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Old 05-02-2012, 09:37 PM   #21
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Nice, thank you!
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Old 05-03-2012, 06:07 AM   #22
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I signed up. The interface is quite nice and easy to use. Well done.
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Old 05-03-2012, 06:20 AM   #23
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DH had 2009 earnings posted way too low the year they quit sending these. Had to have this corrected. Now that we got back online to view again, 2010 earnings only reflect about one month rather than one year of work. So THANK YOU for posting the link- we can get this fixed now. Three year window to do so.

We are encouraging DD and hubby to be sure to get in the habit of reviewing their statements annually as well.
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Old 05-03-2012, 06:21 AM   #24
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Originally Posted by Lancelot View Post
Didn't work for me- I don't have a middle initial but the system seems to require one...
Long ago in the military, there was a similar requirement on many bits of paperwork. Those without one were required to fill that blank with "NMI" (No Middle Initial"). You might try that, just for grins.
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Old 05-03-2012, 06:53 AM   #25
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This isn't exactly on the topic but related.

I'm 61, still working but ready to pull plug. My history is a little strange in that of 41 years of working 15 of highest earning were non-SS. So I'm guessing my "average" is subject to still going up (I've exceeded the max for last 15 years, did prior to that did but was not SS). So if I plug in the estimate for retire at 66 with current salary, it gives me $2218 a month. I'm assuming it assumes I'll keep working until then for the average. If instead I plug in "0" for last years salary, it gives me $1983 a month. So am I correct in assuming that if I stop earning now, and wait until 66, my benefit will be something like the $1983? Thanks.
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Old 05-03-2012, 08:11 AM   #26
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Originally Posted by H2ODude View Post
This isn't exactly on the topic but related.

I'm 61, still working but ready to pull plug. My history is a little strange in that of 41 years of working 15 of highest earning were non-SS. So I'm guessing my "average" is subject to still going up (I've exceeded the max for last 15 years, did prior to that did but was not SS). So if I plug in the estimate for retire at 66 with current salary, it gives me $2218 a month. I'm assuming it assumes I'll keep working until then for the average. If instead I plug in "0" for last years salary, it gives me $1983 a month. So am I correct in assuming that if I stop earning now, and wait until 66, my benefit will be something like the $1983? Thanks.
I didn't check your numbers but that's what you should expect. The SS default estimates always assume you will work to that age, at your current salary and with the current SS maximum. Stopping your contributions lowers your benefit but the take early and delay benefit adjustments remain the same.
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Old 05-03-2012, 09:11 AM   #27
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Thanks for the link.

I was a bit shocked to see that I (age 44) have paid in $100,000 to SSN already thus far and my employeers have paid $102,000. All of a sudden this does not seem like an "entitlement" program to me like some like to characterize it!
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Old 05-03-2012, 09:22 AM   #28
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I was a bit shocked to see that I (age 44) have paid in $100,000 to SSN already thus far and my employeers have paid $102,000. All of a sudden this does not seem like an "entitlement" program to me like some like to characterize it!
Welcome to the dark side!

I am 47 and I have contributed $114,971, while my employers have contributed $128,348.
I have also paid $53,801 into Medicare and my employers paid the same.
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Old 05-03-2012, 09:25 AM   #29
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Thanks for the link.

I was a bit shocked to see that I (age 44) have paid in $100,000 to SSN already thus far and my employeers have paid $102,000. All of a sudden this does not seem like an "entitlement" program to me like some like to characterize it!
It's all a question of when you started paying into the system. The supposed "greatest generation" is the first and possibly the last generation to have what would be described as a comfortable retirement. They had the benefit of company pensions and miniscule contribution rates to SS. They basically funded their retirements off of their children (boomers) and grandchildren who saw their SS payments escalate dramatically to pay for the benefits that far exceeded the worth of their contributions.

Personally, I'm an older boomer so my first few working years had my SS contributions maxed out before June and I had the illusion of a pension. Now I'm in the same boat as you are with high contributions and I don't have any pensions but the old, terminated plans. I'm 60 and my combined SS contributions are somewhere around $260,000 yet I've been in the workforce 16 years longer. By the time you might get SS, you will have paid much more than me.
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Old 05-03-2012, 09:29 AM   #30
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I didn't check your numbers but that's what you should expect. The SS default estimates always assume you will work to that age, at your current salary and with the current SS maximum. Stopping your contributions lowers your benefit but the take early and delay benefit adjustments remain the same.
And don't forget any offset you may have as a result of getting a public sector pension. If you have 30 years paying into SS, you don't have the offset and I think will get your full SS payout.

For every year under 30 years, it may reduce your SS benefit.

There are 2 offsets that may affect you, so check out info on gov't pension offsets and windfall elimination on the SS site or elsewhere.
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Old 05-03-2012, 09:42 AM   #31
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The process worked for me, thanks for the link.

Quote:
Originally Posted by H2ODude View Post
I'm assuming it assumes I'll keep working until then for the average. If instead I plug in "0" for last years salary, it gives me $1983 a month. So am I correct in assuming that if I stop earning now, and wait until 66, my benefit will be something like the $1983? Thanks.
It would be nice if they had a button that allowed users to select "see my monthly benefit at FRA if I quit working and contributing to SS now." But I suspect people (voters) might be a bit put off by how little their continued contributions will increase their monthly checks. And for every person that decides to retire early in response, there's one fewer "payer" and one more "taker."
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Old 05-03-2012, 10:03 AM   #32
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Excellent, thanks for the heads up, I missed having annual statements but online is better than snailmail. Just printed my statement and verified earnings, whole process took less than 5 minutes. Tax dollars well spent IMO (can't always say that)...
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Old 05-03-2012, 10:27 AM   #33
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Originally Posted by Lancelot View Post
Didn't work for me- I don't have a middle initial but the system seems to require one...
I'm sure one of the following will work:

NMI - no middle initial (as someone pointed out above)
< space > - just hit the space bar and see what it does

If those don't work, then try putting a random letter in there. How about N for None
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Old 05-03-2012, 10:38 AM   #34
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And don't forget any offset you may have as a result of getting a public sector pension. If you have 30 years paying into SS, you don't have the offset and I think will get your full SS payout.

For every year under 30 years, it may reduce your SS benefit.

There are 2 offsets that may affect you, so check out info on gov't pension offsets and windfall elimination on the SS site or elsewhere.
Wow. Thanks A. Retiree. I had no idea of this little feature. I spent the last 30 minutes in panic mode trying to figure out from their little fact sheet how it would affect me. I finally pulled my records up and I do have 31 years contributions so I escape this little quirk. Up until recently I had not considered SS an essential, but as I get ready to jump I gotta admit it was a nice little dependable piece of the pie. To suddenly think it was not was a shock. One of the reasons I'm reluctant to jump is the fear something out of the blue will jump up I had not thought of, even though I'm the essential pessimist and it's unlikely. Well, back to, ummm, work.
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Old 05-03-2012, 10:39 AM   #35
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Originally Posted by EvrClrx311 View Post
I'm sure one of the following will work:

NMI - no middle initial (as someone pointed out above)
< space > - just hit the space bar and see what it does

If those don't work, then try putting a random letter in there. How about N for None
I tried NMI but the program limited me to only "N" and locked me out

The space bar is a good lead-thanks, I'll try that after my 24 hour lock out period
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Old 05-03-2012, 11:01 AM   #36
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Originally Posted by H2ODude

Wow. Thanks A. Retiree. I had no idea of this little feature. I spent the last 30 minutes in panic mode trying to figure out from their little fact sheet how it would affect me. I finally pulled my records up and I do have 31 years contributions so I escape this little quirk. Up until recently I had not considered SS an essential, but as I get ready to jump I gotta admit it was a nice little dependable piece of the pie. To suddenly think it was not was a shock. One of the reasons I'm reluctant to jump is the fear something out of the blue will jump up I had not thought of, even though I'm the essential pessimist and it's unlikely. Well, back to, ummm, work.
I am sorry to have sparked panic! I read the best explanation of GPO and Windfall Elimination at a blog by Jim Blankenship, a few months back. his blog is called something like "Getting Your Financial Ducks in a Row." He even included a chart showing how much you need in SS earnings, per year, to decrease the amount you would get dinged by these offsets.
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Old 05-03-2012, 11:18 AM   #37
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Originally Posted by EvrClrx311 View Post
I'm sure one of the following will work:

NMI - no middle initial (as someone pointed out above)
< space > - just hit the space bar and see what it does

If those don't work, then try putting a random letter in there. How about N for None
Also try "NMN". Means No Middle Name
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Old 05-03-2012, 11:25 AM   #38
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Signup was easy. Found out that the North American Tiddlywinks Association is considered a business (answered yes on that one).

Larry
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Old 05-03-2012, 11:45 AM   #39
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Originally Posted by H2ODude View Post
Wow. Thanks A. Retiree. I had no idea of this little feature. I spent the last 30 minutes in panic mode trying to figure out from their little fact sheet how it would affect me. I finally pulled my records up and I do have 31 years contributions so I escape this little quirk. Up until recently I had not considered SS an essential, but as I get ready to jump I gotta admit it was a nice little dependable piece of the pie. To suddenly think it was not was a shock. One of the reasons I'm reluctant to jump is the fear something out of the blue will jump up I had not thought of, even though I'm the essential pessimist and it's unlikely. Well, back to, ummm, work.
Don't want to spark another panic for you, but the 30 years of contributions only applies to WEP, which affects your benefit. GPO applies to spousal/widow benefits and will apply.
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Old 05-03-2012, 11:50 AM   #40
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I noticed a slight discrepancy between what my final paystub from 2011 said, and what my SS statement says. The SS statement is short, to the tune of $2,212. But, I noticed that my health, dental, and vision insurance totals out to $2,211.04.

I never noticed before, that health insurance and such reduces the amount of your income subject to SS and medicare. Has it always been that way, I wonder?
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