expected social security benefits


S

Steve.T.Duncan

I recently read that the social security check an average U.S. worker
receives is around 980 $ per month. I assume this is based on the
average pay the an worker make which I understand is around $ 30,000

I am in my 20s and make around $60,000 per year. What will be my
expected benefits under current social security scheme once I retire
(which will be in 2040s)

For the sake of simplicity ignore inflation, cost of living adjustments
and increase in pay. Also forget the whole discussion about social
security solvency and private accounts.

Thank you very much for your help.

Steve
 
Ad

Advertisements

W

Wayne Lundberg

Go to Social Security website and post your SS, age, income and they will
give you a specific answer to your question.

Wayne
 
R

Rubaiyat of Omar Bradley

The answer from the online "quick" calculator is $1,562.00 per month.

You can run these calculators yourself at
http://www.ssa.gov/planners/calculators.htm

You also receive an estimate of your benefit every year in your annual
report of earnings from the SSA, but I guess you were too busy to read
that.

John Cowart
 
D

Dan

I am in my 20s and make around $60,000 per year. What will be my
expected benefits under current social security scheme once I retire
(which will be in 2040s)
For the sake of simplicity ignore inflation, cost of living adjustments
and increase in pay. Also forget the whole discussion about social
security solvency and private accounts.
Social security won't exist, or else anything saved will be made
meaningless by inflation. Everything that was saved during the
baby-boomer years was raided and wasted on useless congressional
district projects.

Every two years the local congressman has to show his constituents the
goodies he's brought back from Washington...whether or not they're
useful is irrelevant. Government doesn't care about long-term, only
whatever's gonna keep their fat butt in office.

Dan
 
R

rick++

The SSA sends you a detailed projection of pension
every year at the address you file your income taxes from.
Theres a spreadsheet on their website where you can type
in annual contributions to find your expected pension
(without the unknown future COLAs). Then you can
experiment with retiring at various years and see the result.

The basic formula is to compute you average inflation-adjusted
income for your best 35 years of earnings. Then the payout is
a sliding formula is 90% up to minimum wage
plus 40% up to national median income plus 15% up to
the contribution cap. The brackets adjust each year according to
national income.

They probably wont reduce these projected benefits in future SS laws,
but probably will reduce COLA increases to make it more solvent.
 
R

rick++

Social security won't exist, or else anything saved will be made
meaningless by inflation. Everything that was saved during the
baby-boomer years was raided and wasted on useless congressional
district projects.
Old people and baby boomers vote triple the percentage of
younger adults. They'll vote sufficient SS benefits and the
non-voters will pay for them.
 
Ad

Advertisements

T

TA Jones

Steve,

Forget Social Security...it won't exist by the time you retire!! Look out
for yourself & start saving. Look at your Social Security contributions just
as an added income tax (which is really what it has become) and fend for
yourself. Anyone in your generation who believes that SS will be around 40
years from now, at least in it's present form & benefit levels, is dreaming.
No solution for reforming SS will ever happen, since anytime a politician
even brings the subject up, the Dems and their attack groups (AARP) start
demagoging the issue & block any meaningful solution or discussion.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top