Skip to comments.Retirees will likely be disappointed with their social security check, here’s why
Posted on 04/25/2018 11:37:15 AM PDT by SeekAndFind
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I read and track that annual statement. Why would anyone approach retirement without finding out what their assets and expected income are?
If you are under the full retirement age (in my case, 66), collecting SS and still working, once your work income level hits a certain dollar amount you have to pay back the SS you received.
They don't even do that any more. The statements are available at any time on line, you just need to have a login. Everybody should know exactly what they can expect to get when they retire.
I made my fortune (such as it is) in Southern California then returned home to Texas. Between a California pension, 401K and SS, Im able to retire now in Texas which I couldnt do in SoCal. Also, realizing I have all the stuff I need helps me to feel fairly comfortable.
I was 66 in January. I started collecting benefits. I did not quit working. I may work another few years. 85% of my SS is taxable. I am not on Medicare Part B. I still have my work insurance. My SS monthly check is quite a lot and I’m happy with it. With my 401K and other investments, I should make at least what I’m making now.
Did you prepay your property taxes?
Yeah, but if you are making a wage more than some amount - I think around 30K/year - then you lose benefits. If you have decent wage income it really doesn't make sense in that case.
That number is alarming because nearly one in four (26%) future retirees believe they can live comfortably on Social Security alone.
Yeah, and do they believe in the Tooth Fairy and the Easter Bunny also?
“....realizing I have all the stuff I need helps me to feel fairly comfortable.”
I applaud your attitude. If only people started thinking this way earlier in their lives, retirement wouldn’t be such a trial, money wise.
About 15 years ago, my husband and I totally changed how we save and how/what we spend money on. I only wish we had started out our marriage/family life w/ that spending philosophy. I’ve spent 35 years saving for retirement...but only the last 15 being wise about how every last penny is spent.
I do worry about family members who have not been wise or lucky w/ their job/pensions/savings ... they are going to have to work thru their official SS retirement age. No way in hell they could survive in WA state on $1500/month.
Shopped around a lot and that isnt easy outside the enrollment time frame.
I’m in KY. Property taxes are a blip. They are an irrelevance. That is one of the reasons I moved here. My home is ten years old on 32 spectacular acres and my annual property taxes are the price of one car Camry payment. And at age 65 they go down significantly even from that. :)
Just today I was reading this...
For example, suppose at full retirement age (which is 67 if you were born in 1960 or later) your Social Security check is $2,000 per month (or $24,000 per year). At age 70, that check would be $2,480 per month ($29,760 per year). By waiting until age 70 to start taking benefits, by the time you reach age 83 you would have been paid a total of $386,880, compared with the $384,000 you would have gotten if you had started at age 67, even though you got income for three extra years. The average life expectancy of a 67-year-old is at least 85, and growing, so any year you live past age 83 is money in your pocket.
Basically, the advice to delay Social Security is correct.
Excuse me??? This is only a $2,880 difference. Biig Whoop. I'd rather take and spend the $2000 per month now. While money is still worth something.
The article is full of other inconsistencies also. Yes, there are benefits to waiting. Like if you can afford to. But to always claim it is better to wait is false financial advice.
Are people really this out of touch???
YES, they are!!
I knew within $5 what my monthly benefit would be, it's not rocket science.
I assume, since she didn't work, that her benefit is 50% of what yours will be at full retirement ... minus the ding for starting early.
I assume, since she didn’t work, that her benefit is 50% of what yours will be at full retirement ... minus the ding for starting early.
It’s best to start as early as you can without facing a penalty for it.
My problem is that I plan to keep working after I retire. My income will double when I retire because I get paid more as a contract programmer plus pensions plus Social Security plus 401k withdrawals. So I will have money but my wife will have to spend it for me.
My wife & I get only S.S.,not working,no property taxes & we get by on just the S.S.,but that’s all;no luxuries really. And I get a little higher than the average amount. People really need something to supplement S.S.,but with some jobs,it is just not possible.
Way too many Americans are under the impression that the government is going to sustain their current lifestyle in retirement.
Why not? Isn’t that the way the tax is sold?
Whoa be to the one that finally determines what happens when they die a single day before ‘benefits’ begin....Or how much they could be living off of, if not passing on, if the govt was Constitutionally bound and out of the Ponzi scheme known as SS.
Way too many Americans are under the impression that they have no responsibility for providing for themselves in retirement. Anything that they saved is just extra to blow on having a good time because they deserve it.
Yet again, blame that on govt and the education system it foists. No wonder economics is no longer taught in K-12.
People understood just how farked over they are they’d be hanging Congress-critters from lamp-posts.
You do NOT have to pay taxes on your social security, unless it is a certain amount....and you will pay taxes on most pensions. You should check with SS to get that amount, before taxes. If you are working and receiving SS, there is taxes on the INCOME.
After age 70, you can earn as much as you want, in addition to your Social Security. Be sure to get a ‘my account’ at Social Security website, and read all about it.
I first started receiving SS when I lived in North Carolina. The supplements and Part D through Blue Cross were about $160-$200 per month, as I recall. After moving to Florida, I was able to get a Medicare Advantage plan for $-0-, nada, zilch---maybe due to the overwhelming number of old farts like me in God's waiting room, I don't know.
There are even plans down here like the above which will rebate part of your Medicare premium if you sign up. Far as I can tell, those are HMOs. Evidently, many of these plans depend on your location, even your zip code.
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