U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-16-2014, 01:29 PM
 
Location: North Idaho
2,172 posts, read 2,086,512 times
Reputation: 2599

Advertisements

Quote:
Originally Posted by reed303 View Post
The SSA's chart at Workers with Maximum-Taxable Earnings
seems to say that someone, retiring in 2014, at age 70, with the max 35 years, would get $3425/month.
If age 65, it's $2431. At age 62 it's $1992

The chart does not say which years (early, late, random ?) the 35 occurred in. I would assume latest; ie, worked right up to age 70 at max rate).
Well, all I can tell you is that the SSA is projecting that my benefit will be $3,500 per month if I wait until 70 to draw my benefit (which I plan to do). I've earned more than the maximum taxable amount for a number of years now, but certainly not for my entire career.

I think a subtlety here is that the maximum benefit will be obtained by earning the maximum amount subject to SSA tax for a 35 year period, and then waiting until 70 to begin drawing that benefit. Since the maximum taxable amount has changed over time the maximum benefit is dependent on which 35 year period you are working and earning SSA credits.

Dave
Reply With Quote Quick reply to this message

 
Old 08-16-2014, 01:59 PM
 
Location: OH>IL>CO>CT
5,238 posts, read 8,417,308 times
Reputation: 7191
Quote:
Originally Posted by Cnynrat View Post
Well, all I can tell you is that the SSA is projecting that my benefit will be $3,500 per month if I wait until 70 to draw my benefit (which I plan to do). I've earned more than the maximum taxable amount for a number of years now, but certainly not for my entire career.

I think a subtlety here is that the maximum benefit will be obtained by earning the maximum amount subject to SSA tax for a 35 year period, and then waiting until 70 to begin drawing that benefit. Since the maximum taxable amount has changed over time the maximum benefit is dependent on which 35 year period you are working and earning SSA credits.

Dave
Yes, that makes sense if your age 70 occurs sometime after 2014. The SSA chart does not go past 2014.
Reply With Quote Quick reply to this message
 
Old 08-16-2014, 02:22 PM
 
29,784 posts, read 34,885,423 times
Reputation: 11710
Quote:
Originally Posted by Cnynrat View Post
Well, all I can tell you is that the SSA is projecting that my benefit will be $3,500 per month if I wait until 70 to draw my benefit (which I plan to do). I've earned more than the maximum taxable amount for a number of years now, but certainly not for my entire career.

I think a subtlety here is that the maximum benefit will be obtained by earning the maximum amount subject to SSA tax for a 35 year period, and then waiting until 70 to begin drawing that benefit. Since the maximum taxable amount has changed over time the maximum benefit is dependent on which 35 year period you are working and earning SSA credits.

Dave
The reality is you have a statement from SS on your benefits
Reply With Quote Quick reply to this message
 
Old 08-16-2014, 04:41 PM
 
Location: North Idaho
2,172 posts, read 2,086,512 times
Reputation: 2599
Quote:
Originally Posted by TuborgP View Post
The reality is you have a statement from SS on your benefits
Yes, that's how I know my benefit is projected to be $3,500/month if I wait until 70 to draw benefits.

Dave
Reply With Quote Quick reply to this message
 
Old 08-16-2014, 06:09 PM
 
29,784 posts, read 34,885,423 times
Reputation: 11710
Quote:
Originally Posted by Cnynrat View Post
Yes, that's how I know my benefit is projected to be $3,500/month if I wait until 70 to draw benefits.

Dave
I have given up on some of these discussions. I have been on the same benefit trend since I retired at age 59 and haven't worked a day since.
Reply With Quote Quick reply to this message
 
Old 08-16-2014, 08:32 PM
 
Location: Florida
4,370 posts, read 3,708,767 times
Reputation: 4111
My Guess is about 40,000 for wage earner and non working Spouse might be 14,000. That is age 70 for worker and 66/67 for spouse.
Reply With Quote Quick reply to this message
 
Old 08-16-2014, 11:15 PM
 
10,819 posts, read 8,071,380 times
Reputation: 17034
Quote:
Originally Posted by Cnynrat View Post
Yes, that's how I know my benefit is projected to be $3,500/month if I wait until 70 to draw benefits.
Sounds right. DH paid into SS for 40 years, retired last year at age 62, has not yet filed for SS benefits. His statements project he will draw ca $3500 at age 70.
Reply With Quote Quick reply to this message
 
Old 08-16-2014, 11:44 PM
 
26,591 posts, read 52,334,622 times
Reputation: 20438
Grandma passed in 1999 and was getting over $3200 a month.

Her husband worked till he passed at 88 and never took a penny of Social Security... she filed for his when he passed it was quite a bit.

Don't know how much is added for 23 extra years and not drawing?
Reply With Quote Quick reply to this message
 
Old 08-16-2014, 11:55 PM
 
10,819 posts, read 8,071,380 times
Reputation: 17034
Quote:
Originally Posted by Ultrarunner View Post
Her husband worked till he passed at 88 and never took a penny of Social Security... she filed for his when he passed it was quite a bit.

Don't know how much is added for 23 extra years and not drawing?
After age 70, nada.
Reply With Quote Quick reply to this message
 
Old 08-17-2014, 12:04 AM
 
26,591 posts, read 52,334,622 times
Reputation: 20438
Quote:
Originally Posted by biscuitmom View Post
After age 70, nada.
So continuing to contribute each year after age 65 for 23 additional years and NOT drawing has no impact?

Just an honest question because most of Grandmother's peers were getting a third of what she got after her husband passed away.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top