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View Poll Results: At age 62, your payment would be about... (per person, see instructions)
$0 a month 6 3.95%
$1-250 a month 3 1.97%
$251-500 a month 3 1.97%
$501-750 a month 6 3.95%
$751-1,000 a month 11 7.24%
$1,001-1,250 a month 18 11.84%
$1,251-1,500 a month 38 25.00%
$1,501-1,750 a month 43 28.29%
$1,751-2,000 a month 14 9.21%
$2,001-2,250 a month 5 3.29%
$2,251-2,500 a month 2 1.32%
$2,501-2,750 a month 3 1.97%
$2,751-3000 a month 0 0%
>$3,000 a month 0 0%
Voters: 152. You may not vote on this poll

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Poll: Your Estimated SS Benefit at 62
Old 11-28-2009, 10:47 AM   #1
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Poll: Your Estimated SS Benefit at 62

Another poll looked at how much of your expenses social security will cover. That's a function both of how much SS you'll get, and how much your expenses will be.

This poll looks at how much you may receive from SS.

So take out your latest Social Security Statement, and answer the poll based on the amount in the line that says

"At age 62, your payment would be about..."

If there are two of you in your household, answer based on the average of your two numbers.

Do not alter your value based on your expectations of whether or not you will receive it.
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Old 11-28-2009, 11:02 AM   #2
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Al, I know you said "If there are two of you in your household, answer based on the average of your two numbers." in your post, but I think it would be a good idea to also include this in the poll instructions as well.
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Old 11-28-2009, 11:03 AM   #3
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Quote:
Originally Posted by REWahoo View Post
Al, I know you said "If there are two of you in your household, answer based on the average of your two numbers." in your post, but I think it would be a good idea to also include this in the poll instructions as well.
And assuming that your benefits will be as currently promised at age 62, and not reduced or means-tested away. Otherwise you may have a lot of people saying zero.
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Old 11-28-2009, 11:07 AM   #4
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Additionally, I think it would be helpful to explain what you are asking for is a per person average SS benefit at age 62, as the current poll question leaves room for interpretation (total combined or for me as an individual?)
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Old 11-28-2009, 11:23 AM   #5
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According to our latest statements, $1,252 per person on average at age 62.

I am curious how someone can get $3,000+ a month in SS benefits at age 62. DW has contributed the max to SS for years and based on her continuing to contribute the max until the age of 62, she would only be receiving about half that amount according to her statement.
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Old 11-28-2009, 11:38 AM   #6
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Do I add both figures? 1105 + 1525 = 2630?
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Old 11-28-2009, 11:41 AM   #7
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Quote:
Originally Posted by FIREdreamer View Post
I am curious how someone can get $3,000+ a month in SS benefits at age 62. DW has contributed the max to SS for years and based on her continuing to contribute the max until the age of 62, she would only be receiving about half that amount according to her statement.
Did she work for a while at jobs that didn't participate in SS?

I did. When I was on the faculty at a major state university, I had the choice of participating in SS or else putting that money in a retirement investment program (I don't remember what type but this was similar to a 401K). One or the other, but not both. I chose the investment program and so my SS will be much smaller than otherwise (smaller than hers), due to the fact that those relatively high-income years are not included for SS purposes.
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Old 11-28-2009, 11:48 AM   #8
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Just as a reminder--the annual SS "what you will get" propaganda sheet assumes you will keep working until you start drawing an SS check. So, what is written on that form is not what an early retiree should expect to get.

But, I'll comply with the directions and answer with the number from my form.
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Old 11-28-2009, 11:52 AM   #9
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Did she work for a while at jobs that didn't participate in SS?
No, according to her W-2's she has always paid into SS.
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Old 11-28-2009, 11:56 AM   #10
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Quote:
Originally Posted by target2019 View Post
Do I add both figures? 1105 + 1525 = 2630?
Then divide by two - Al is looking for the per person average.
Quote:
Originally Posted by TromboneAl View Post
If there are two of you in your household, answer based on the average of your two numbers.
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Old 11-28-2009, 12:01 PM   #11
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I'm not sure what the maximum SS benefit is for an individual, but I do question anything more than $2,000 per month at age 62

Edit: I found this on the Elder Law website:
Quote:
. For 2009, the maximum monthly Social Security retirement benefit for a worker retiring at the full retirement age of 65 years and ten months is $2,323.
Since benefits at age 62 are reduced by 25%, that would indicate the maximum monthly number on Al's poll would be under $2,000.
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Old 11-28-2009, 12:09 PM   #12
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I'm not sure what the maximum SS benefit is for an individual, but I do question anything more than $2,000 per month at age 62
I found this link which gives the maximum benefit as $2,323 at age 66 for those individuals earning the maximum through 2009. The benefit at age 62 for most people just reaching SS age right now would be 75% of that or $1,742.
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Old 11-28-2009, 12:11 PM   #13
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Then divide by two - Al is looking for the per person average.
I ain't sharing!

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Old 11-28-2009, 12:23 PM   #14
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Quote:
Originally Posted by W2R View Post
I found this link which gives the maximum benefit as $2,323 at age 66 for those individuals earning the maximum through 2009. The benefit at age 62 for most people just reaching SS age right now would be 75% of that or $1,742.
Yes, that makes sense. The max benefit is not that high. As mentioned before, Social Security Online - The Official Website of the U.S. Social Security Administration has a calculator that allows me to see what I would get if I continue to work full-time till 62, compared to slacking off from now till then. The difference in benefits is minimal.

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I ain't sharing!
Then vote, but don't share. Most of us would be bunching in a couple of brackets anyway. I made significantly more than my wife, but our benefits are not too far apart. It is no secret that SSA is very much "equalitarian", meaning not based on contributions but based on needs. And very basic needs at that!
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Old 11-28-2009, 12:24 PM   #15
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Quote:
Originally Posted by W2R View Post
I found this link which gives the maximum benefit as $2,323 at age 66 for those individuals earning the maximum through 2009. The benefit at age 62 for most people just reaching SS age right now would be 75% of that or $1,742.
I was editing my post with the same numbers as you were posting this.

However, I started getting early (age 62) SS benefits this year and my monthly check is $9 more than the 75% number above would indicate. I'm guessing my windfall is due to the "bonus" I earned for serving 8 years in the military.
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Old 11-28-2009, 12:39 PM   #16
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Now, how do we explain that some people were able to get higher than the limit at age 62, according to the poll results?

Were they able to break into the gummint computer to set a higher payment for themselves?
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Old 11-28-2009, 12:43 PM   #17
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Now, how do we explain that some people were able to get higher than the limit at age 62, according to the poll results?
I explained my technique above. Others are likely to be more creative than the approach I took.
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Old 11-28-2009, 12:46 PM   #18
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But, but, but you only got 9 bucks. I am not impressed.

Aren't you curious about how to get much more than that, not that we could or would want to change our life at this point?
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Old 11-28-2009, 12:52 PM   #19
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I suspect the poll reflects the results of a few folks who are denominator challenged...
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Old 11-28-2009, 01:07 PM   #20
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Did she work for a while at jobs that didn't participate in SS?
I had the choice of participating in SS or else putting that money in a retirement investment program (I don't remember what type but this was similar to a 401K). One or the other, but not both. I chose the investment program and so my SS will be much smaller than otherwise (smaller than hers), due to the fact that those relatively high-income years are not included for SS purposes.
This brings up the oft-overlooked "windfall elimination provision." It may not apply in your case, W2R, not sure.

In my case, no choice was given. Our FICA contribution and the employee matching was put into a self-directed investment program (not necessarily a bad thing). The State government also had a pension program. BECAUSE we did not pay into SS and did have a pension, the Windfall Elimination provision is invoked.

It does not show up on your SS annual statement of benefits mailing, but certainly will show up about the time you start wanting benefits.

Essentially, it reduces your SS benefit about 50% from what they have been saying you are getting. If you have 30 years (120 quarters) paying into SS, it does not apply. Otherwise, in some measure it applies.

In my case, they SAY I would get about $1300/month from SS (I had my 40 quarters, and many of them maxed). However, upon downloading the full-blown calculator and entering all my wages, I will get about $700 per month.

Doesn't really seem fair, since they took my full contributions during the times I paid in, why should I be penalized for having another plan in place during the times I wasn't contributing? Oh well, it is what it is.... But it bites teachers in a lot of states where they don't contribute to SS during their teaching careers, but had other careers.
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