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Old 10-11-2010, 03:34 PM
 
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I am 32 years old but planning to retire at age 45.
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Old 10-11-2010, 03:49 PM
 
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I can't tell you what you will get but if you are contributing every year to SS then you should be getting a statement every year telling you the facts.

Or you can go to the governemtn website and figure it out there.
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Old 10-11-2010, 04:14 PM
 
Location: Prescott Valley,az summer/east valley Az winter
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SS is paid out on the amount of money you earned in wages you made over 35 years~ make sure you plug in that you didn't work over that many years~ it'l be less than you think~ but SS website will get you a lot closer.
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Old 10-11-2010, 04:52 PM
 
12,671 posts, read 21,050,646 times
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Quote:
Originally Posted by brava4 View Post
I can't tell you what you will get but if you are contributing every year to SS then you should be getting a statement every year telling you the facts.

Or you can go to the governemtn website and figure it out there.
I am contributing from the W2's. Yes, I get those statements. SS will start at age 62?
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Old 10-11-2010, 04:54 PM
 
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Quote:
Originally Posted by deckdoc View Post
SS is paid out on the amount of money you earned in wages you made over 35 years~ make sure you plug in that you didn't work over that many years~ it'l be less than you think~ but SS website will get you a lot closer.
If I am retired but work part-time, am I retired?
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Old 10-11-2010, 08:02 PM
 
Location: Southern Arizona
9,387 posts, read 26,630,005 times
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Quote:
Originally Posted by Texas User View Post
I am contributing from the W2's. Yes, I get those statements. SS will start at age 62?
Unfortunately, Texas User . . .

Unless there are some major and immediate changes in Washington, you'll be looking at age 70 or possibly age 75 before Social Security kicks in.

Sorry for the BAD NEWS.
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Old 10-11-2010, 09:44 PM
 
Location: Los Angeles area
14,018 posts, read 17,726,438 times
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Quote:
Originally Posted by Bummer View Post
Unfortunately, Texas User . . .

Unless there are some major and immediate changes in Washington, you'll be looking at age 70 or possibly age 75 before Social Security kicks in.

Sorry for the BAD NEWS.
How do you know this? Do you have a crystal ball which allows you to tell the political future? Right now everyone can apply for Social Security retirement benefits at age 62 (that would be a reduced for life benefit for taking it early) and the full retirement age is 67 for the younger folks. It would take an act of Congress to change that. And it is rather unlikely that anything as draconian as you are talking about would pass, for one reason because such extreme measures would not be necessary to assure the financial health of the system. More modest measures would do it, and they include things other than just adjusting the retirement age.
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Old 10-12-2010, 03:06 AM
 
10,320 posts, read 9,369,968 times
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Quote:
Originally Posted by Texas User View Post
I am 32 years old but planning to retire at age 45.
You are wise to begin planning for your retirment now vs. waiting until the 11th hour.

The amount you will collect from ss at the earliest age (62) will depend on your income over the years.

In the meantime, plan your spending carefully and ensure you are saving and investing wisely; keep credit cards paid off, etc. You didn't mention if you are currently buying a home...to have a mortgage paid in full before you retire would be an excellent investment...and you have time to do it.

The other thing to consider if you retire at the age of 45, is health insurance. Unless your company has a low premium plan you can take with you, you'd have to take out an individual plan which is extremely costly. You would not be eligible for Medicare/Supplemental/Advantage plans until you are 65.

If you do decide to begin ss at 62, realize that if for any reason you have to return to the workforce, you will be limiited as to the annual income you can receive before they reduce your monthly ss benefit. If you wait until your full retirement age, you would be allowed to earn as much as you wanted without ss reducing your benefits.

Best of luck in your decision. And I can't emphasize enough: SAVE, SAVE, SAVE!
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Old 10-12-2010, 10:58 AM
 
10,833 posts, read 14,840,020 times
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Quote:
Originally Posted by Texas User View Post
I am 32 years old but planning to retire at age 45.
You can contact social security and they will send you a record of your earnings over your work history, and your estimated social security benefits.

If you research social security, you'll find that the current system is broken and the $ will run out. I do not remember the year of the estimated short fall (maybe 2028 ?)

There are people in high places who think that the full retirement age should be changed from 65 (or 67) to something higher, and phased in over many years. An example would be people aged 30 right now might have to wait to age 70 to get full benefits. (I am using age 30 age 70 only as examples, I have not researched what different ideas are out there)
Based on my birth date, my full retirement age is 65 and I can take it early (with less benefits) at age 62.

You are only 45 and your "benefit ages" will surely be different.

You need to work as long as you can.
My job history is poor, low incomes, 3 years on worker's comp. etc.
If I was not disabled, and I retired at aged 62, my social security benefit would be around $800 a month.

Think about that number, and what YOU and your life style can do with that each month.

The point is:
make as much as you can each year,
save as much as you can,
work as long as you can,
and grab onto any retirement plans your employers offer.

I will get a $70 a year pension from an hourly job I had from 1990 to 2004, and in the real world, that is not a pension at all.
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Old 10-12-2010, 11:42 AM
 
Location: Paradise Lost
291 posts, read 409,761 times
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Default Fortyfive?

Quote:
Originally Posted by Texas User View Post
I am 32 years old but planning to retire at age 45.
The most important link you'll ever need:

Social Security Online - The Official Website of the U.S. Social Security Administration

It's all there.

Better forget about retiring at 45. They figure your benefit based on your 35 highest earning years so unless you were making alot of money from the time you were 10 they will average in 0's for every year you didn't work.

In general, people who can think of retiring at 45 are not likely to need social security.
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