Social Security Statement - Have you received it? When does it come?

[dex]

Have you received your social security statement for 2007?
When are they mailed?
I didn't have any earned income in 2007.
I didn't receive a statement.
I want it this year because it will project my benefits without working.
Thanks

 

[mike hall]

I received mine within the last month. I'm 59. birthday in Dec. don't know if everyone
gets theirs in a particular month? I believe you can request one on the SSA website.

 

[OAG]

According to this they come 3 months before your birthday (3d Paragraph): Social Security Begins Issuing Annual Statements To 125 Million Workers

 

[REWahoo]

dex, you can get the same information by going to the SS.gov website and clicking on the "Estimate Your Retirement Benefits" button. The online numbers match my statement exactly.

 

[dex]

Thanks - this will really help with my long range planning.
I plan to start receiving it asap - I'm 53 so in about 10 years.

 

[Dawg52]

I plan to start receiving it asap - I'm 53 so in about 10 years.

Let me know if you figure out a way for us to receive it now.

 

[jazz4cash]

Mine comes like clockwork 3 months (and 1 week) before my birthday. I think they start sending them the yr you turn 45. When DW did not get one, it was not easy to get the problem fixed. We were told they probably did not know her address. When we finally got her statement it was way below what we expected. Three months later they sent an 'oops!' statement. The original estimate was 25% low. I hope they get the final calculation right.

On the one hand I wish I had known about the estimate tool REW linked...on the other hand it looks very insecure if they are reporting annual SS income on the website.

 

[dex]

The statement contains:

• An estimate of the monthly retirement benefit that the worker would receive at age 62, full retirement age and age 70;

Quesiton - is the amount to be received in current dollars or an estimated inflated dollar?

Mine says I will receive about 1,500/month is that in 2008 dollars or in 2018 dollars when I begin taking it?

 

[REWahoo]

It is in current dollars.

 

[dex]

THANK GOD - my calculations are correct - I was getting worried.

 

[Dawg52]

THANK GOD - my calculations are correct - I was getting worried.

Knowing my luck, SS benefits will be cut in half by time I reach 62.(8 years)

 

[Finance Dave]

Knowing my luck, SS benefits will be cut in half by time I reach 62.(8 years)

I don't think you need to worry. Congress can't do anything that fast, and it would be political suicide to make changes for people as close as you to retirement. I'd say at best they'll start working on this 2 years into the next President's agenda, then it will take 2 years to change things. That puts you at age 58. It would be unrealistic to tell people only 4 years from SS that they will get dramatically less.

My guess is the solution will be a combination of tying increases to the CPI vs. wage growth, increasing the age for full retirement (again)...but likely only for those 40 and younger, and increasing payroll taxes slightly from the current 12.4% (6.2% from you, 6.2% from the employer). If the democrats control the solution, may also see some type of "means testing", so that those at high income levels only get a % of what they would otherwise.

Dave

 

[harley]

Knowing my luck, SS benefits will be cut in half by time I reach 62.(8 years)

Dawg, I'm getting a little worried about you. You seem to be the most depressed (amongst many) on the board. You may want to lighten up on the Bud. Either switch to real beer, or maybe Prozac.

 

[Texarkandy]

The statement contains:

• An estimate of the monthly retirement benefit that the worker would receive at age 62, full retirement age and age 70;

Quesiton - is the amount to be received in current dollars or an estimated inflated dollar?

Mine says I will receive about 1,500/month is that in 2008 dollars or in 2018 dollars when I begin taking it?

Anyone know how this estimate will be will be influenced by ER in that I'll have little or no SS wage earnings between 49 (age at ER) & 62 considering I'll only have approx 32 years of earnings on my SS record?

It's my understanding the calculation is based on your highest 35 years earnings & if you don't have 35 years the missing years are factored in at zero - thus lowering your SS from what the estimate says?

 

[freebird5825]

Anyone know how this estimate will be will be influenced by ER in that I'll have little or no SS wage earnings between 49 (age at ER) & 62 considering I'll only have approx 32 years of earnings on my SS record?

It's my understanding the calculation is based on your highest 35 years earnings & if you don't have 35 years the missing years are factored in at zero - thus lowering your SS from what the estimate says?

yes, that is correct. zero earnings years will lower your benefit. how much between now and age 62? unknown. i am still searching for a definitive answer to this.
i am in the same boat - FIREd at 48, but had 33 yrs of earnings including PT jobs as teenager. i plan to draw at age 62 despite the penalty.
i just went and checked...my earned income for 2007 was 1/3 of my income for 2006. my monthly benefit at age 62 dropped $100. my benefit at age 68 yr 7 mos dropped $50. they ain't stupid!
now, for next year, with zero earned income in 2008, i can't wait to see the drop. if there is a huge change in my statement for 2008, i may consider getting a PT j..jo.. to get those total 35 yrs filled in.
please let me know if you find out anything...

 

[Dawg52]

Dawg, I'm getting a little worried about you. You seem to be the most depressed (amongst many) on the board. You may want to lighten up on the Bud. Either switch to real beer, or maybe Prozac.

I'll opt for real beer. BTW, what "real beer" do you recommend to get me out of my funk? Oh yes, rain has moved through so it's back to the links today.

 

[freebird5825]

Have you received your social security statement for 2007?
When are they mailed?
I didn't have any earned income in 2007.
I didn't receive a statement.
I want it this year because it will project my benefits without working.
Thanks

yes, received in June 08.
mine arrived 3 mos before bday.
i had earned income in 1Q07.

 

[harley]

I'll opt for real beer. BTW, what "real beer" do you recommend to get me out of my funk? Oh yes, rain has moved through so it's back to the links today.

Well, since we're still dealing with this little blip in the financial sector, we should keep it on the low-cost side. Ever tried Yuengling? Cheap and good.

Personally, I get headaches from AB beers. I don't know if it's the rice or what.

Here's a completely scientific (not!) experiment to determine the best cheap beer. Bud scores in the low side of middle, surprisingly. The Brew Site: The Beer Hacker: Best of the cheap beers?

I would recommend reproducing this study yourself, maybe 4 or 5 times to ensure reliability. I theorize that by the time you're finished, the market sitch will be significantly less overwhelming to you.

 

[rickier55]

Anyone know how this estimate will be will be influenced by ER in that I'll have little or no SS wage earnings between 49 (age at ER) & 62 considering I'll only have approx 32 years of earnings on my SS record?

It's my understanding the calculation is based on your highest 35 years earnings & if you don't have 35 years the missing years are factored in at zero - thus lowering your SS from what the estimate says?

In the mailed statement, they assume you will have income equal to your income in the last reported year. If you use the SS calculator you can download from their site, you can enter zero amounts to get the correct expected earnings if you plan to stop working before retirement, but after the last year of reported earnings.

So check your printed statement and that estimate is based on you earning the same amount as you earned in the last reported year of the Earning record (if it's zero then thats what it uses for expected future earnings).

Rick