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I'm so far expected about 26k a year if I keep this same salary till retirement. Wife will make way less than that since she only make 40k and had limited work history since she's stayed home with the kids. It's not nothing, but I have way less control on what ss will pay out versus what I have in my investment account.
I just ran the number through the ss calculator and it’s roughly 6500 a month combined. While my investment accounts are more within my control nearly 80k not all of which is taxed would certainly be a nice addition
I don’t plan for it either but it’s not pittance. My wife and I both stand to get 3-4K a month each at fra so it’s a pretty healthy sum of money if it’s there when we get there
You are a little high - According to the Social Security Administration (SSA) table, the maximum Social Security benefit that an individual who files a claim for Social Security retirement benefits this year can receive per month is $3,113 for someone who files at FRA and $3,895 for someone who files at age 70 in 2021. Few will get that maximum, most will be well below $3K for FRA amount.
Still can be pretty good amount - if we both waited till 70 we would get about $80K combined - probably will file next year and get about 70% of that amount, We both stopped working at 60 so could have been higher.
You are a little high - According to the Social Security Administration (SSA) table, the maximum Social Security benefit that an individual who files a claim for Social Security retirement benefits this year can receive per month is $3,113 for someone who files at FRA and $3,895 for someone who files at age 70 in 2021. Few will get that maximum, most will be well below $3K for FRA amount.
Still can be pretty good amount - if we both waited till 70 we would get about $80K combined - probably will file next year and get about 70% of that amount, We both stopped working at 60 so could have been higher.
I expect to get about 31k at my FRA. I retire in March so the estimate should be pretty accurate at this time.
You are a little high - According to the Social Security Administration (SSA) table, the maximum Social Security benefit that an individual who files a claim for Social Security retirement benefits this year can receive per month is $3,113 for someone who files at FRA and $3,895 for someone who files at age 70 in 2021. Few will get that maximum, most will be well below $3K for FRA amount.
Still can be pretty good amount - if we both waited till 70 we would get about $80K combined - probably will file next year and get about 70% of that amount, We both stopped working at 60 so could have been higher.
I’m not a little high and I’m also not drawing SS this year. My wife and I at fra would be getting 6500 a month which if my math is correct would be between 3000 and 4000 a month each. Let me know if you still believe I’m off but as far as I see it I was within my stated range
You are a little high - According to the Social Security Administration (SSA) table, the maximum Social Security benefit that an individual who files a claim for Social Security retirement benefits this year can receive per month is $3,113 for someone who files at FRA and $3,895 for someone who files at age 70 in 2021. Few will get that maximum, most will be well below $3K for FRA amount.
Still can be pretty good amount - if we both waited till 70 we would get about $80K combined - probably will file next year and get about 70% of that amount, We both stopped working at 60 so could have been higher.
Those numbers are wrong. My delay-to-70 number is $3,954 / month. I've maintained a spreadsheet based on SSA Pub 05-10070 and the number I get in my spreadsheet is consistent with what the SSA web portal tells me.
My FRA is age 66 8 months. That number might be accurate for someone born in 1960 or later with FRA of 67. Someone born before 1955 with a FRA of 66 will have a higher theoretical max than mine. I have 29 years of maxed Social Security contributions and another 6 years that were close. Those last few earnings dollars are in the 15% inflection point so the needle doesn't move much. The theoretical max for my birth year might be $50 more than my benefit. I'm 63 so my benefit numbers are totally locked in and just track COLA adjustments. Assuming the COLA is 5+% for 2022, my delay to 70 benefit should be just shy of $50k / year. No state tax. Preferred Federal tax treatment.
Our combined benefit delaying to 70 is a bit more than that $80k. I'm planning to delay to 70 to lock in the higher survivor benefit. Hers is a bit lower so she'll probably start collecting at somewhere around FRA.
Here's an idea for you young folks. Start a side business even if it's part time. I suggest getting a Life/Health insurance license and concentrate on products that pays renewals.
If licensing is an issue consider marketing legal plan membership. One can start that business practically immediately with a small fee and build residuals which
can be passed on.
S.S. is going to happen whatever the amount or age
but the major consideration is social quality of life. Do you want to wait until age 65, 70, plus to have life freedom be it social or financial.
Now as we know Biden is trying to get medicare reduced to age 60. What if it happens? Will you financially be able to walk away?
I'm 41 and people are telling me that SS will disappear by the time I'll retire
but what will replace it ? i'm sure we will get something for paying into the system all these yrs ? right ?
So you believe everything people tell you? What has your research shown you on the subject.
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