to know when I'd access this additional income?  Doesn't it need to know if I'm going to take SS money at age 62, 67 or wait until age 70?

Indeed it would, were it trying to be a really good retirement planner. ;)

As it stands, it attempts only "a simplified evaluation of 'how long to Financial Independence?'"

For detailed calculations, see Best and/or Recommended Retirement Calculator - Bogleheads.org and links therein.

If you are interested, see How Much is Your Social Security Worth? - Can I Retire Yet? for some thoughts on how you might enter your SS benefits as a current lump sum.  If you try this (e.g., either of the Excel formulas mentioned) in the case study spreadsheet and think the results are reasonable, please let me know and I can probably incorporated that into a new version.

[tealduck]

Ah, understood.  Thanks!

[tealduck]

additionally, thanks for the link to the other calculators, I'll review those.