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View Poll Results: At age 62, your payment would be about........
<250 5 4.55%
251-500 3 2.73%
501-750 6 5.45%
751-1000 10 9.09%
1001-1500 54 49.09%
1501-2000 27 24.55%
2001-2500 3 2.73%
2501-3000 1 0.91%
3001-4000 0 0%
4001-5000 0 0%
5001-6000 0 0%
7001-8000 0 0%
>8000 1 0.91%
Voters: 110. You may not vote on this poll

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Your Monthly Social Security Payment
Old 04-28-2006, 09:50 AM   #1
 
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Your Monthly Social Security Payment

Get out your latest social security statement, and look at the amount on page 2, where it says

At age 62, your payment would be about........$XXX* a month

And use that to select the appropriate option above.

You may vote twice.* Once for you and once for your SO.
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Re: Your Social Security Payment
Old 04-28-2006, 09:58 AM   #2
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Re: Your Social Security Payment

FWIW: We're 45 & 46 now, so I reduced our SSA projections by 25% for FIRE planning purposes. I think that's probably a bit too conservative, given our ages, the power of the AARP, and the possible timing of the next 2nd term president. If we make 50 with no real changes in the law, I'll probably reduce my reduction...

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Re: Your Social Security Payment
Old 04-28-2006, 10:05 AM   #3
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Re: Your Social Security Payment

T-Al, for clarification you should probably put the term "monthly" in your poll question.
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Re: Your Social Security Payment
Old 04-28-2006, 10:06 AM   #4
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Re: Your Social Security Payment

$1387
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Re: Your Monthly Social Security Payment
Old 04-28-2006, 10:12 AM   #5
 
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Re: Your Monthly Social Security Payment

I wanted to mirror the exact wording of that line, but I've added "Monthly" to the title.
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Re: Your Monthly Social Security Payment
Old 04-28-2006, 11:26 AM   #6
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Re: Your Monthly Social Security Payment

Mine says $1850. I have over 35 years of SS payments so I should get pretty close to this. DW has fewer working years due to Mommyhood, so hers is $1300.

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Re: Your Monthly Social Security Payment
Old 04-28-2006, 11:30 AM   #7
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Re: Your Monthly Social Security Payment

My statement's at home, and I can't remember what it said, but I did the quick online calculator, and it looks like I'll get $1181 at age 62 (today's dollars). If I wait until 67, it's $1706. And $2109 at age 70.
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Re: Your Monthly Social Security Payment
Old 04-28-2006, 11:59 AM   #8
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Re: Your Monthly Social Security Payment

Quote:
Originally Posted by TromboneAl
At age 62, your payment would be about........$XXX* a month.
Al, dude, no way.

That sentence presumes that the annuitant is working until age 62, and I won't do that.* My SS earnings history will have more zeros than any other number.
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Re: Your Monthly Social Security Payment
Old 04-28-2006, 12:15 PM   #9
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Re: Your Monthly Social Security Payment

Quote:
Originally Posted by Nords
Al, dude, no way.

That sentence presumes that the annuitant is working until age 62, and I won't do that.* My SS earnings history will have more zeros than any other number.
I requested my payout from the SSA if I quit working at 50 vs. 62 (I'm mid-40s now).* *The difference was $162/mo lower payout if I quit working at 50.
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Re: Your Monthly Social Security Payment
Old 04-28-2006, 12:48 PM   #10
 
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Re: Your Monthly Social Security Payment

Quote:
no way
Right, I realize that -- just curious about how my statement compared those of others'.

I'll have 32 non-zero lines on mine.
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Re: Your Monthly Social Security Payment
Old 04-28-2006, 12:57 PM   #11
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Re: Your Monthly Social Security Payment

IIRC mine is about $1200 a month at 62 if I dont work another day. Not too shabby for having quit the rat race at 39.
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Re: Your Monthly Social Security Payment
Old 04-28-2006, 01:07 PM   #12
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Re: Your Monthly Social Security Payment

I screwed up. NOT > 8000; confused yearly with monthly.
SSA estimate is 1557/MO.
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Re: Your Monthly Social Security Payment
Old 04-28-2006, 01:28 PM   #13
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Re: Your Monthly Social Security Payment

Here is what the SS site shows for average payouts for 2005 and 2006.

Estimated Average Monthly Social Security Benefits

Payable in January 2006: Before 4.1% COLA After 4.1% COLA

All Retired Workers $963 $1,002
Aged Couple, Both Receiving Benefits $1,583 $1,648
Widowed Mother and Two Children $1,992 $2,074
Aged Widow(er) Alone $929 $967
Disabled Worker, Spouse and
One or More Children $1,509 $1,571
All Disabled Workers $902 $939


Don't forget about the COLA. That will really add up over time.
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Re: Your Monthly Social Security Payment
Old 04-28-2006, 01:57 PM   #14
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Re: Your Monthly Social Security Payment

Having a "zero" option would be good to capture the difference people who have a minimal payment due them versus those who didn't work or didn't work enough in covered employment to qualify for any payment.

So far I'm in the latter category.

cheers,
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Re: Your Monthly Social Security Payment
Old 04-28-2006, 06:36 PM   #15
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Re: Your Monthly Social Security Payment

Per the SSA site:
"The maximum benefit depends on the age at which a worker chooses to retire. The amount for 2006 for a person retiring at full retirement age (65 years and 8 months) is $2,053."

http://tinyurl.com/edyou


EDIT: Shortened URL
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Re: Your Monthly Social Security Payment
Old 04-28-2006, 09:42 PM   #16
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Re: Your Monthly Social Security Payment

I haven't gotten a statement for several years. I use the website to get my estimated payments. Are you looking for today's or future dollars?

Although, I plan to start collecting after 66, my payment at 62 would be $1440 (today's) $1698 (future).
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Re: Your Monthly Social Security Payment
Old 04-28-2006, 10:03 PM   #17
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Re: Your Monthly Social Security Payment

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Re: Your Monthly Social Security Payment
Old 04-28-2006, 10:09 PM   #18
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Re: Your Monthly Social Security Payment

I don't think it will be that bad.* I use about 70% of my estimated SS payout at 62 for use in FIRECALC.* I certainly do not think it is so bad that I will get nothing.* But if it did, I believe I would be cleaning out my musket for a revolution like many people around me*
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Re: Your Monthly Social Security Payment
Old 04-28-2006, 10:21 PM   #19
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Re: Your Monthly Social Security Payment

Quote:
Originally Posted by Papi
I don't think it will be that bad.* I use about 70% of my estimated SS payout at 62 for use in FIRECALC.* I certainly do not think it is so bad that I will get nothing.*
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Re: Your Monthly Social Security Payment
Old 04-28-2006, 10:27 PM   #20
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Re: Your Monthly Social Security Payment

T-Al, Thanks for asking the question. I reread the statement and noticed the asterisc (this thing -*). Couldn't find my past statements but was wondering if anyone knows if the comment was present in previous years. BTW, $1512 at 62.
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