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Old 12-02-2018, 05:52 AM
Status: "Tinsel, not just for decoration" (set 2 days ago)
 
Location: North Beach, MD on the Chesapeake
32,543 posts, read 39,917,881 times
Reputation: 41206

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Quote:
Originally Posted by mathjak107 View Post
this is not correct . 2800 is only the max at fra . your article clearly says that " The maximum monthly Social Security benefit payment for a person retiring in 2018 at full retirement age is $2,788."


a high earning couple can get over 88k at 70 as a couple . 3698 is the max a month per person . y

2018
Age----Per month-----Per year

70-----$3,698---------$44,376


https://www.fool.com/retirement/2018...-62-65-or.aspx
I knew you'd throw in the retire at 70, which is fine, but in reality how many do that compared to those taking it somewhere between 62 and FRA?

Yes, a married couple have a very good combined benefit, the same way that they had a very good combined income when they were working (at a very high pay to get the maximum).

One thing I noticed is that the calculations for maximum benefits always assumes the recipient earned the maximum taxable amount. I understand why that's done but it's also not reality.

EDIT: I see you posted the collection stats while I was writing. So age 70 is a relatively miniscule number while 62 is the largest collecting cohort at 1/3.
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Old 12-02-2018, 05:53 AM
 
66,343 posts, read 67,544,759 times
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for that matter why figure fra since most don't wait until then either . but it really does not matter when people take it as a group . what matters is when you take it .
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Old 12-02-2018, 05:54 AM
 
66,343 posts, read 67,544,759 times
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Quote:
Originally Posted by North Beach Person View Post
I knew you'd throw in the retire at 70, which is fine, but in reality how many do that compared to those taking it somewhere between 62 and FRA?

Yes, a married couple have a very good combined benefit, the same way that they had a very good combined income when they were working (at a very high pay to get the maximum).

One thing I noticed is that the calculations for maximum benefits always assumes the recipient earned the maximum taxable amount. I understand why that's done but it's also not reality.
again reality is individualized . certain professions certainly will max it out .

my son who is an attorney and his wife who is now a cpa have maxed out earnings during their first year working at their professions so people do it , it is reality for some . . it just depends the levels your profession starts at or what the earnings capability is . .

most of us ramp up over decades but some just jump right in with both feet early on and max out .

Last edited by mathjak107; 12-02-2018 at 06:04 AM..
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Old 12-02-2018, 05:55 AM
Status: "Tinsel, not just for decoration" (set 2 days ago)
 
Location: North Beach, MD on the Chesapeake
32,543 posts, read 39,917,881 times
Reputation: 41206
Quote:
Originally Posted by mathjak107 View Post
for that matter why figure fra since most don't wait until then either . but it really does not matter when people take it as a group . what matters is when you take it .
Because, and you know this, FRA is used as the baseline.
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Old 12-02-2018, 05:59 AM
 
66,343 posts, read 67,544,759 times
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but like you said , how many take it at 70 ? so you want to discount that fact and amount , but the majority don't take it at fra either . so you can't arbitrarily choose a jumping off point . that is why most of these articles are just click bait . the only numbers that matter are your own .
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Old 12-02-2018, 07:05 AM
Status: "Tinsel, not just for decoration" (set 2 days ago)
 
Location: North Beach, MD on the Chesapeake
32,543 posts, read 39,917,881 times
Reputation: 41206
Quote:
Originally Posted by mathjak107 View Post
but like you said , how many take it at 70 ? so you want to discount that fact and amount , but the majority don't take it at fra either . so you can't arbitrarily choose a jumping off point . that is why most of these articles are just click bait . the only numbers that matter are your own .
You and I don't disagree. I wasn't even going to get involved in this thread but had to correct the incorrect assertion of an individual receiving $60K.
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Old 12-02-2018, 07:12 AM
 
9,755 posts, read 7,585,787 times
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1. End all spousal benefits including for spouses who never worked or divorced spouses. If you want SS, then work and pay into it.
2. End minor child benefits for old folks who can't manage their old age family planning.
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Old 12-02-2018, 07:44 AM
 
17,847 posts, read 12,550,625 times
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Quote:
Originally Posted by North Beach Person View Post
No individual is receiving $60K/year from Social Security in any event. The highest possible benefit is just under $2800/month, so $33,600/year. The average benefit this year for all recipients is $1400/month. So misstating the benefit amount is just one problem with this thread.

https://www.investopedia.com/ask/ans...nt-benefit.asp
I was responding to a person who was discussing couples and my max benefit at fra calculated on my ssa is more than 2800 fwiw
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Old 12-02-2018, 07:49 AM
 
66,343 posts, read 67,544,759 times
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Quote:
Originally Posted by charlygal View Post
1. End all spousal benefits including for spouses who never worked or divorced spouses. If you want SS, then work and pay into it.
2. End minor child benefits for old folks who can't manage their old age family planning.
or like a pension ,you accept less if you want it to carry to a spouse
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Old 12-02-2018, 07:56 AM
 
2,148 posts, read 1,837,206 times
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Thank you. I think the stat will change in the future with more waiting until 65 for the health insurance and the FRA being 66 -67 for many.
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