Yeah, no doubt. I was sure I’d still have my full pre-retirement income when I added the SS to my pension. NOT! But, I suppose there are lots of folks out there that are thinking that way.
(27%) of new retirees say their monthly checks are less than they expected.
So what is the deal with this 27%?
My wife and I are 64. We have online accounts with the SS administration to get detailed information on what to expect. After doing the math regarding when to start payments, my stay at home wife started hers now (hers is much lower than mine). Her payments are exactly what we expected. To the penny.
Knowledge is power.
And yes, if push comes to shove, we could live fairly comfortably on SS alone. It’s one of the reasons we moved from Seattle to rural Kentucky.
If you are surprised by the amount of your SS check, you haven’t paid attention to the many mailers you have received telling you what amount to expect given your contributions over the years.
The average IQ of a SS recipient is probably the same as the average American—100.
That is _not_ a high enough IQ to understand social security. ;-)
More seriously, the SS web page is an excellent source of information if people take the time to read the documents and understand them.
Most people do not.
Way too many Americans are under the impression that the government is going to sustain their current lifestyle in retirement. 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.
“Disappointed” is not the same as “surprised”. I’m “disappointed” that my contributions to Social Security were so poorly managed, but I will not be “surprised” by the paltry size of the payments when they come. That information is mailed to me periodically, and available on demand on-line.
62 and will receive my first check of $1691 on June 3. You could have owned my house had you bet me 20 years ago that I’d see this come to pass.
I used to pay acute attention to my SSA statements that were mailed to me, researching their figures compared with my tax returns. One year I sent a letter, detailing where their numbers were incorrect, some to my benefit, some to theirs. I received a notice back that they had their own sources and did not utilize IRS numbers, but did not specify from where those numbers were derived.
To this day, I have no idea where the SSA gets their numbers.
Recently retired at 66 here. Even with a pension having to cut corners just to make it. Thinking of moving to a more SS income friendly area but hate to leave family behind.
Seriously, if you have not paid attention to exactly what Social Security is going to provide, you are very wealthy or an idiot.
cripes...SS sends out estimates once one turns 60 and do not have a “my Social Security” account.
If you DO have an account, you’ll get the estimate regardless of age.
Read how benefits are estimated, just don’t rely on the estimates based on their assumptions.
https://www.ssa.gov/myaccount/statement.html
I made my fortune (such as it is) in Southern California then returned home to Texas. Between a California pension, 401K and SS, I’m able to retire now in Texas which I couldn’t do in SoCal. Also, realizing I have all the “stuff” I need helps me to feel fairly comfortable.
That number is alarming because nearly one in four (26%) future retirees believe they can live comfortably on Social Security alone.
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Yeah, and do they believe in the Tooth Fairy and the Easter Bunny also?
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.
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.
Anyone can (and should) check what their expected social security check will be online.
At 66 years and 8 months I can start to collect about $2,000 a month. At 70 it is about $2,500
I can wait as I have savings. I hope social security is there when I retire.
I retired at age 75,had started drawing SS at 65+ 2mos.,so had almost 10 yrs. of a double income. I had to pay all the normal withholdings from my working income,but very little from what I received from SS. In fact,the last couple working years,income had dropped & I basically got all my taxes back when I filed. Saved what I could those last 10 working years & had enough for a decent emergency fund,but that’s about all. If I have to draw out of it to live,it won’t be much of a living for any length of time. Most of the folks I know who are ordinary working people either don’t have a decent company retirement plan at all or don’t make enough to be able put anything into it. Most seem resigned to the fact that they will never see any SS money.