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.
But what you are saying is basically that after I pay off 40 quarters of social security tax(which is equal 10 years) I will get social security when I reach retirement age? What then makes people motivated to work until late age?
How do they count the retirement then?
is it average of the money I will make in those 10 years(40 credits)?
1. Because the SS income is SO TINY after only ten years work at presumably relatively average or below-average wages that you are basically living below poverty if you rely on that benefit. Expect a benefit of only a few hundred dollars a month. I have a now 74/yo acquaintance - never worked much - her basic SS benefit is $650/mo. She recycles cans and newspapers for extra money. Guess if you can live in S. America/Mexico/Phillipines on that - more power to you.
2. SS counts retirement by highest 35 years earnings.
3. SS has a formula. A benefit based on ten years work is a laughable amount. You will need to retire to a third world country in order to even hope to live on a SS benefit derived from only ten years work.
Quote:
Originally Posted by florida2001
of course not, Im just trying understand the system here.
I actually asked, because I know few people who have dual citizenships working here, paying income and social security taxes and want to go back to their home countries to retire. For them the minimum of 10 years is basically enough.
Basically enough for peanuts.
Quote:
Originally Posted by florida2001
I have another question, how the person who has never worked or worked only couple of years let's say 10 can live when she reach retirement age. Some women in this country do not work , they are housewives or have only part times. How do they cumulate the credits or how do they plan the retirement?
Married women - assuming no divorce - are entitled to one-half the husband's benefit while husband is still alive - even if she never worked. Thus, two SS checks are paid into the household while husband lives. When husband dies, she get his full benefit; her benefit stops. If the marriage has lasted ten years and ends in divorce, same benefit, assuming she hasn't remarried - or, if she has, second husband has died. New marriages - must be married at least nine months I believe to collect on deceased husband's benefit.
Quote:
Originally Posted by Hemlock140
For pensions offered by companies the years can vary greatly. Here for example, you can get a pension after only 5 years working, though it won't be much. The maximum would be at age 65 with 30 or more years of service. Compensation is based on years of service and the 60 highest continuous months of pay (most of the time this is the last 60 months of working).
OP - MOST COMPANIES IN US ARE NO LONGER PROVIDING LIFETIME PENSIONS. They are becoming as scarce as hen's teeth. Any new worker should never expect a pension unless they get a govt (federal, state, county, city) job, of some sort. And many local govts are now getting away from lifetime pensions, as well. And, some local govts are defaulting on their pensions. Ten years of work provides essentially nothing.
There is no cradle-to-grave benefit in the US. Many European countries are much better in that respect. If you're looking for a rainbow in the US, you're looking in the wrong place.
Further, our SS system is financially challenged - and will continue to be because of lower labor participation and LOWER WAGES thanks to globalization - which means lower contributions to the system to pay future benefits. Unless Congress does something fairly soon, for many recipients benefits will be cut 25% by the year 2033.
Last edited by Ariadne22; 01-30-2015 at 02:48 PM..
I could be wrong. But when my father died young my mother got what would have been his full amt had he lived to FRA when she turned 60. Now I am curious. What would a widow get? And when? I think I'm going to go look that up!
[/list] If the marriage has lasted ten years and ends in divorce, same benefit, assuming she hasn't remarried - or, if she has, second husband has died. New marriages - must be married at least nine months I believe to collect on deceased husband's benefit.
Wonder how this will effect newly married gay couples that have been together for more than 10 years but are elderly?
Hi,
I just want to ask what you have to do in order to be eligible for retirement (pension) in USA. I'm 35 years old and have been living here over 10 years, but still do not know what to exactly to do in order to plan for retirement.
My questions are How long do you need to work in order to be eligible? As a self employee I understand you need to pay social security tax every year which is 12.4%, what I do not understand is how long do you need to contribute this.
what is the minimum retirement in USA?
For a subsistence level social security payout starting at ages 62 to 67, depending upon how much of the annuity you will get and year of birth, you basically have to work for ten years. There are no federal governmental senior cards as other nations have giving you discounts or tax free shopping and services. And generally Americans don't have the societal respect for elders that more traditional societies have. Some local governments however might provide such services for their seniors.
So your retirement will depend upon your extended family being willing to help along with the savings and investments you made during your productive years. Many employers will provide investment incentives just as the government gives tax advantaged individual retirement accounts which you are penalized for using if you take it before 59 1/2 years of age. The retirement age for pilots and federal law enforcement agents. They give that immediate tax break in the hope that you will invest so that you won't be among the old poor taking other services because all you have is social security to keep you from starving. Because of their cost fewer employers are giving the lifetime pensions of old. Even civilian federal government workers hired after 1984 lost most of the previous generation's retirement pensions and many states and local governments have been following that lead.
Wonder how this will effect newly married gay couples that have been together for more than 10 years but are elderly?
Now, since the Federal government has recognized gay marriage for what, 3 years? Gay couples must follow/are entitled to the same rules of straight couples, It depends on when they got MARRIED, not how long they have been together. Regardless of age.
Now, since the Federal government has recognized gay marriage for what, 3 years? Gay couples must follow/are entitled to the same rules of straight couples, It depends on when they got MARRIED, not how long they have been together. Regardless of age.
But gay marriage has been legal in Massachusetts for over 10 years now. But you are right, not federally legal that long. So even those gay couples in Massachusetts who have been legally married for 10 years won't get this?
But gay marriage has been legal in Massachusetts for over 10 years now. But you are right, not federally legal that long. So even those gay couples in Massachusetts who have been legally married for 10 years won't get this?
How confusing!
The executive branch runs things and the executive branch wants to give to same sex couples. I think while a bureaucrat may deny opposite sex couples if a trans gender or same sex couple is invovled word from above will insure that they would get what 25 year married will get
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.
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.
