Do you know how much you have paid into Social Security?

[odanny]

If you have gotten a recent letter from Social Security, with benefit information on it, it will list how much you have paid into Medicare and Social Security. I just noticed it today on my letter. I'm not planning on taking this anytime soon, I'm not even eligible for 2 more years. The benefits letter said that I have contributed $97,000 into SS, and $24,000 into Medicare.

The letter estimates I will be drawing $3,000 a month in SS, so it does not take much time to realize that after 3 years I've exceeded my contributions. Is this the reason I keep hearing that this fund will be insolvent?

I'm lucky I don't plan on ever relying on SS, and I hope lawmakers don't try and kill it, because people do rely on it.

 

[Harry Dresden]

If you have gotten a recent letter from Social Security, with benefit information on it, it will list how much you have paid into Medicare and Social Security. I just noticed it today on my letter. I'm not planning on taking this anytime soon, I'm not even eligible for 2 more years. The benefits letter said that I have contributed $97,000 into SS, and $24,000 into Medicare.

The letter estimates I will be drawing $3,000 a month in SS, so it does not take much time to realize that after 3 years I've exceeded my contributions. Is this the reason I keep hearing that this fund will be insolvent?

I'm lucky I don't plan on ever relying on SS, and I hope lawmakers don't try and kill it, because people do rely on it.

never paid very much into it...

 

[WorldWatcher]

If you have gotten a recent letter from Social Security, with benefit information on it, it will list how much you have paid into Medicare and Social Security. I just noticed it today on my letter. I'm not planning on taking this anytime soon, I'm not even eligible for 2 more years. The benefits letter said that I have contributed $97,000 into SS, and $24,000 into Medicare.

The letter estimates I will be drawing $3,000 a month in SS, so it does not take much time to realize that after 3 years I've exceeded my contributions. Is this the reason I keep hearing that this fund will be insolvent?

Just assuming the SS amount of $97,000 and $3000 a month.

Total contriubtions is $194,000 (EE + ER) so the break even time is 5.4 years.

And yes, the ER (employer) contribution is part of your compensation package.

I'm lucky I don't plan on ever relying on SS, and I hope lawmakers don't try and kill it, because people do rely on it.

Smart principle. Don't rely on SS, SS is and always has been a supplement. THose planning on retiring on SS are in need of help.

I retired this year and my wife and I have 4 revenue streams outside of SS, and that doesn't include 401K distributions.

I ran the numbers, if I retire at FRA (my wife retired at 65 so took it a little early) and there is later a 25% reduction in the early 2030's becauses of the Trust Fund - then the impact on income is a reduction of 7%. Which not good, but not devistating. How does that work? Imagine if you will you have 5 sources paying you $100 each. A 25% reduction in one source means you have have $475 in income instead of $500. That is only a 5% reduction in total income because of a 25% reduction in one stream. Same thing.

WW

 

[WorldWatcher]

[Public Service Announcement]

If you want to see your real numbers.

Create/Login to your SS account.

You can review your earnings year by year and there is a section that tells you total contributions made broken out by EE (employee) and ER (employer).

WW

[/Public Service Announcement]

 

[odanny]

Just assuming the SS amount of $97,000 and $3000 a month.

Total contriubtions is $194,000 (EE + ER) so the break even time is 5.4 years.

And yes, the ER (employer) contribution is part of your compensation package

I understand that, it is listed, I was only speaking of my own contributions.

 

[odanny]

[Public Service Announcement]

If you want to see your real numbers.

Create/Login to your SS account.

You can review your earnings year by year and there is a section that tells you total contributions made broken out by EE (employee) and ER (employer).

WW

[/Public Service Announcement]

I just did that, I would second what you suggested.

 

[WorldWatcher]

As I said my wife retired last year and I did this year.

Right now all revenue streams are not online. Our gross income decreased by about 20%. However disposable income has actually increased. How? No payroll taxes, no mandatory contributions to our pension funds, and no large contributions to 401K’s. Those savings make up for the raw income reductions.

As a result we’re considering my not taking SS at FRA and taking it at 70 instead. That does 2 things.

#1 That increases my SS benefit by 24%.

#2 If/when something happens to one of us, the higher amount provides more financial security to the remaining spouse.

WW

 

[Chuz Life]

Just hope you don't get forced into it (early retirement) by you or your spouse (in my case) having a medical issue.

We just got denied again for any help because (get this) the max we can have between us and still qualify for any help is $3000 total.

My house payment alone is nearly half that, per month.

If I keep losing at the current rate I am losing right now. I think we have between 12-16 years.

Seems like a lot, but I hope I don't live long enough to see the end of that loss.

What the **** did I work all those years for? Just to end up begging to keep from losing what little we have?

Edit to add: I know that even at our worse, we are still much better off than some. I realize that. I have a lot of crap I can sell as needed to buy more time. It just seems like "what's the use?" I would rather use my tools to make a living than to sell my tools to buy more time.

 

[rightwinger]

If you have gotten a recent letter from Social Security, with benefit information on it, it will list how much you have paid into Medicare and Social Security. I just noticed it today on my letter. I'm not planning on taking this anytime soon, I'm not even eligible for 2 more years. The benefits letter said that I have contributed $97,000 into SS, and $24,000 into Medicare.

The letter estimates I will be drawing $3,000 a month in SS, so it does not take much time to realize that after 3 years I've exceeded my contributions. Is this the reason I keep hearing that this fund will be insolvent?

I'm lucky I don't plan on ever relying on SS, and I hope lawmakers don't try and kill it, because people do rely on it.

It is also nice to have a steady dependable income

 

[rightwinger]

As I said my wife retired last year and I did this year.

Right now all revenue streams are not online. Our gross income decreased by about 20%. However disposable income has actually increased. How? No payroll taxes, no mandatory contributions to our pension funds, and no large contributions to 401K’s. Those savings make up for the raw income reductions.

As a result we’re considering my not taking SS at FRA and taking it at 70 instead. That does 2 things.

#1 That increases my SS benefit by 24%.

#2 If/when something happens to one of us, the higher amount provides more financial security to the remaining spouse.

WW

Ì only paid into SS for ten years and earned a benefit of $1350 a month
My wife never paid in at all and still qualifies for a benefit of $617 a month because of my earnings

 

[Meathead]

No idea, but I was fortunate to have accumulated 41 units (40 being the minimum, 10 years) before moving back to Europe. Now I am getting a European and American pension. The Windfall Elimination Plan (WEP) was recently discontinued allowing me to do so.