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Old 01-29-2017, 09:32 AM
 
71,492 posts, read 71,674,131 times
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his comparison is flawed all around .
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Old 01-29-2017, 09:33 AM
 
Location: The South
5,214 posts, read 3,628,854 times
Reputation: 7896
After you have drawn SS for a number of years, you will appreciate it more.
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Old 01-29-2017, 09:34 AM
 
Location: Central IL
15,201 posts, read 8,513,923 times
Reputation: 35600
I'm about your age....my salary has been somewhat less than yours up until a few years ago...and yet my amount at estimated amount at even age 62 is about $2k a month.

Are you sure you don't have some $0 years in there? Your example sounds a little extreme but it's difficult when you're not only comparing different salaries but perhaps different numbers of years working, retirement age, etc., pre FRA "penalty", etc. Anyway, you still have some time to save - I'm assuming you were already?

Last edited by reneeh63; 01-29-2017 at 09:42 AM..
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Old 01-29-2017, 09:44 AM
 
71,492 posts, read 71,674,131 times
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a couple today can see 80k if their working records are high enough and they delay to 70 . that is pretty damn good . at least one of them will likely see many many years of checks . if that is a crock i will gladly take it

Last edited by mathjak107; 01-29-2017 at 09:59 AM..
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Old 01-29-2017, 10:19 AM
 
Location: Central NY
4,655 posts, read 3,237,575 times
Reputation: 11912
The OP states in his first post that his father earned $8/hour base pay. If his father worked in a factory, it is possible he was paid a bonus pay also known as incentive pay? Having worked in an office in standards application, I know for a fact that while the worker may have an $8/hour base pay, he could very conceivably doubled that amount (and more) simply by his (and possibly group) earning more with incentive pay.
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Old 01-29-2017, 10:24 AM
 
Location: SoCal
13,202 posts, read 6,308,074 times
Reputation: 9815
Quote:
Originally Posted by reneeh63 View Post
I'm about your age....my salary has been somewhat less than yours up until a few years ago...and yet my amount at estimated amount at even age 62 is about $2k a month.

Are you sure you don't have some $0 years in there? Your example sounds a little extreme but it's difficult when you're not only comparing different salaries but perhaps different numbers of years working, retirement age, etc., pre FRA "penalty", etc. Anyway, you still have some time to save - I'm assuming you were already?
It's the same for me, my sister and my husband. About $1800 and $1900. Your number must be off. Not OP.
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Old 01-29-2017, 10:29 AM
Status: "Gaining Stability." (set 8 days ago)
 
5,684 posts, read 5,930,974 times
Reputation: 4432
I do not believe it a crock. Most retirees support themselves with Social Security. I guess there is a cap.
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Old 01-29-2017, 10:37 AM
 
Location: Florida
4,358 posts, read 3,694,371 times
Reputation: 4084
Yes SS will not pay as much as putting the same money - you and your employers - into the S&P 500 index.
SS is actually a pay as you go program meaning that the money is not really invested but current taxes are paid out to current beneficiaries.
The system also favors lower wage earners as they get a higher proportionate benefit.
Part of the money we pay into SS goes towards disability insurance and insurance for other family members if you die before retirement and qualify. Thus not all the money goes into the "retirement" fund.
But if we did not have the system, how many people would get to retirement without any savings. The system does need improvement.
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Old 01-29-2017, 12:53 PM
 
Location: The house I built
416 posts, read 193,526 times
Reputation: 955
People need to put money in their own 401K and IRA retirement accounts. Invest it in an indexed fund to the S&P 500 and just make your monthly investments and forget about it. That is the simplest and easiest way to save for your retirement. You can get more complicated but really, don't try to compete with Wallstreet without a whole lot of education. And that doesn't mean going to a seminar. Scariest stuff around. Go to the library and start reading books. Lots of them. Understanding this stuff will make you less of a victim. Start with everything they have on personal finance. It might sound boring but do you want to retire on a fixed income, or have enough set aside to do anything you want?

Wallstreet has perfected the process of making money from fools. If SS is privatized? The money will be in a multitude of accounts. All designed to skim fees and make them rich and you poor. Imagine how many fools would try to day trade with their life savings.

I know these people. They cannot be trusted. To them, you are just a mark. Just another person they can separate from his or her money. And it means nothing to them if you end up homeless living in a tent under the freeway.

My fear about privatizing SS would be that we end up with a whole generation of people who cannot retire and cannot support themselves.

There are some better ideas. Ways to make the system work as it was intended.
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Old 01-29-2017, 12:56 PM
 
71,492 posts, read 71,674,131 times
Reputation: 49074
most americans suck at investing . they do not have the stomach for staying the course . last i would want to do is put the masses in charge of investing and handling their own money .

we get blinded to the financial ignorance and lack of discipline when we hang out on financial forums with other like minded people .
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