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Old 10-16-2018, 07:26 AM
 
Location: Philadelphia/South Jersey area
2,872 posts, read 1,402,350 times
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I plan on retiring on my 60th birthday. lol I'm a ny's baby. so Jan 1 2020 will be my last day of work. I actually was thinking of going November of next year.

Now as far as "fairness" goes? it's neither fair or unfair. the rules have been in place for ever.

Hey you want to talk about unfair. my late husband died at 52, never collected a dime in ss but I can get his AND mine. it's one or the other, so basically all those years of him paying in go to uncle sam.

I'm not complaining. it is what it is.
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Old 10-16-2018, 07:27 AM
 
71,520 posts, read 71,694,121 times
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like any annuity , those who die pay for those who live .
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Old 10-16-2018, 07:51 AM
 
801 posts, read 211,610 times
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Quote:
Originally Posted by mathjak107 View Post
like any annuity , those who die pay for those who live .
But unlike an annuity, there is a spousal benefit of 50% with no reduction to beneficiary's benefit. Many people don't realize they get paid out more than they paid into social security.
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Old 10-16-2018, 09:02 AM
 
11,126 posts, read 8,534,553 times
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Quote:
Originally Posted by Magic Qwan View Post
I am 22, and yes, I will retire 40 years from now when I am 62. I will get 50k a year pension plus 50k a year from a 403b plan Iím starting if the plan performs well. Of course, thatís in todayís money. In 40 years, inflation will make those numbers 100k each, probably.
A lot can happen in 40 years.
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Old 10-16-2018, 09:05 AM
 
71,520 posts, read 71,694,121 times
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Quote:
Originally Posted by Maddie104 View Post
But unlike an annuity, there is a spousal benefit of 50% with no reduction to beneficiary's benefit. Many people don't realize they get paid out more than they paid into social security.
they sure do ,especially when you realize that medicare alone is 10k a person and not the 134 a month we pay . the 134 is only our portion , the actual medicare cost 10k a person .
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Old 10-16-2018, 09:32 AM
 
13,891 posts, read 7,395,585 times
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Quote:
Originally Posted by Maddie104 View Post
But unlike an annuity, there is a spousal benefit of 50% with no reduction to beneficiary's benefit. Many people don't realize they get paid out more than they paid into social security.

Quote:
Originally Posted by mathjak107 View Post
they sure do ,especially when you realize that medicare alone is 10k a person and not the 134 a month we pay . the 134 is only our portion , the actual medicare cost 10k a person .



I'm pretty sure Maddie104 meant that most people pull more out of the Social Security system than they contribute during their working career. Generally, the top-20%, inflation-adjusted and counting the employer half of FICA tax pay in more than they receive in benefits. I'd have to live to 100 to break even. With Medicare where there hasn't been an income cap for many years, it's probably live to 200 years.
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Old 10-16-2018, 09:48 AM
 
Location: SW Corner of CT
1,948 posts, read 1,535,578 times
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How about all the $$$ the government pulled out of SS
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Old 10-16-2018, 10:08 AM
 
Location: Ft. Myers
17,628 posts, read 11,170,411 times
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Quote:
Originally Posted by DonaldJTrump View Post
my dad passed away at 66 , one year after retiring. i hope to retire long before age 62

We were just talking about this subject with some friends the other day. I grew up in the North, and it was very common for someone to work all their life, retire, and a year later they died. I know a lot of people who that happened to.

Not sure if it is just coincidence, or if they were so much more active when they worked, or what. But I saw it time and time again.
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Old 10-16-2018, 11:52 AM
 
71,520 posts, read 71,694,121 times
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Quote:
Originally Posted by beer belly View Post
How about all the $$$ the government pulled out of SS
that is a myth .... the only thing ss money can be used for is bonds . these bonds never defaulted and always paid interest and principal ..

just like any bond the user is free to use the money any way they want .
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Old 10-16-2018, 01:06 PM
 
77 posts, read 33,412 times
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I retired from a job with the Federal government at age 60. I receive a pension and something called Special Supplement, which is like early Social Security (a bit less) until I turn 62. My pension eats up about 1/3 of my health insurance expenses. I plan to apply for early Social Security as soon as I turn 62. The reason is that I don't want to touch my 401K. If I take SS at 62 I get less but it's guaranteed income for life. Whereas my 401K is not guaranteed income, once I run out of money there that is it, it's gone. So for me the answer is simple. The break even point is also an interesting factor, I collect less, but for longer. If I take it at FRA then who knows what may happen to me? I may be too old, or ill, or dead (given family longevity) to enjoy my retirement.
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