I don't understand this comment. You must be over some type of maximum threshhold? Most people can expect to collect around 1200-2400 $/month, if they wait until full retirement age. That's not much, but for somebody like me who plans to cut back on working at 67, but not touch my 401K until I have to; it hopefully will be enough to cover insurances and doctor visits.We've been retired 9 years. I'll never understand how social security enters into anyone's retirement plans. Both wife & I started working in early teens paying into SS. My wife gets $23.10/month, I get a bit more.
Retirement thoughts Past Present Future
- Thread starter Gale Hawkins
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Straightgrain3016
Silver Member
In my post I gave a couple examples of how we do better than the govt's. plan.We selected to give my wife SBP. This reduced my benefit. We live comfortably on that benefit. If I die my wife continues to draw a comfortable annuity. If she dies first I continue to draw a comfortable annuity. It's a win/win. No gamble.
So if your "plan" doesn't work out who will take care of your wife?
We put more into our plan that either one of us will get if either one of us dies first....I bought a substantial life insurance policy that will dwarf SPB. She would also get 75% of my SS.
IMO, there isn't a win win if the spouse under the SBP dies first; sure the pensioner's retirement continues, but the govt. takes all the money that was paid into SBP, and keeps it....any idea what the govt. does with their bonus if the spouse dies first?
Innoculating myself didn't seem to work.
Straightgrain3016
Silver Member
My only guess is they didn't pay into the system.
I have two close long-time friends; one is a soon to be retired LEO, the other a retired Firefighter. Both have told me they didn't pay into SS.
Just a guess
mike0000
Platinum Member
I‘m Blessed to have a state pension, that I earned (Retired Fire). I’m not of age to receive Soc. Security yet. Due to having that pension my understanding is I will receive about 1/3 of the Soc. Security monthly benefits, (Windfall Elimination Provision). I did not pay into Social security while I was a Firefighter, those credits came from other employment (in fact I am a few quarters short of the 40 needed) I do plan to seek employment to get to that 40 quarters, but i‘m currently enjoying my retirement too much
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Mike
. Mike
NoTrespassing
Elite Member
I'm down around 18% in one year, it gained in the last quarter of 2022. Luckily I missed part of that loss. We switched 401k managers Jan. 1 2022.
Fuddyduddy1952
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Here it is again. That's her new amount with the 8.7% increase! She worked from about 1970 to 2012. Medicare is deducted as well as IRMAA part B and D.
So nothing to do with what she paid in all those years. Social Security deducts Medicare and IRMAA. The benefit amount is inversely proportionate to income which is by definition socialism.
So nothing to do with what she paid in all those years. Social Security deducts Medicare and IRMAA. The benefit amount is inversely proportionate to income which is by definition socialism.
ovrszd
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I think the confusion comes from some of us "assuming" you meant here "gross" SS amount was $23.10. Your point might be better made by posting a pic of her entire monthly statement, minus personal data of course.
Oaktree
Super Member
Something still doesn't sound right. Unless you're paying some exorbitant amount for health insurance she should be getting waay more than that! And if you ARE paying that amount for insurance, it might be a good idea to shop around for a cheaper plan. We're on a Medicare advantage plan, and the monthly premium is the same as regular (government) Medicare only with more benefits.
I started taking SS at 62. The company I worked for went toes up just before my 62nd birthday and I figured the likelihood of finding something else at that age that paid even close to what I was making was close to nil, at least without a hellacious commute. Instead, I went the self-employment route, and did well enough that I earned enough to reduce my SS benefits for those years. SS recalculated my benefits when I turned 66, and the benefit came to what it would have been had I waited until 65.
I believe the break-even point is age 79½ give or take when you start coming out ahead for delaying SS.
As it should be. Assuming you start paying in at age 16, for a boomer some of that money's been earning interest for 50 years. Yes it's definitely possible to get a better return by making your own investments, but that would depend on how wisely you invested. Setting up a brokerage account today is a piece of cake, and minimum investment to open one is small, this wasn't the case 40+ years ago. Investment advice/research wasn't as easy to obtain in the pre-internet days either, especially for smaller investors.
Fuddyduddy1952
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I know wife wouldn't like that.
It's very simple if you look up social security payments.
It "sort of" makes sense because the lowest income get the highest SS amount. As income increases the amount of SS received is lower.
Social Security was enacted to help seniors who didn't save for retirement, however, those who did are punished by not receiving what they paid in. The same for Medicare which is deducted from Social Security, lower income means less deduction.
Socialism by definition.
It's very simple if you look up social security payments.
It "sort of" makes sense because the lowest income get the highest SS amount. As income increases the amount of SS received is lower.
Social Security was enacted to help seniors who didn't save for retirement, however, those who did are punished by not receiving what they paid in. The same for Medicare which is deducted from Social Security, lower income means less deduction.
Socialism by definition.