Why are people obsessed with putting $$ in retirement?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Here's a UK link, the most you can get is 122 GBP/week. https://www.gov.uk/state-pension

For US SS, the maximum possible benefit for a worker retiring at age 66 in 2011 is $2,366 USD.

Which is clearly multiples of the UK payout.

Why is this relevant? The UK has a totally different health care system, tax structure, etc. I’m not sure how this is supposed to prove any sort of point.

I was just going to ask this as welll -- does OP like in the UK?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Here's a UK link, the most you can get is 122 GBP/week. https://www.gov.uk/state-pension

For US SS, the maximum possible benefit for a worker retiring at age 66 in 2011 is $2,366 USD.

Which is clearly multiples of the UK payout.

Why is this relevant? The UK has a totally different health care system, tax structure, etc. I’m not sure how this is supposed to prove any sort of point.

I was just going to ask this as welll -- does OP like in the UK?

live

[Anonymous]

Anonymous wrote:Here's a UK link, the most you can get is 122 GBP/week. https://www.gov.uk/state-pension

For US SS, the maximum possible benefit for a worker retiring at age 66 in 2011 is $2,366 USD.

Which is clearly multiples of the UK payout.

But they have a much better national health care system. Medicare barely covers the basics. You want a prescription drug? You better pay for that.

[Anonymous]

the US and UK are both rich countries. I am just trying to provide a counterpoint to the prevailing view that SS benefits are meager.

[Anonymous]

DH's grandpa was a plasterer who had 6 kids and grandma didn't work. Grandma ran out of money years ago and is in her 90s. She's in a medicaid nursing home, but she loves it. Maybe it's her small town, but it's not a bad nursing home.

Not that I want to pay for everyone's medicaid nursing homes, but as a last resort it's not bad. They love it when she gets sick and gets medicare money.

[Anonymous]

I was really surprised when my ss estimate came in the mail. Not enough to live on, but way higher than expected. That plus the 10% of my teacher salary in my 403b + expected state pension means I'll make more in retirement than I currently do today (and I can retire at 55!) Makes my low salary worth it.

[Anonymous]

Anonymous wrote:I was really surprised when my ss estimate came in the mail. Not enough to live on, but way higher than expected. That plus the 10% of my teacher salary in my 403b + expected state pension means I'll make more in retirement than I currently do today (and I can retire at 55!) Makes my low salary worth it.

I don't think I've gotten this statement in a long time -- so they are still mailing them? I wonder where mine went....

[Anonymous]

Anonymous wrote:I was really surprised when my ss estimate came in the mail. Not enough to live on, but way higher than expected. That plus the 10% of my teacher salary in my 403b + expected state pension means I'll make more in retirement than I currently do today (and I can retire at 55!) Makes my low salary worth it.

You can't take SS at 55, though.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I was really surprised when my ss estimate came in the mail. Not enough to live on, but way higher than expected. That plus the 10% of my teacher salary in my 403b + expected state pension means I'll make more in retirement than I currently do today (and I can retire at 55!) Makes my low salary worth it.

I don't think I've gotten this statement in a long time -- so they are still mailing them? I wonder where mine went....

They stopped mailing them. Create an account online and you can pull it any time you like.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I was really surprised when my ss estimate came in the mail. Not enough to live on, but way higher than expected. That plus the 10% of my teacher salary in my 403b + expected state pension means I'll make more in retirement than I currently do today (and I can retire at 55!) Makes my low salary worth it.

I don't think I've gotten this statement in a long time -- so they are still mailing them? I wonder where mine went....

They are not. You can go online to do the estimator. It doesn't always work, though.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP (if this is a serious question), do you have any older family members on a fixed income?

OP here. Yes, this is a serious questions. My parents are in their mid 70's and live fine with SS and my mother working part-time. They travel internationally once a year. I would like to spend more money while I'm younger (now) rather than when I'm 65+ with health issues.

I only believe this if their house is paid off, they live in a low property-tax state, and they have a very low COL. And they are very healthy, so have no health care costs.

If you have health issues, that is where your money will go. Medicare has all kinds of copays.

Their house is paid off, but that's it. Some health issues so they have co-pays

Oh boy. This was my grandparents. Lived on Social Security mainly and it was fine until their health conditions worsened. They both ended up in Medicaid nursing home beds eventually, but not until after years of my dad and his siblings sending them $ to keep them afloat. Hope you’re prepared to help when the time comes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I was really surprised when my ss estimate came in the mail. Not enough to live on, but way higher than expected. That plus the 10% of my teacher salary in my 403b + expected state pension means I'll make more in retirement than I currently do today (and I can retire at 55!) Makes my low salary worth it.

I don't think I've gotten this statement in a long time -- so they are still mailing them? I wonder where mine went....

They stopped mailing them. Create an account online and you can pull it any time you like.

I got one mailed to me last year (I'm 31, so it was probably my first). I made an account though to look at it online.

[Anonymous]

I don’t think any of us millennial or Gen-Xers should count on social security, at least not at current levels. They need to pay for those tax cuts somehow.

[Anonymous]

Anonymous wrote:I was really surprised when my ss estimate came in the mail. Not enough to live on, but way higher than expected. That plus the 10% of my teacher salary in my 403b + expected state pension means I'll make more in retirement than I currently do today (and I can retire at 55!) Makes my low salary worth it.

I just checked and if I keep making the salary they have on record for 2016 (and I’ve already gotten a 10k raise) then I can draw $1759 per month at age 62, $2511 at age 67, and $3113 at age 70. That’s all great, but based on today’s data. Maybe I’m overly skeptical, but how would I trust this will be the case in 32-40 years when I decide it’s time to the benefit? And at age 30 I’ve already personally paid $25k (and my employer another $25k) into SS since I’ve worked for 15 years.

[Anonymous]

A significant number of people are forced to retire early because of health problems. So just being willing to work until 70 is not a good plan; you or your spouse might well not be able to continue working.