How can someone only get 1k for social security ?

[Anonymous]

I'm taking the thousand bucks at 62 with a plan to invest it. I can do a better job than the government's raise of 8% a year or whatever that was, and fear of ss being reduced because they have no funds.

[Anonymous]

Anonymous wrote:What about a Fed’s SS? Presumably, it could be up to 3k-4k. How wildly wrong am I?

You’re not. I’m 49 and make more than $140,000 and will have 30 years in when I retire. I’ll retire in that range. So will DH who makes quite a bit more, but is over the cap.

Most non-military feds get full social security.

[Anonymous]

Anonymous wrote:

Anonymous wrote:.

Most non-military feds get full social security.

No way this is true. Average salary for federal employees is around $80k which is about half of what you need to making to get the max SS benefit

[Anonymous]

My parents were high earners who both started taking SS at age 70, this year they’re bringing in a combined $80k just in their SS income. If they live into their 90s like their own parents it’s a great deal.

[Anonymous]

Anonymous wrote:My parents were high earners who both started taking SS at age 70, this year they’re bringing in a combined $80k just in their SS income. If they live into their 90s like their own parents it’s a great deal.

In no way is SS ever a "great deal." If they had invested all contributions, they would have far more than the $80K in income (plus the capital left over to pass to their kids).

[Anonymous]

Anonymous wrote:

Anonymous wrote:My parents were high earners who both started taking SS at age 70, this year they’re bringing in a combined $80k just in their SS income. If they live into their 90s like their own parents it’s a great deal.

In no way is SS ever a "great deal." If they had invested all contributions, they would have far more than the $80K in income (plus the capital left over to pass to their kids).

Isn’t it a good deal if you live to be really old? I had an aunt collecting SS into her 100s and it seems like she must have gotten out more than she put in through I never ran all of the numbers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My parents were high earners who both started taking SS at age 70, this year they’re bringing in a combined $80k just in their SS income. If they live into their 90s like their own parents it’s a great deal.

In no way is SS ever a "great deal." If they had invested all contributions, they would have far more than the $80K in income (plus the capital left over to pass to their kids).

It's definitely a great deal for lower earners provided they don't die at 65.

[Anonymous]

My uncle is getting less than $700 per month. To the extent he ever had regular work, it was as a musician on cruise ships, then a taxi driver working for small gray economy companies—so very low US SS contributions.

Of course he started taking payments at 62. The government paying for his hep C drugs may have significantly increased his lifespan, relative to expectations when he made that decision.

[Anonymous]

How can you tell what your social security payout will be

[Anonymous]

Anonymous wrote:How can you tell what your social security payout will be

There’s an online calculator.
I’m 58. Retiring soon.

Plan to get payouts at 62.5.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My parents were high earners who both started taking SS at age 70, this year they’re bringing in a combined $80k just in their SS income. If they live into their 90s like their own parents it’s a great deal.

In no way is SS ever a "great deal." If they had invested all contributions, they would have far more than the $80K in income (plus the capital left over to pass to their kids).

Isn’t it a good deal if you live to be really old? I had an aunt collecting SS into her 100s and it seems like she must have gotten out more than she put in through I never ran all of the numbers.

Even then, you’d have been better off in the stock market.

[Anonymous]

My mother is getting around 1k per month and has worked her entire life from 14 to 70.

[Anonymous]

Anonymous wrote:OP, you need to get out of your bubble.

+1

[Anonymous]

Anonymous wrote:

Anonymous wrote:How can you tell what your social security payout will be

There’s an online calculator.
I’m 58. Retiring soon.

Plan to get payouts at 62.5.

Mine says I get 2k+month - is that right?

[Anonymous]

Anonymous wrote:I’m a teacher. I have always worked full time. I think the last time I looked, I will only get ~1200. I will probably qualify for more as 1/2 of my spouses income rather than my own.

Most people will not get very much from social security even if they worked their entire lives. It's there to help you not starve, but that's about it.