View Poll Results: At age 62, your payment would be about........
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<250
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5 |
4.55% |
251-500
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3 |
2.73% |
501-750
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6 |
5.45% |
751-1000
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10 |
9.09% |
1001-1500
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54 |
49.09% |
1501-2000
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27 |
24.55% |
2001-2500
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3 |
2.73% |
2501-3000
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1 |
0.91% |
3001-4000
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0 |
0% |
4001-5000
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0 |
0% |
5001-6000
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0 |
0% |
7001-8000
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0 |
0% |
>8000
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1 |
0.91% |
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Your Monthly Social Security Payment
04-28-2006, 08:50 AM
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#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
04-28-2006, 08:58 AM
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#2
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Recycles dryer sheets
Join Date: Jun 2002
Posts: 376
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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...
Cb
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Re: Your Social Security Payment
04-28-2006, 09:05 AM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
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Re: Your Social Security Payment
T-Al, for clarification you should probably put the term "monthly" in your poll question.
__________________
Numbers is hard
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Re: Your Social Security Payment
04-28-2006, 09:06 AM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 14,183
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Re: Your Social Security Payment
$1387
__________________
Have Funds, Will Retire
...not doing anything of true substance...
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Re: Your Monthly Social Security Payment
04-28-2006, 09:12 AM
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#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
04-28-2006, 10:26 AM
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#6
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Moderator Emeritus
Join Date: Jul 2005
Posts: 2,811
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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.
__________________
Work? I don't have time to work....I'm retired.
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Re: Your Monthly Social Security Payment
04-28-2006, 10:30 AM
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#7
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Thinks s/he gets paid by the post
Join Date: Aug 2005
Location: Crownsville
Posts: 3,709
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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 $2109 at age 70.
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Re: Your Monthly Social Security Payment
04-28-2006, 10:59 AM
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#8
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,856
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Re: Your Monthly Social Security Payment
Quote:
Originally Posted by TromboneAl
At age 62, your payment would be about........$XXX* a month.
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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.
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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Re: Your Monthly Social Security Payment
04-28-2006, 11:15 AM
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#9
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Recycles dryer sheets
Join Date: Jan 2006
Posts: 90
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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.
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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
04-28-2006, 11:48 AM
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#10
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Re: Your Monthly Social Security Payment
Quote:
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
04-28-2006, 11:57 AM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,708
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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.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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Re: Your Monthly Social Security Payment
04-28-2006, 12:07 PM
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#12
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Recycles dryer sheets
Join Date: Nov 2004
Posts: 107
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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
04-28-2006, 12:28 PM
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#13
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Moderator Emeritus
Join Date: Jul 2005
Posts: 2,811
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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.
__________________
Work? I don't have time to work....I'm retired.
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Re: Your Monthly Social Security Payment
04-28-2006, 12:57 PM
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#14
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Recycles dryer sheets
Join Date: May 2005
Location: In the fog of San Francisco
Posts: 261
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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,
Michael
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Re: Your Monthly Social Security Payment
04-28-2006, 05:36 PM
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#15
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Full time employment: Posting here.
Join Date: Feb 2006
Posts: 987
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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
04-28-2006, 08:42 PM
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#16
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Thinks s/he gets paid by the post
Join Date: Mar 2004
Posts: 2,341
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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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I look to the present moment because that's where I live my life.
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Re: Your Monthly Social Security Payment
04-28-2006, 09:03 PM
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#17
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Administrator
Join Date: Apr 2006
Posts: 22,971
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Re: Your Monthly Social Security Payment
..
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Living an analog life in the Digital Age.
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Re: Your Monthly Social Security Payment
04-28-2006, 09:09 PM
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#18
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Recycles dryer sheets
Join Date: Jan 2006
Posts: 90
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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
04-28-2006, 09:21 PM
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#19
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Administrator
Join Date: Apr 2006
Posts: 22,971
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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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..
__________________
Living an analog life in the Digital Age.
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Re: Your Monthly Social Security Payment
04-28-2006, 09:27 PM
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#20
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Dryer sheet aficionado
Join Date: Jan 2006
Posts: 44
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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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