Question about Social Security

JJSC

JJSC

New Member
May I ask how much you receive per month?
When did you retire?
Thanks.
 

You can ask but I'd bet few will answer except vaguely. The result of the calculation from one's 35 highest COLA adjusted years of income. The average information is online. Mine is at right lower on the Bell Curve.
 
I retired in 1998 at the age of 50. So obviously I had to wait several years to be able to collect SS. I was able to live off my pension, which rose by COLAs for a few years (until Gov. Chris Christie stopped them). Obviously retiring that young and taking SS at 62 also reduced the amount of SS I was entitled to, but it's still a decent amount. With the two incomes, I have more than enough to live on.
 
JJSC$ said:
May I ask how much you receive per month?
Click to expand...
You'll get skewed info here
as it depends, not only on when, but on income and contribution upon retirement

If it were me, I'd google it
Might find a chart

You could always talk to the Social Security folks
but they're pretty busy....might take awhile
 
The rules may have changed since I retired, but at least back then the advice was to start Social Security at 62, which I did. Six or seven years later I discovered I could have gotten considerably more if I had waited until 70 to start. I also discovered I could pay back what I had already received and restart at the higher rate, so I waited until just before 70, scraped together the cash, paid it to Social Security, and restarted at the higher rate. May seem foolish, but I did the math and that Social Security rate increase amounted to 10% interest on the pay back cash. Not suggesting anyone else do as I did — just a story of my experience.
 
I will only say this. I retired at 62 and chose to take Social Security at that time because I felt the income I would earn on my investments would far outweigh the increases I would see in Social Security if I waited until 70. So far, so good. The stock market has reached an all-time high and I only have to take out a small amount out of investments to supplement my Social Security payments and pay my bills each month.
 
seadoug said:
I will only say this. I retired at 62 and chose to take Social Security at that time because I felt the income I would earn on my investments would far outweigh the increases I would see in Social Security if I waited until 70. So far, so good. The stock market has reached an all-time high and I only have to take out a small amount out of investments to supplement my Social Security payments and pay my bills each month.
Click to expand...

"I retired at 62 and chose to take Social Security at that time because I felt the income I would earn on my investments would far outweigh the increases."
Good for you Doug. Not only did I feel like that would be the case, I used the Hugh Chou retirement calculator to get the likely figures. Based on the investment earnings projected, I will be getting a few hundred dollars more per month than if I'd waited until 70 to collect. So far, the actual annual earnings have been pretty close to the projections.
 
As mentioned, if you create an account at ssa.gov, you can get an estimate based on your income. And you can enter different retirement dates to compare. The estimates will be very close to what you will actually get since they have all your income information affiliated with you Social Security number.

Knowing how much some one else will get won’t help your situation.
 
If you look at this article and scroll down to the table you'll see a chart of Average Social Security By Age. https://money.usnews.com/money/reti...ticles/average-social-security-benefit-by-age

Women , as usual, are the BIG WINNERS on this chart, of course, because we get so much less than men. :sick: (Pesky children ;) we took time off from work to raise, and then mostly women are the caregivers of their dying parents. That can sabotage a career too. )

You can see from these charts, it's not a lot. The maximum possible, for those who were the highest wage earners in society, is between $3,800 and $4,900 a month. What is the maximum Social Security retirement benefit payable?

Think retired pro football and baseball players. They will get those large amounts when they are old.
 
JJSC said:
May I ask how much you receive per month?
When did you retire?
Thanks.
Click to expand...
How much I receive is calculated by the government on a yearly basis. That amount is divided & paid each month. The dollar amount since starting withdrawal at age 62, 21 years ago has increased. The actual dollar amount I receive each month falls into the category of none of your business.

You didn't mention if you receive Soc. Sec.
 
Started out with nothing and still going..
iu
 
Everyone is different on when to retire. Some like to work, others are just tired. You should retire early, its the first few years that most retired people enjoy due to health issues mainly. Anyway your question on how much on average retired people make... https://money.usnews.com/money/reti...ticles/average-social-security-benefit-by-age .... This site will help answer that question.
 

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