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Old 01-05-2016, 03:03 PM
49 posts, read 33,775 times
Reputation: 115


Originally Posted by NewbieHere View Post
I think it should be happy emotions but not an emotional experience. It's close to neutral. But the check is certainly smaller then the ones we receive when we are working. But not sad either.
Actually, the SS check I now get each month is actually a little bit larger than any I that ever received while working (meaning net paycheck after taxes) and even then, I only made that much money for about 8 months. Before that final raise, my gross annual salary was only about $1000 more than the total of my current annual net SS benefits.

ETA: Admittedly, it's the widows benefit that makes the crucial difference. But still.
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Old 01-05-2016, 03:24 PM
Location: Grove City, Ohio
10,150 posts, read 12,425,062 times
Reputation: 14013
Originally Posted by Design52 View Post

Have you ever added up how much money you paid into the system over the years?

I'm going to be like, "Give me my damn money back."
I did a spreadsheet back about four years and what I figured is if I had taken my contribution, along with my employers contribution in which case I was self employed for half my life, and deposited it in an ordinary bank passbook savings account I would have had around $800k three years ago.

But there are other things to consider.

What if I had become disabled at age 45 and been unable to work?

What about my wife and children if I had been disabled or killed in an accident?

Those are two things to think about.

So I am working to 70, a little over two more years now, and if I make it my benefit will be just a tad over $3,000/month for the rest of my life. $36,000/year and due to my tax situation it appears all of it will be free of federal and state taxes.

If I live 16 years that will be a tad over $540,000.

But then there is my wife who will receive 50% of my FRA benefit or about about $1,200/month for $14,400. Added together that's $50,400/year for $756,000. For most of our married life my wife was a stay at home mom.

I don't care about breaking even but what I do care about is living comfortably without worry and with nearly the equivalent of $1,000/week "take home" we shouldn't have a problem. We'll get a little more than that from other sources but social security does make up the bulk of our retirement money.

So it appears we won't "break even" but I do think we came out ahead.

Looking at an old statement from many moons ago if I had a heart attack and been disabled at age 45, don't laugh because it does happen, it might have been tight but with kids and all $3,000/month is a whole lot better than $0/month FOREVER.

In other words I paid for the protection I got and people need to remember social security is more than just retirement.

I know, there's disability insurance but generally it pays just 50% of what your pay was and generally goes for just two years. Social security is about 50%, actually a little more if one considers it is most likely non-taxable, but it goes on forever. If you think this is a bad deal I challenge you to find a disability insurance policy that will pay 50% of your last pay with payments tied to cost of living adjustments AND payments go on 20, 30 or even 50 years. I could be wrong but I don't think there is any policy out there that goes beyond five years and then pay attention to the premium payments because they are not cheap.

When you consider everything I think social security is one of the better deals we get.
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Old 01-05-2016, 04:33 PM
536 posts, read 634,466 times
Reputation: 1473
I waited til 66 and when I got the check (1/3 withheld because I am still working), it was such a happy day! It has made a big difference, more freedom, this year, though I saved little of it. (I did save some.)

I went to London before Christmas to do research at the British Library and the Bodleian libraries at Oxford. I feel I can schedule a research travel trip every year now, as long as I want to anyway, and it is an investment in learning new things.

I also bought shoes this year, and silk shirts. Life is good.
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Old 01-05-2016, 06:05 PM
Location: in the miseries
3,302 posts, read 3,591,672 times
Reputation: 3810
Like magic free money.

Appears like clockwork
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Old 01-05-2016, 10:47 PM
Location: Out there somewhere...a traveling man.
39,634 posts, read 47,921,590 times
Reputation: 110590
What emotions did you have when your first Social Security check arrived?

I laughed all the way to the bank...
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Old 01-06-2016, 07:00 AM
Location: Just west of the Missouri River
676 posts, read 1,331,430 times
Reputation: 949
I received my first SS check about two weeks ago. My dealings with SS have been pretty straight forward, so I wasn't surprised to see that money in my account on the expected date. Still, it is lovely to have income without having to go out into the world of work every day.

I'm more concerned about getting income from my 403b started. I think it is all set up to begin next month, but I have not yet received confirmation.
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Old 01-06-2016, 07:26 AM
9,426 posts, read 6,307,805 times
Reputation: 17840
No emotions. I worked and paid in, now I collect.

Same emotion when I dell a stock (hopefully higher than what I paid) None, it's my money.

When I lose at the Blackjack tables, I'm pissed
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Old 01-06-2016, 09:47 AM
Location: Cochise County, AZ
1,324 posts, read 843,285 times
Reputation: 2874
I was thrilled when the first SS check arrived. It was like mana from heaven!
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Old 01-06-2016, 09:49 AM
Location: Jamestown, NY
7,841 posts, read 7,355,929 times
Reputation: 13779
I will revisit this thread and let you know on about the 10th of next month when my first one comes!
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Old 01-06-2016, 10:45 AM
Location: Backwoods of Maine
7,125 posts, read 8,184,503 times
Reputation: 18805
Honestly? My first thought was, "I wonder how long this is going to last??"
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