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Old 02-16-2017, 12:57 PM
 
Location: Over yonder a piece
3,908 posts, read 4,642,846 times
Reputation: 6247

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I'm not retiring for another 20 years. Yesterday I logged into SS to see what my "expected benefit" would be when I retire, and now that my high school jobs are finally starting to drop off the list, my expected benefits are on the rise! In six years those high school and college summer jobs will finally all be replaced with real salaries, and I expect my SS benefits to increase even more - which is kind of exciting.

Of course, this is presuming that SS will still be around when I retire in 20 years...
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Old 02-16-2017, 01:02 PM
 
Location: Omaha, Nebraska
7,291 posts, read 4,145,583 times
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SS will still be around, never fear. What is uncertain is what level of the benefits will be then (which is why it's good to not count it when you're doing retirement planning, until you are actually very close to retirement and can have a good idea of what your monthly benefit will actually be).
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Old 02-16-2017, 01:14 PM
 
Location: Over yonder a piece
3,908 posts, read 4,642,846 times
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Quote:
Originally Posted by Aredhel View Post
SS will still be around, never fear. What is uncertain is what level of the benefits will be then (which is why it's good to not count it when you're doing retirement planning, until you are actually very close to retirement and can have a good idea of what your monthly benefit will actually be).
I'm definitely planning for retirement as though I will NOT get the amount that SS currently says I might get!
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Old 02-16-2017, 01:15 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
29,750 posts, read 54,373,866 times
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I found that the biggest jump in SS predicted benefit is in the 50-60s when reaching the highest earnings level, currently at 64 my highest ever which is almost double what I made at 50. If I work to 70, which I may do, it will be 8% more than if I go at full retirement age 66. That's only a few hundred a month more, but I still enjoy my work.
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Old 02-16-2017, 01:44 PM
 
Location: Over yonder a piece
3,908 posts, read 4,642,846 times
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My highest earnings levels thus far were 12-15 years ago when I worked in NYC. I made the most money there. I made decent money from 2006-2009 (not as high as NYC) until I got laid off, and then took a 30% paycut to get back in the workforce after 11 months.

Even now after 7 years, 3 promotions and several raises with my current company, I'm still below what I was earning in 2009 when I got laid off - but getting closer every year.
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Old 02-16-2017, 01:46 PM
 
Location: R.I.
970 posts, read 602,748 times
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Quote:
Originally Posted by Hemlock140 View Post
I found that the biggest jump in SS predicted benefit is in the 50-60s when reaching the highest earnings level, currently at 64 my highest ever which is almost double what I made at 50. If I work to 70, which I may do, it will be 8% more than if I go at full retirement age 66. That's only a few hundred a month more, but I still enjoy my work.
You might want to take another look at your Social Security statement because the difference between my amount at my FRA of 66.6 and my amount at 70 is over $700/month. That increase to me is a bit more than a few hundred dollars a month.
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Old 02-16-2017, 02:09 PM
 
Location: Albuquerque NM
1,656 posts, read 1,521,066 times
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Quote:
Originally Posted by Nightengale212 View Post
You might want to take another look at your Social Security statement because the difference between my amount at my FRA of 66.6 and my amount at 70 is over $700/month. That increase to me is a bit more than a few hundred dollars a month.
Agree. The increase is 8% a year for a total increase of 32% for the four years delay in benefits.
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Old 02-16-2017, 04:14 PM
 
Location: Florida
5,233 posts, read 3,005,081 times
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The ticking bomb here is Inflation, what seems like a livable income now becomes pocket change as the dollar loses value. It is imperative to plan very much ahead. I retired 19 years ago and cost of living has steadily risen, while increases,if any, are minuscule.
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Old 02-16-2017, 05:15 PM
 
Location: Florida
4,356 posts, read 3,689,532 times
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It should be around but the more you earn the less you will get back. Remember SS is not designed to support you in retirement so you better figure out your budget now (rough estimate is ok) and make sure you are on track to have enough money in retirement. I would figure on a life expectancy of 100 for your planning at this stage.
To figure you budget use the safe withdrawal rate of 4%. Google and start reading. You will learn a lot. The 4% rule is ok for 20 years out but as you get closer you will have to use better estimating tools.
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Old 02-16-2017, 05:56 PM
 
Location: The South
5,214 posts, read 3,627,108 times
Reputation: 7891
Quote:
Originally Posted by Girl View Post
I'm not retiring for another 20 years. Yesterday I logged into SS to see what my "expected benefit" would be when I retire, and now that my high school jobs are finally starting to drop off the list, my expected benefits are on the rise! In six years those high school and college summer jobs will finally all be replaced with real salaries, and I expect my SS benefits to increase even more - which is kind of exciting.

Of course, this is presuming that SS will still be around when I retire in 20 years...
I'm a lot older than you. Just about all of my working career I have heard that phrase "Of course, this is presuming that SS will still be around when I retire in 20 years". I have been drawing SS since 1999 and people are still saying it.
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