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Old 01-31-2015, 02:34 PM
 
7 posts, read 5,350 times
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thanks for explanation, I think it is not that complicated , but one's must make good research to understand and plan things ahead.
So basically in conclusion what is the best way and smart ways to plan for retirement? Paying SS tax, work as many years as you can and have another source of saving (IRA or etc.) Am I right? Please advice
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Old 01-31-2015, 03:33 PM
 
Location: Elysium
6,609 posts, read 3,658,813 times
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You won't have a choice on social security taxes unless you are working illegally. It is seized from your pay check. Americans tend to emphasize self sufficiency and you are expected to learn and plan for yourself if you are looking for more than a subsistence level of social security benefits in your senior years when you may be physically unable to work.

Beyond saying invest 10% of your income in broad based tax advantaged stock market funds as basic advice you are on the first step of the education process and we can not provide you with a full financial plan typing into a cell phone. You should also lurk on the economic forum anf its child personal finance and investment forum on this website where folks are more likely to talk about the financial area in greater detail.
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Old 01-31-2015, 03:49 PM
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I worked exactly for ten years and filed for social security at age 62.

My monthly benefit is $140/month. This will be reduced to $40/month in September when I start paying for Part B. My wife worked for about 25 years, both part-time and full-time and her monthly benefit is $590.

It is a VERY good idea to start your own retirement planning given the amount your going to get from social security.

My plan was pension, small business on the side, and lots of money in an investment portfolio. It has worked well, particularly since I retired in 2007. Oh, I did keep working part-time for my former employer to bring in 5 to 15 thousand a year in additional income.

The trick is NOT to depend on any one source for retirement. You do need multiple income sources in retirement.

Plan on needing the same amount of income that you are currently living on....cost of living does not go down.
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