|
Joined: Apr 2007
Posts: 3,362
Campfire Tracker
|
Campfire Tracker
Joined: Apr 2007
Posts: 3,362 |
At 62 I am withdrawing WHAT I WAS REQUIRED TO PUT INTO THE SYSTEM. Just because the government can't do math is no reason to put off meeting my needs. (Eleven years "retired".)
|
|
|
|
Joined: Apr 2011
Posts: 152,105 Likes: 33
Campfire Savant
|
Campfire Savant
Joined: Apr 2011
Posts: 152,105 Likes: 33 |
I’m thankful I have teachers retirement, living off SS is tough, even if you draw the max 2871. That won’t hardly keep the lights on and buy beer!
|
|
|
|
Joined: Mar 2013
Posts: 27,091
Campfire Ranger
|
Campfire Ranger
Joined: Mar 2013
Posts: 27,091 |
It is not the people's fault the federal government uses that money for all.
|
|
|
|
Joined: Oct 2006
Posts: 4,237
Campfire Tracker
|
Campfire Tracker
Joined: Oct 2006
Posts: 4,237 |
Between my bride and I, we receive a touch over $3800/month from SSA. I also draw some from my IRA to cover the monthly "shortfalls" until we are 100% debt free anyhow. Bride retired at 62 and I retired at 66. My IRA will last beyond when bride HAS to start withdrawing minimum from her 401k. We worked hard to get where we are and are tickled to get back some of what we put into SSA. I really didn't think there would be any $ to get back when I started working full time in 1975. As it is, I will be in my mid 70s before I hit the break-even point of what I put in SSA vs what I get back . . .
Pisses me off every time I hear SSA is an "entitlement" and lumped in with SSI and other pure welfare give-aways. Sure do wish I/we could have put the monies we contributed into an IRA/401k/savings account instead of the .gov coffers.
Someday I hope to be the person my dogs think I am . . . The only true cost of having a dog is its death. Someone once said "a nation of sheep will beget a government of wolves." Shiloh Sharps . . . there is no substitute. NRA Endowment Member
|
|
|
|
Joined: Oct 2005
Posts: 16,000
Campfire Ranger
|
Campfire Ranger
Joined: Oct 2005
Posts: 16,000 |
one of the other things people don't realize is that premium for part a medicare is not the same for all. in some cases it is waived. in some cases if a high wage earner you pay a higher premium.
THE BIRTH PLACE OF GERONIMO
|
|
|
|
Joined: Sep 2009
Posts: 46,268 Likes: 2
Campfire 'Bwana
|
Campfire 'Bwana
Joined: Sep 2009
Posts: 46,268 Likes: 2 |
Yup, I hit the dirt in '63 so it sure as fu-k wasn't me. Since you re a 1963, you even get less benefits than a true baby boomer. NICE! I new there was a reason I never counted on ss at retirement. WTF they got agin us 63 models??? No sheet Raeford, You, I, have done nothing but work and follow the law.
Trump Won!
|
|
|
|
Joined: Feb 2013
Posts: 6,458
Campfire Tracker
|
Campfire Tracker
Joined: Feb 2013
Posts: 6,458 |
Getting boned by birth date link below. This only applies if you work, if you are a parasite, then everything is free. Post 1960 models lose the most. https://www.ssa.gov/planners/retire/agereduction.html
|
|
|
|
Joined: May 2003
Posts: 31,289 Likes: 10
Campfire 'Bwana
|
Campfire 'Bwana
Joined: May 2003
Posts: 31,289 Likes: 10 |
Just to keep the numbers simple, let's say you'd get $1000/mo at age 62, and $1500/mo at age 66.
In those four years, you'd take in $48,000. At 66, it would take you 96 months (eight years) to make up the $48k you didn't take. So you wouldn't "break even" until age 74.
Plug in your own numbers and then make your decision based on your health, your family lifespan history, and your financial needs at each age.
Cleverly disguised as a responsible adult.
|
|
|
|
Joined: Sep 2009
Posts: 46,268 Likes: 2
Campfire 'Bwana
|
Campfire 'Bwana
Joined: Sep 2009
Posts: 46,268 Likes: 2 |
LOL, that figures, again, GLAD I never put much stock into my retirement future relying on ss, I could smell SCAM even when I was a young and much stupider man. frankly, I didn't figure to even live as long as I am now.
Trump Won!
|
|
|
|
Joined: Jan 2006
Posts: 69,475 Likes: 18
Campfire Kahuna
|
OP
Campfire Kahuna
Joined: Jan 2006
Posts: 69,475 Likes: 18 |
SS was never intended to be a retirement. When it was started, most men didn't live to 65 but their widows did. The country was awash with poor widows. SS was actually intended to support those widows.
“In a time of deceit telling the truth is a revolutionary act.” ― George Orwell
It's not over when you lose. It's over when you quit.
|
|
|
|
Joined: Apr 2011
Posts: 152,105 Likes: 33
Campfire Savant
|
Campfire Savant
Joined: Apr 2011
Posts: 152,105 Likes: 33 |
one of the other things people don't realize is that premium for part a medicare is not the same for all. in some cases it is waived. in some cases if a high wage earner you pay a higher premium. I pay extra for Medicare, Wifey and I make too much.
|
|
|
|
Joined: Aug 2004
Posts: 28,237 Likes: 1
Campfire Ranger
|
Campfire Ranger
Joined: Aug 2004
Posts: 28,237 Likes: 1 |
I think I get 1800 a month at 62. At least that is what the quick calculator says on the SS website. That is about 22K per year. Well that is because they hammer you for going early. In four more years you would be closer to $2800 a month. I think they levy such a heavy penalty because they know many will endure it, more money stays in in the long run.
|
|
|
|
Joined: Jan 2008
Posts: 5,185 Likes: 1
Campfire Tracker
|
Campfire Tracker
Joined: Jan 2008
Posts: 5,185 Likes: 1 |
I have two pensions coming to me, and I'll never see a dime of the SS I paid into for nearly 30 years. I'll have a pension from the Army Reserves at 60, and can retire with a pension from the railroad at 62 (15 more years). Since railroad retirement bought themselves out of Social Security program years ago I don't pay in anymore. If I choose to collect SS I lose my RR retirement. I should draw about $6K a month retired between the two plus my wife will draw an additional 50% of my RR retirement, so there is no way in hell I'm choosing SS.
|
|
|
|
Joined: May 2016
Posts: 60,705 Likes: 42
Campfire Kahuna
|
Campfire Kahuna
Joined: May 2016
Posts: 60,705 Likes: 42 |
I’m thankful I have teachers retirement, living off SS is tough, even if you draw the max 2871. That won’t hardly keep the lights on and buy beer! Jeezus.....you boomers make it reeeeeeal hard to feel sorry for you people!
I am MAGA.
|
|
|
|
Joined: Jan 2012
Posts: 3,150
Campfire Tracker
|
Campfire Tracker
Joined: Jan 2012
Posts: 3,150 |
I'm 34. I'm not counting on this SS thing.
Yup.
|
|
|
|
Joined: Feb 2011
Posts: 5,856
Campfire Tracker
|
Campfire Tracker
Joined: Feb 2011
Posts: 5,856 |
Since railroad retirement bought themselves out of Social Security program years ago I don't pay in anymore. Railroad Retirement predates Social Security. In fact, SS was modeled after the RRA.
|
|
|
|
Joined: Feb 2003
Posts: 3,209
Campfire Tracker
|
Campfire Tracker
Joined: Feb 2003
Posts: 3,209 |
you see lots of talk about how much baby boomers are taking out of the system but nothing about how much they put in. If gov hadn't raided the system there might be enough. I get that it was designed for more people putting in than taking out, but it's odd that the shortfall started while the bulk of the boomer generation was still putting in.
|
|
|
|
Joined: Jan 2006
Posts: 69,475 Likes: 18
Campfire Kahuna
|
OP
Campfire Kahuna
Joined: Jan 2006
Posts: 69,475 Likes: 18 |
you see lots of talk about how much baby boomers are taking out of the system but nothing about how much they put in. If gov hadn't raided the system there might be enough. I get that it was designed for more people putting in than taking out, but it's odd that the shortfall started while the bulk of the boomer generation was still putting in. It's all on paper and always has been. No real money has ever been raided because there's never been any to raid. There's never been a SS fund for them to take cash out of. They just juggled the books. It's true, though, that the juggling made SS look smaller after they rewrote the balance figures.
“In a time of deceit telling the truth is a revolutionary act.” ― George Orwell
It's not over when you lose. It's over when you quit.
|
|
|
|
Joined: Dec 2008
Posts: 8,328 Likes: 1
Campfire Outfitter
|
Campfire Outfitter
Joined: Dec 2008
Posts: 8,328 Likes: 1 |
I’m 52, and don’t plan on SS being available when I hit 67. I’ve been screwed by our government enough in my life, they are nothing but a blood sucking black hole to me. Were in the ninth inning of game.
"Life is tough, even tougher if your stupid" John Wayne
|
|
|
|
Joined: Jan 2008
Posts: 5,185 Likes: 1
Campfire Tracker
|
Campfire Tracker
Joined: Jan 2008
Posts: 5,185 Likes: 1 |
Since railroad retirement bought themselves out of Social Security program years ago I don't pay in anymore. Railroad Retirement predates Social Security. In fact, SS was modeled after the RRA. Not all completely true, they were similar as SS was established in 1935 and the Railroad Retirement in 1936 was the foundation for my current Railroad Retirement. In 1951 the railroad separated themselves from SS and had to basically buy themselves out all the way back to 1937. Yes, prior to 1936 some rail workers had pension plans depending on which railroad you worked for. However, you could also get fired at any time and lose that pension as well. So you were correcting when you said railroad retirements predates SS, however both were essentially created at the same time.
|
|
|
|
633 members (12344mag, 160user, 10gaugemag, 06hunter59, 16gage, 12savage, 68 invisible),
2,833
guests, and
1,310
robots. |
Key:
Admin,
Global Mod,
Mod
|
|
Forums81
Topics1,193,644
Posts18,512,394
Members74,010
|
Most Online11,491 Jul 7th, 2023
|
|
|
|