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Ok I'm dense and this is way new for me but I'm sure there are a few here that have gone on SS benefits. I found a Social Security Online site and ran the calculator,
It shows I could retire on 10/20/2015.
It shows that Actually I really need to extend that by 4 months because retirement has been extended? by 4 months? To 65 and 4 months?
It also shows that I will get $2,827 a month? That sounds like a lot more than my parents are getting? Does that sound realistic?
Now it also shows I became disabled TODAY I would get $2,271 a month?
It also shows that if I died today, my wife would get $1,709 a month and my daughter would get $1,709 a month?
Then it shows my wife would get $2,279 at her retirement which is a long way off because she is a lot younger than me.
Then it shows the family maximum of $3,988 a month?
I find some of this confusing.
Would my wife not also get her retirement in about 25 years when she gets to the age and would it not be more than $2,279?
Any one that knows the system?
Thanks.
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Too much junk/toys to mention, ever changing due to too getting bored too quickly. I need a 10 step program!
Want to call? I'm in the book. Want to argue....First explain the square root of negative one....lol
Last edited by roofeditor : 06-15-2008 at 09:04 PM.
Reason: transposed 56 for 65
The only thing I know about the system is,by the Time I retire The system will be Banktrupt.
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The only thing I know about the system is,by the Time I retire The system will be Bankrupt.
For my wife who is a lot younger than me and am sure of it for my 10 year old daughter.
A little off topic but we assume that the system will be dead in 55 years when my daughter retires so we set up a retirement plan for HER at 5 years old. I know this sounds stupid but our financial guy helped us "donate" 40K from my company as a deduction (don't ask me how) and we are each (wife and I) putting $2,000 in yearly until she is 21. Then hopefully she will continue to deposit in her retirement until then.
The calculator came up with
Final Savings Balance:$ 20,999,702.16
Now I realize that in 55 years 20 million wont be what it is today but it should be worth a few bucks?
__________________
Too much junk/toys to mention, ever changing due to too getting bored too quickly. I need a 10 step program!
Want to call? I'm in the book. Want to argue....First explain the square root of negative one....lol
I can't draw a penny until I am 67 so I don't even think about it. By the time I reach that age they will probably have moved it to 75, if the program even exists. While it would be nice to get some of my money back since I have been paying the max in for 21 years, Social Security is not in any form part of my retirement plans.
Social Security is not in any form part of my retirement plans.
That's the best plan right there,forget it even Exists,if it's still there when I get that old,it will just be Icing on the cake so to speak.
__________________ 2005 F250 XLT wedgewood blue 4x4 C/C SWB,6.0L PSD, Auto.(Member of 05 STC Failure Club ) 2006 Expedition Eddie Bauer,5.4L (Wife's) NRA Life Member. TSRA Life member.
As I've explained before, my wife is on permanent social security disability and has been for 15+ years. It took her at least 5 years to prove her case through an advocate who befriended her at the SS office. Her benefits works out to about $14k/year, but out of that she has paid for medical coverage which she seldom if ever uses. It' all taxable too, cutting the "benefit" down to just about a moot point once it's added to my income. I'm 50 and considering "retirement" and going to work as a contractor instead of as a "captive" employee. I will be able to get a COBRA policy for 18 months, but because she's got medicare available, she's not eligable. Try finding a doctor who accepts medicare these days. Most refuse it because they pay such low amounts that it's a step backwards for the doctors.
I also helped a long-time friend get on to social security almost 20 years ago- that took about 3 years of paperwork and medical appointments. Anymore, you just about have to get an attorney to deal with disablity, and of course they want their cut of your minimal existance payments, again making the benefit just about moot, but my wife says the lawyers may be legally bound to a small cut rather than their typical 50%.
There's also the rejections of your application for missing punctuation, etc, so count on having to go through the appeals process. It's all very crazy making. Best option is to not have to be disabled, but it happens.
I'm unaware of anyone being able to draw SS retirement benefits before government established retirement age, and as Roof and others pointed out, that age varies and is increasing with time. There's plenty of money to pay the benefits forever at the rate the Fed is printing money, but inflation makes it worth less and less.
Personally, I'd like to see the retirement benefits portion eliminated over time, paying the obligations they have but discontinuing the program for newbys just starting their work careers. Yes, that would cost a lot of money because it's based on a ponzi pyramid scheme, but better to unplug it before it becomes impossible to support and it collapses. The disability portion is important enough that I think it should continue. Accidents and diseases happen and that shouldn't mean a death sentence by starvation for anyone who is an american citizen. Illegal aliens? Send them home- but I digress.
The way SS is now, it's not sustainable without the counterfeit money being injected into the system or increased payments or increasing retirement ages. As I said, it's a Ponzi pyramid, which requires more and more new payers to support it. Like it or not, in all reality, it's ability to support itself ended with Roe vs Wade, which has "terminated" around 45 million potential social security contributors over about the last 35 years. That wasn't something Rooseveldt calculated in when SS was established. I'm not saying that to start any fights, I'm simply stating the facts and ramifications that the media won't discuss.
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I can't draw a penny until I am 67 so I don't even think about it. By the time I reach that age they will probably have moved it to 75, if the program even exists. While it would be nice to get some of my money back since I have been paying the max in for 21 years, Social Security is not in any form part of my retirement plans.
We have 401's, real-estate, the oil/gas wells, etc but it was interesting to know that some is there in 2015. Is it extended to 67 for you because you are 10 years younger than me?
__________________
Too much junk/toys to mention, ever changing due to too getting bored too quickly. I need a 10 step program!
Want to call? I'm in the book. Want to argue....First explain the square root of negative one....lol
I can't draw a penny until I am 67 so I don't even think about it. By the time I reach that age they will probably have moved it to 75, if the program even exists. While it would be nice to get some of my money back since I have been paying the max in for 21 years, Social Security is not in any form part of my retirement plans.
I "donate" the max 2 times, once as employer and once as employee!
Do I get to collect double? Hey I'm putting in about $15 K a year in it.
Actually truth be known i will not retire, I like what i do. I may semi-retire to 4 days a week instead of 6 but I don't fish and I HATE golf, so I'll keep doing what i like!
__________________
Too much junk/toys to mention, ever changing due to too getting bored too quickly. I need a 10 step program!
Want to call? I'm in the book. Want to argue....First explain the square root of negative one....lol
The only thing I know about the system is,by the Time I retire The system will be Banktrupt.
Nonsense.
That is just private investment Banks trying to convince that taxing you against your will and giving huge sums of government money to them is a better option.
I wish we had done that back in 2004 when it was really being pushed.
They could have used my retirement money to buy sub-prime mortgages.
What I'd like to know is how you got a wife 25 years younger than you. If I pull that off then I know what I'm doing in retirement.
I'm 57 hitting 58 and my daughter just hit 10!!!!!!!!!
__________________
Too much junk/toys to mention, ever changing due to too getting bored too quickly. I need a 10 step program!
Want to call? I'm in the book. Want to argue....First explain the square root of negative one....lol
For my wife who is a lot younger than me and am sure of it for my 10 year old daughter.
A little off topic but we assume that the system will be dead in 55 years when my daughter retires so we set up a retirement plan for HER at 5 years old. I know this sounds stupid but our financial guy helped us "donate" 40K from my company as a deduction (don't ask me how) and we are each (wife and I) putting $2,000 in yearly until she is 21. Then hopefully she will continue to deposit in her retirement until then.
The calculator came up with
Final Savings Balance:$ 20,999,702.16
Now I realize that in 55 years 20 million wont be what it is today but it should be worth a few bucks?
You can adopt me....
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Traded in my Travel Trailer for it, so no need for a Diesel.
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2005 F250 XLT wedgewood blue 4x4 C/C SWB,6.0L PSD, Auto.(Member of 05 STC Failure Club 
) 2006 Expedition Eddie Bauer,5.4L (Wife's) NRA Life Member. TSRA Life member.
Forget SS
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