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Are those numbers correct? according to my statement, when I retire/turn age of retirement.....I get $3000 a month? But I am only 33. Will that number go higher with my age and salary?
I believe those figures are based on a formula using your current salary and allowing for a certain percentage of increase in salary over the years. Using their formula they are estimating that you will get the $3000/month when you are retirement age. It could increase due to higher salary, but usually there is a limit to the amount of SS one can receive. I assume they are allowing for inflation, COL, etc.
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Originally Posted by Freebird2007
Are those numbers correct? according to my statement, when I retire/turn age of retirement.....I get $3000 a month? But I am only 33. Will that number go higher with my age and salary?
In 2007 maximum you would get from SS was $25,392 per year which brings to $2116 per month, but you have to be 66 or 67. So, I don't know how the calculation was made for you??? At your age I would be worried if SS will even exist in current form at all (maybe with less benefits and more FICA taken out from your paycheck)!!!
Are those numbers correct? according to my statement, when I retire/turn age of retirement.....I get $3000 a month? But I am only 33. Will that number go higher with my age and salary?
I believe it means (and I think it says this on the statement), if you continue to make the salary you're making now, and/or if your salary during your lifetime averages what you're making now, then you could get $3,000/month. But you would have to have an average salary equalling what you're making now, for 35 years prior to retirement.
Clear as mud?
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