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)
 
Old 01-30-2017, 09:38 PM
 
2,630 posts, read 1,933,869 times
Reputation: 4597

Advertisements

If you've been making 6 digits all those years, SS is what we "six digit people" call "beer money." Part of the problem is your mom. She gets $1200 a month and possibly never paid a dime into it. They need to end the spouse benefit stuff. Now. Women have been out of the laundry room and kitchen for 40+ years now.

Last edited by TwinbrookNine; 01-30-2017 at 10:01 PM..
Reply With Quote Quick reply to this message

 
Old 01-30-2017, 10:10 PM
 
655 posts, read 309,325 times
Reputation: 1225
If $1900/month is not enough for you, feel free to send it to me! I'd be thrilled.
Reply With Quote Quick reply to this message
 
Old 01-30-2017, 10:16 PM
 
5,425 posts, read 3,445,259 times
Reputation: 13698
same here, ihatetodust!!

and I made a decent salary.
Reply With Quote Quick reply to this message
 
Old 01-30-2017, 10:21 PM
 
Location: SoCal
13,209 posts, read 6,313,926 times
Reputation: 9826
Here is the maximum benefit for people contributing the max for 40 years starting at age 22 to 62.
https://www.ssa.gov/oact/cola/examplemax.html
Reply With Quote Quick reply to this message
 
Old 01-30-2017, 11:24 PM
 
Location: RVA
2,164 posts, read 1,265,106 times
Reputation: 4451
Quote:
Originally Posted by artillery77 View Post
Don't forget that it's based on average earnings. So working from middle school on is going to hurt me in this regard.
What are you talking about? It is the average of your 35 highest COLA adjusted earning years that you paid SS in to. Your earnings from middle school, which unless you lied about your age, or worked for a family business to game taxes, would never have had any SS removed from them. I started working for other companies at age 15, in High School, and never paid in to SS until I was 16. For the vast majority of people, the last 35 years worked are the 35 highest, except for the partial last year unless retired on Dec 31. So I would have had to stop working and paying in to SS at 51 for the SS at age 16 to count. Making $25k in 1980 maxed out SS, with a SS calculated earning level of around $95k, IIRC. So making greater than $118k in 2016 would only be replacing a $95k earning with a $118k earning, not a huge amount to significantly raise the average.

And for tb9, I don't know anyone that made over $100k for 20 years, (which would extrapolate to greater than max FICA for 35 years) that would call $26k (file age 62 in 2017, years with max FICA for 35 years) "beer money". And if you have enough saved to delay filing to 70 (in 2025) then $48k is certainly not "beer money"!! If you are wealthy enough for those amounts to be beer money, then you are talking 7 figure incomes the last ten years plus. Not low 6 figures. Just saying, lots of people made 6 figures for many years and SS is still going to be a very high percentage of their retirement income.

Last edited by Perryinva; 01-30-2017 at 11:45 PM..
Reply With Quote Quick reply to this message
 
Old 01-30-2017, 11:29 PM
 
4,431 posts, read 2,608,360 times
Reputation: 10299
Quote:
Originally Posted by PAhippo View Post
The assumption is that making that much money for that length of time you would have invested in your own privatized retirement fund.

And you should have.

As mentioned, SS is meant as a supplement, not a mainstay.
Exactly.

And the MAXIMUM SS payout is something like $2300. YOU are CLOSE to that at $1900.

If you make north of $100k, even with higher tax bracket, you should be taking home far more than the person making just $30k.

And you SHOULD be doing things like maximizing your optional retirement vehicles, and saving 10-25% of your income for retirement.

Social security was only to provide BASIC support, not be the lifestyle supporter, and as companies had things like pension funds, and people had their own retirement savings, it became only 1 part of the "triad of retirement income" expected to support one in retirement. Two thirds of that is gone for those making far less than you.

You probably also have some sort of pension, the $30k worker most likely doesn't.

The OP also said his mother's SS has risen to that $1200 over time. Over time, OP your $1900 may become $2500, far more than your mother is getting.

Quit complaining, You'll also be the first to complain you won't get ANYTHING if privatizing SS goes south and busts.

My father has SS, pension and his savings, saved at a rate of 10% of his income over the 30 years he worked. His TOTAL retirement income is far greater than I can ever hope to achieve. I NEVER worked anywhere where I had a pension. I always had two jobs. You apparently have your health {at least now}, mine never really was good from birth, and went drastically south as I aged.

Besides, with all your dough, shouldn't you be helping dear old mother out?

Reply With Quote Quick reply to this message
 
Old 01-30-2017, 11:48 PM
 
Location: RVA
2,164 posts, read 1,265,106 times
Reputation: 4451
^^^^excellent post^^^^

Max in 2017 at age 62 is $2153,
Even closer to $1900.

And as mentioned, his amount when he is his mothers age will be far larger still, as any SS calculator can show.
Reply With Quote Quick reply to this message
 
Old 01-31-2017, 12:43 AM
 
5,459 posts, read 2,921,256 times
Reputation: 24502
Quote:
Originally Posted by TwinbrookNine View Post
... They need to end the spouse benefit stuff. Now. Women have been out of the laundry room and kitchen for 40+ years now.
Doesn't it work both ways for either spouse? I don't think it should stop.
Reply With Quote Quick reply to this message
 
Old 01-31-2017, 12:57 AM
 
2,630 posts, read 1,933,869 times
Reputation: 4597
Quote:
Originally Posted by GiGi603 View Post
Doesn't it work both ways for either spouse? I don't think it should stop.
Just because you sleep with someone for X number of years you get SS money for that? What is SS? A popularity contest? Is staying single illegal or something?
Reply With Quote Quick reply to this message
 
Old 01-31-2017, 02:08 AM
 
71,509 posts, read 71,674,131 times
Reputation: 49088
i agree , i love the spousal benefits and what we can manipulate with them but the choice not to work or work only part time is a personal one . everyone should really just get paid based on their own history .

a single woman gets nothing if she does not work . why is it fair today to penalize that person but a wife gets a check who didn't work or worked part time.
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